Can someone with bad credit co-sign a loan?

[Blake]

I’m 22 and want to get my first credit card. I have no credit rating yet and I only work part time, so my bank say’s I will need someone to co-sign if I want this card. I only have my parents to do this, but they have like really bad credit.

Will the bank accept them as co-signers?

[Jeff]

Probably not

The purpose of a co-signer is to add security to an otherwise unsecured and a risky credit deal, so if your parents’ credit is bad – they are no good as co-signers.

Is both of your parents’ credit bad? You only need ONE co-signer.

It also depends what exactly is bad on their credit report. I’d try anyway, and is the bank says that it’s nor good enough then you should instead take a secured credit card, and after 6 or 12 months of timely payment have it converted to a normal credit card.

Another thing is your job. The fact that you work only part time isn’t helping either. Maybe after you get a permanent job the bank will drop the co-signer requirement.

Good luck

[Tracy Winters]

Get a secured credit card

A co-signer with bad credit is worse than no co-signer. You will just have to find a place that will accept you and with no credit history. Your best chance is a secured credit card. After a year you can convert it to a normal credit card. See this for more information.

[Author]

Posts