Expert: Regan Shinski - 11/26/2009

Question
Hi there, I'm not exactly sure if this is a "credit repair" question, but... I am a sixteen year old college freshman, and I need to get a credit card to pay for school expenses. Problem is, since I'm under 18, I can't get one on my own, even though I'm out of high school, have a job and have a bank account. I asked my parents if they could co-sign one for me, but they said that they over-extended themselves on THEIR credit card, and are not sure if they would have credit to get a new credit card or add me onto theirs, even though I would be making all of the payments. The only ones that I can find are pre-paid... but if my parents or I had the money to put onto a pre-paid card, then I wouldn't need a credit card in the first place... can you think of any solution? Your help would be greatly appreciated.

Answer
Melanie:

Unfortunately, I cannot think of a solution.  In fact, getting underage credit is going to be even more difficult starting in February.  At that point it is strictly forbidden for unemancipated minors to get credit in their name and college-aged persons will be restricted to 20% of their annual income or $500 limits, whichever is greater.  So, the only options appear to become emancipated or added as a secondary user on parent's or legal guardian's account.

Sorry.  I wish I had better news for you.  Keep looking immediately before banks really get into the February laws.  Check with your bank and employer for options as well.

Good luck,
Regan