Ask to be a co-signer on the main bank account in case of emergency .
The CARD Act also requires that students under age 21 show proof of sufficient income or get a co-signer to obtain credit.
You're not a co-signer, you aren't using it, but that spouse used it to buy furniture or things that you enjoyed as a family.
Another option is to find a co-signer with a higher credit score who would be able to get you placed in a higher tier.
Consumers under 21 must show proof of independent income to make their minimum monthly payments, or have an adult co-signer to qualify for a credit card.
Now, every single purchase by every co-signer must be reported.
Therefore, whether you demonstrate steady income, find a co-signer or simply wait until your 21st birthday, your primary objective in using a credit card while in college is building credit.
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Although co-signing a loan can also help build your credit, bear in mind that you and your spouse or other co-signer are contractually obligated to pay off that money no matter what happens.
Ms. MACDONALD: Well, first of all, let me say I was honored to be a co-signer with Linda of a provision that Ward Connerly proposed that would prevent recent immigrants from receiving racial preferences, so I join with Linda in that endeavor.
But it's tough for low-income families to qualify for these loans in the first place (they often require a co-signer), and the interest rate offered will depend in part on the average default rate of students at the school a child attends.
What's more, the requirement to have a co-signer over 21 years old or show proof of income also can be easily manipulated by merely having a fellow student who is over 21 years old be a co-signer, says John Ulzheimer, president of consumer education at SmartCredit.com.
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