Is it possible for someone with very bad credit to get an unsecured credit card with a cosigner?
My job requires me to travel frequently and each employee has their own company credit card to use for these expenses. Due to a merger, however, we will no longer have “company” cards and we have to get our own “personal” credit card to use for expenses and get reimbursed later starting next month. I have very bad credit, however, and do not qualify for my own card. If I can’t travel, I lose my job. I don’t know what to do. Looked into all the cards for bad credit, but they are all secured cards with very low limits and very high fees.
Ok, everyone keeps giving me links to websited that offer cards with limits of $200-$300 with setup fees of hundreds of dollars–trust me, I have looked at ALL of those options already. What I am really looking for is a “normal” credit card with a limit of $2000-$3000. I know I can’t qualify for one of those by myself, but I am wondering if it is possible WITH A COSIGNER. I don’t know if cosigners are even an option for credit cards. I know they are for loans, but I do not know if credit card companies accept cosigners.
You are pretty much out of luck unless you do find someone willing to co-sign for you. There’s just no two ways about it. If you have bad credit, no one is going to want to give you any more credit. You may have to go with the secured, high interest rate card. That’s probably your only option.
If you have someone with good enough credit then they likely have a credit card themselves. They can add you as an authorized user which gives you a card on their account. It has your name on it and the credit line is then reported to your credit as well, thus establishing credit history for you. This is the only way a “cosigner” would work with a credit card. If you apply for a joint card and your credit is that bad, they will decline the card.
What you really need to do is fix your credit. It will take some time, depending on your credit situation, but you can do it yourself online and for free. I suggest you pull your 3 report from annualcreditreport.com and see whats in them. You can dispute any information in your report. Information that is incorrect, outdated or unverifiable must be removed. Unverifiable is the loophole. If the creditor fails to respond within 30 days then the item gets removed. One thing to note on the reports is the date the creditor last reported. Chances are if its been a long time then they may have forgotten about you and may not respond to the dispute, thus resulting in a deletion. Don’t suffer with bad credit. Take action to fix it. Life is much nicer without bed credit holding you down. Good luck to you and if you need any more info on repairing your credit, feel free to email me through yahoo answers.
Well not really. What you would need to do is have someone that has a credit card already, get one on their account with your name on it. There are no “co-signers” for credit cards.