Co-Signer on credit card

[Jabb]

Hey guys,

I'm a uni student who's getting his first credit card, I just finished my first year and am working during the summer (my summer earnings are under $5k). I tried applying for the PCF mastercard but got denied so I'm trying my hand at the Scotiabank Scene Visa. it gives the option to apply with a co-signer and my question is that, can i build credit as easily with a co-signer as i would if i applied alone? I'm pretty sure that I'll get approved because if i sign up alone, i have to give my bank info so they can take out min. balance if i don't pay my statement on time (and obviously, if i sign up with a co-signer, they will most likely approve me becasue of the co-signer's good credit)

what would you guys recommend? alone, or with a co-signer?

[mirek]

I'm pretty sure that I'll get approved because if i sign up alone, i have to give my bank info so they can take out min. balance if i don't pay my statement on time


That's not how it works. They cant' just take out your min balance, you are responsible for your own payments.

Look into a student card.

[Jabb]

Please note: To apply for this card, you must provide a bank account number to allow pre-authorized payments for the SCENE VISA card. In the event you do not make your minimum monthly payment by the due date as set out on your monthly statement, we will debit either the minimum monthly payment or the full balance due as you directed in this application from your bank account.
You may designate your Scotiabank account or a bank account at another Canadian Financial Institution.

That's what it says under the section if you want to apply alone

[Jabb]

I tried re-applying for the PCF mastercard, but I doubt I'll get it....this time I put in my employment info, yearly income as $3600 lol....what? its a summer job :P
so if this doesnt work out, should i apply alone as a student or student with a cosigner for the scene visa?

[Khrak]

CIBC Student VISA, $1,200 min annual income.

http://cibc.com/ca/visa/classic-visa-students.html

[sunnybono]

Hey guys,

I'm a uni student who's getting his first credit card, I just finished my first year and am working during the summer (my summer earnings are under $5k). I tried applying for the PCF mastercard but got denied so I'm trying my hand at the Scotiabank Scene Visa. it gives the option to apply with a co-signer and my question is that, can i build credit as easily with a co-signer as i would if i applied alone? I'm pretty sure that I'll get approved because if i sign up alone, i have to give my bank info so they can take out min. balance if i don't pay my statement on time (and obviously, if i sign up with a co-signer, they will most likely approve me becasue of the co-signer's good credit)

what would you guys recommend? alone, or with a co-signer?

As long as you are the primary card holder, you will get all credit with respect to credit rating. Secondary cardholders in most case don't show up on the report!!!!

sk

[darren22]

Go for a student card from one of the big banks. I had the RBC student package when I was in school (used to be 3.50/mo., now free) for the checking account and RBC Rewards Visa card (1pt per $, works out to about .84% back). The best thing really is that anyone (just about) in school gets approved, and you can start building up your credit rating. Forget getting a co-signed card.

[oeketer]

That's not how it works. They cant' just take out your min balance, you are responsible for your own payments.

Look into a student card.

no if you give the credit card company your banking details, they can take out the minimum payment automatically, or even the full amount automatically if you request it.

the scotia L'earn visa you'll problly get on your own. its geared towards students

[Jabb]

I wanted something that had rewards that I'd use and I would use the free movie tickets from scene a lot