Want to do a little credit building? A great option for someone just starting out is to use a cosigner.
A cosigner is someone with good credit who signs on to a loan to guarantee the bill will get paid, and basically gives the lender a safety net. Just think about it from the lender’s point of view. If you have no credit history, they’re kind of taking a leap of faith on you.
There’s not a lot of upside to BEING a cosigner. And so they tend to be family members who love and trust you.
A good place to start building credit with a cosigner is on one or two credit cards. Use them sparingly, and pay off the balances each month. It will take at least six months, but you should have a good start on a good credit history.
Do us a favor please. Tell your friends about us so they can be smarter about their money too.