1. If a minor obtains a credit card by having their parents put them on their account and co-signing, can the minor build their credit? 2. Are there any other ways minors can build credit
Yes to #1. If you are an authorized user on someone else's account, their credit history on that account flows to you. Make sure it's a good credit history, though, minimal usage, on-time payments, etc., because bad credit will flow through to you, too. You could try applying for a Target store card, they seem pretty easy to get. If you can do those two things, you'll have a credit *history* by the time you're 18 and can legally enter into contracts. As a mother of teenagers, though, I have to add -- don't use the darn things more than once or twice a year and then pay the balance in full. Everyone needs credit, but you'll be way, way ahead of your peers if you start saving your money so you can pay cash for what you need. Good luck and -- good for you for thinking about this while you're still a minor! Kat
For minors.. yes, your parents could add you as an authorized user (co-applicant and authorized user and two very different things). For NON-MINORS: I've found that Target isn't always the easiest thing to get for bad credit. It depends on recent lates, etc. You might try Orchard unsecured (orchardbank.com).. there's a card selector on there that will tell you what you are most likely qualified for. Also, crownjewelers.com. They don't pull credit.. you just have to have a valid phone, address, etc. To get them to report, you can make a small purchase (I got a $29 charm) and they'll report your credit limit on your reports ($500-1500 is the limit; they usually report $500 regardless). If you have some money for a secured card, you might try: - orchard secured - nationalcity.com - call to request application - elan card - us bank secured
