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In one fell swoop, the CARD Act limited the options for 18-year-olds to obtain credit from the entire consumer marketplace down to a handful of issuers and cards.But while limited, card options are still out there to help you start building credit.While it may seem restrictive, the heart of the CARD Act’s age restrictions were designed to prevent young people from taking on credit card debt they couldn’t repay.As such, if you cannot show you have a reliable income to repay your debts, you’ll need a creditworthy cosigner who can vouch for your ability to pay your debts.In essence, credit card purchases borrow money from the issuing bank to pay for purchases, then you pay off that debt when the issuer bills you.In contrast, prepaid cards use the money you load onto the card to pay for purchases directly and must be reloaded once that money is spent.

Additionally, it’s not just your cosigner’s wallet on the hook if you misbehave with your new credit card; the cosigner’s credit will also be impacted by the credit card account, as the account will show up on the cosigner’s credit reports.What’s more, you can also find a range of credit cards designed specifically for students, with flexible credit requirements with room for those who have yet to start establishing a credit history.You can start exploring options with some of our favorite student cards.be reported as income on a credit card application, the most prominent of which is student loan funds.Basically, since your student loan is really a type of debt, rather than actual income, it’s a bad idea to claim it as such.

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