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A co-signer is an individual other than the borrower who signs a promissory note and thereby assumes equal liability for it.

One of the easiest ways to establish your credit is to have a co-signer who already has a good credit history assist you in obtaining a credit card. If you are fortunate enough to have such a person in your life you are well on your way to establishing credit. Be aware that any default of credit on your part affects the credit of the co-signer.

Once you receive your credit card, with the assistance of a co-signer, you can use it to make charges and of course to make payments on or before the due date. In time you will have established a credit history. If possible you should payoff the debt in full when the first bill arrives, but not before. Please note, completion of the full billing cycle is important for a "pays on time" report to be made to the credit bureaus. Continue to purchase with your credit card and make payments on time until you no longer need a co-signer at which point your credit history will be established. At this point you should obtain a credit card using only your credit and cancel the credit card with the co-signer.

We chose to use obtaining a credit card with a co-signer to illustrate how to establish your credit, however if you were to use a co-signer to obtain a loan, the process would work in essentially the same manner.

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