Would I be able to sign up for credit card programs using a co-signer?

Discussion in 'General Discussion | Miles/Points' started by Jason David Pelker, Mar 1, 2011.  |  Print Topic

  1. I do not have a very good credit score (approx. 600). Several questions:
    • Is there any way to sign up for credit card promotions using a co-signer?
    • If so, would I still receive the points/miles?
    • If not, is there any other way to enroll in these programs (i.e. forming a company)?
    Thank you in advance!
     
  2. deant
    Original Member

    deant Milepoint Guide

    Messages:
    3,129
    Likes Received:
    12,385
    Status Points:
    10,620
    Would depend on the credit card company. You would need to call them about signing up because the online forms do not allow for a co-signer.

    You question about "forming a company" is a complex issue. I assume that you are not talking about forming a formal corporation because of the cost and legal ramifications of setting up the corporation. Are you talking about setting up a sole proprietorship. Is this correct?

    If you are talking about a sole proprietorship, the credit data still pulls off your social security number - so this would not help in the least.
     
  3. misman
    Original Member

    misman Gold Member

    Messages:
    13,888
    Likes Received:
    49,369
    Status Points:
    16,520

    Have your credit issues been resolved, or are you still working through them? If they are not yet resolved, I would suggest that you deal with that first, and not take any new credit until resolution. I would then suggest you evaluate what caused the issues to start with. As was discussed in this thread, credit cards can be like booze to an alcoholic... best to avoid.

    The only way that mileage/point earning credit cards really work to your advantage is to pay them in full each and every month. If you can't do that, you may want to look at one of the debit cards listed in the thread.
     
  4. deant
    Original Member

    deant Milepoint Guide

    Messages:
    3,129
    Likes Received:
    12,385
    Status Points:
    10,620
    As misman said, you need to spend time getting your financial house in order before worrying about new credit cards. If you still have some financial issues, by getting a co-signer, all you are doing is putting them in harms way. Not a good thing to do. If you have been late on payments, or carry a balance, get rid of the balances and make sure that all your payments are on time. Also make sure that your "utilization" rate is very low on your credit cards. These are the first steps in being able to get miles earning credit cards.
     
  5. Thanks for the feedback. To note, I only have one credit card and I only use it for small business expenses. My goal is to increase my credit score, as well as take advantage of FF promotions. My question was if a co-signed CC could help me in this quest.

    Please don't assume I have a spending issue, though. I've just chosen to utilize cash for 99.99% of all my purchases and I live a frugal life otherwise, so I've never required credit for any practical purpose. All the debt I do have is tied to student loans, and since they aren't going away anytime soon, they're of little consequence to my credit score.
     
    misman likes this.
  6. deant
    Original Member

    deant Milepoint Guide

    Messages:
    3,129
    Likes Received:
    12,385
    Status Points:
    10,620
    AFAIK, someone with a 600 credit score has some issues with their credit report. Even 1 credit card (assuming it is tied to your SS number) will keep your score at probably a 700 or higher level - as long as everything is in good shape.

    From what you are saying, you should double check all the data on your credit report and make sure that there is nothing negative.

    If there is nothing negative in your reports, then you should probably go to one of the major banks and open a savings account. From that, open a debit card that will earn miles (granted they are typically 1 mile for $2 spent). Also, you can open a department store credit card and after you charge 1 or two items on it, put it in the drawer, never to be seen again. It will stay on your credit report for just about forever and show another positive mark.

    Good luck.
     
    Jason David Pelker likes this.

Share This Page