There aren't any secured credit cards that would allow joint applicants. The next-best option is for one person to apply for a secured card and then make the other person an authorized user on the account.
The authorized user will benefit from the same credit improving advantages if the card is used responsibly. However, it's important to know that the main cardholder is fully liable for all charges on the account – and for paying the bill on time – so add an authorized user only if that person is trustworthy.
Yes, you can share a credit card with an authorized user, a co-signer, or (more rarely) a joint accountholder. Borrowing a credit card from a friend or family member with their permission can work, too, but it’s best not to get in the habit.
Sharing credit with a co-signer or joint accountholder is a great way to get approved for a credit card account when your own credit history, income and debt might otherwise warrant rejection. Sharing credit with an authorized user also makes it possible for a child who’s not yet eligible for their own credit card account to begin building credit history.… read full answer
When you apply for a credit card with a co-signer, approval for an account is based primarily on the creditworthiness of that co-signer – the person with the better credit score and higher income. The co-signer is then liable for any balances not paid by the primary accountholder.
Both people’s credit scores will be damaged by any mistakes. But if both parties act responsibly, this is a great way for someone with limited or damaged credit to enjoy the best credit card terms available while building good credit history. They just need a close friend or family member with good or excellent credit.
Authorized users are a bit different, but they enjoy similar benefits. In this arrangement, one person who already has a credit card can add another person to their account as an “authorized user.” There’s no credit check for the authorized user, and most credit card companies require very little information about the person.
With responsible use, this type of credit card sharing is great for couples, employers and employees, and parents and children.
There’s also a truly “shared” option for credit cards: a joint account. With a joint credit card account, two people apply for a credit card together, and the card’s issuer considers the creditworthiness of both applicants equally when making the approval decision. If approved, joint accountholders can both perform all the functions of a primary cardholder. The liability is shared – so if either party doesn’t pay the bills, the other one is liable.
Joint credit card accounts aren’t very common these days, but at least one major card issuer (U.S. Bank) still offers them.
Regardless of how you choose to share your credit card with another person, there are a couple of things you should not do: use someone’s credit card without their knowledge or share your credit card with someone you don’t trust. Making unauthorized charges on someone else’s credit card is illegal, and is considered fraud. If the cardholder decides to press charges against you, you could be on the hook for any purchases you made, and possibly other consequences, depending on what state you live in.
But at the end of the day, if you lend your credit card to a close friend or family member to run a quick errand, for example, you shouldn’t run into any issues.
The best secured credit card to rebuild credit is the Capital One Platinum Secured Credit Card because of its low deposit requirement and $0 annual fee. The deposit is $49, $99 or $200, depending on your credit standing, but you’re guaranteed a $200 credit limit.
To be clear, all major secured credit cards can help you rebuild your credit. They all report account information to the major credit bureaus every month. And all those with low annual fees and low deposit requirements are in the running for the top spot. But the Discover it Secured Credit Card, Capital One Platinum Secured and OpenSky cards each bring something special to the table.
Choosing the best secured credit card to rebuild credit is only the first step toward actually rebuilding. You must also use that card responsibly month after month so that positive information flows to the credit bureaus. Regularly adding positive information to your credit reports gradually covers up negative records from the past.
Your card will report positive information as long as you pay your bill on time every month. Using less than 30% of your spending limit each month or paying multiple times per month can help too. But if you really want to rebuild your credit, you’ll need to get the rest of your finances in order as well. That means paying down debt, catching up on past-due accounts and steering clear of collections accounts.
Yes, you can be denied for a secured card if you have major negative items on your credit report such as an ongoing or recently discharged bankruptcy, collection accounts, or repossessions. You could also be denied if you don’t meet the issuer’s minimum requirements for approval. Those requirements typically include being at least 18 years old with a physical U.S. address, a Social Security number, and the ability to make payments on the account every month, among others.… read full answer
Other common reasons you’d be denied for a secured card might be incomplete or inaccurate information on your application, not enough funds to cover the required security deposit, or delinquencies on other payment obligations. If you are denied for a secured credit card, consider applying for one of our editors’ picks for the best no credit check credit cards, which are easier to get approved for than normal secured cards. You can also sign up for a WalletHub account and get free personalized credit analysis and advice on how to improve your credit score.
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