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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic.

Co-signing as a way out for those with bad credit

[March 15th, 2012]

If you have no or bad credit or if you are a young adult and are facing big difficulties in getting approved for a line of credit, say regular credit cards, you can consider somebody with much better credit than yours who is willing to share a credit account with you. This is known as co-signing.  Not all credit issuers allow co-signing but some of them do.

First of all, co-signing is a matter of risk and great responsibility cuz if you fail to pay back debts a co-signer helped you get, it is the co-signer your credit issuer will go after. On top of that, your unpaid debts will negatively affect the co-signer’s credit rating. Therefore, if you are looking for a co-signer, turn to your parents, spouse or close friends, in short, turn to your dearest and nearest. Find someone who trusts you, has good credit and has nothing against doing you a huge favor by co-signing on a credit card or loan.

If you are firm about your decision to have a co-signer, be a responsible and decent person and keep in mind that it is your duty to repay the favor by paying off your own debts as agreed.

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