How do cell phone plans with co-signers work in terms of credit check?
Josh M asked:
I’m looking to start a phone plan (any carrier, I’m not picky..) but I’m 17. I have people who are willing to co-sign for a contract but they do not have good credit.
I’m looking to start a phone plan (any carrier, I’m not picky..) but I’m 17. I have people who are willing to co-sign for a contract but they do not have good credit.
My question is, if they do a credit check… will it be all on me? Or will they decline the plan because the co-signer has poor credit?
HORACE
April 16th, 2010 at 2:37 pm
AL
My understanding is this…if you have good credit, you don’t need a co-signer. You are 17 and it sounds like you may have not established credit of your own. It will more than likely come back declined due to not enough credit. Or, it could play in your favor, and the company could give you a chance. To give you the chance to be honest and faithful. So you can begin to establish your line of credit.
Yes, the co-signers credit will play an equal part in the credit check where you are concerend. If you know straight up that the co-signer does not have good credit. Don’t bother trying. This will just make you look twice as bad.
A co-signer with good credit, may be able to help you establish the account. But WILL get the heat if you if you fail to meet your obligations.
Being 17, don’t one need to be at least 18? 18 isn’t too far off, you’d be best to wait. That way you are responsible for yourself.
How much do you value your friendship with the possible co-signer, good or bad credit? If you both would say that you take care of each others back. I would assume that you care alot. Don’t venture into a financial relationship with your friend. If things go bad…it will leave a lasting unseen scar in your relationship. May even end it altogether.
You are on the brink of becoming a legal adult. Practice making wise decisions now. Good Luck!