Is it possible to get an unsecured credit card after only being an authorized user on someone elses credit card for a few months?
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Is it possible to get an unsecured credit card after only being an authorized user on someone elses card?
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Unsecured credit cards are available for bad credit clients, however, the issuing banks charge high fees to cover the risk of extending credit to a bad credit client. You can expect to pay anywhere from $200-$350 or more in fees which the bank will keep, you do not get that money back. Those fees are upfront costs for obtaining a unsecured credit card for bad credit. In some cases, the bank will allow you to pay the fees over two or more months.
In addition, unlike secured credit cards, if you have bad credit and apply for an unsecured credit card, it is not guaranteed that you will be approved. You may be turned down for an unsecured card, even if you are willing to pay the high fees.
Some of the fees that you will pay for an unsecured credit card for bad credit are:
Interest rate: you will pay a high interest rate as a bad credit client.
Annual fee: you will pay an annual fee, which is probably higher than other good credit clients will pay.
Monthly maintenance fees: you will also pay an amount every month called a "maintenance" fee, one top of the interest rate that you’re already paying. Read More about unsecured credit card at: http://www.credit-card-gallery.com/unsecured_credit_card.html
An unsecured credit card issued to you is based on your credit rating, not that of the person whose card you were an authorized user on.
The payment history on the AU credit card appears on your credit report, but is not calculated in your credit score.
Be sure that you are an authorized user, and not a JOINT account holder…these are very different things.
Sure. Anything’s possible. And it’s not like you have bad credit (unless you aren’t telling us the whole story.) You just have no credit. That’s not an uncommon situation. Everyone was young with no credit history at one time. Fill out an application and see what happens. If the CC company thinks you are a good risk, you will be approved. CC companies like people with steady jobs, and college students.