Going off to college? You’ll likely have increased spending habits and limited on-hand cash flow. A credit card can help you finance the purchases you need to make while helping you build your credit score for future borrowing. However, it can be difficult for young adults under 21 to obtain a credit card since they have little-to-no borrowing history, and as such, a low credit score. If you need to increase your spending power, check out the tips below to get access to the funds you need and boost your credit.
If you are able to demonstrate an ability to repay a credit card through proof of income, and have some credit history established (by making student loan payments on time, for example), you may have enough credit to apply for a card on your own. Young adults must submit credit card applications in writing through the mail or online. They are not able to apply for a new Card over the phone. These requirements are part of the Credit CARD Act of 2009 which is intended to protect young adults against the unforeseen consequences of too much debt.
While American Express does not allow parents to co-sign credit cards for young adults under 21, parents can add children under 21 to their account as an Authorized User. Additionally, parents have the ability to set a customized limit on the Card for children over 15.
If you are under 21, you may ask a parent or other adult to co-sign for certain credit cards. However, American Express does not accept co-signers.