What happens after a credit card I cosigned gets approved?
As a credit card cosigner, you can stay up to date on the account by receiving monthly billing statements. You will not receive a card, nor will you have purchasing abilities or access to online credit card account services, including the Sallie Mae credit card mobile app.
As a cosigner, you will:
- Receive billing statements and payment history.
- Make a payment on the credit card by using our automated phone payment services, contacting a customer service agent, or by mail
How do I make payments on a credit card I cosigned?
You can call 888-295-3447 or mail a check, made payable to Sallie Mae, to:
PO Box 70233
Philadelphia, PA 19176-0233
Please put your credit card account number on the check
What happens if the borrower can’t make payments?
As a Sallie Mae Ignite Mastercard cosigner, you’re equally responsible for making sure that credit card payments are made on time.
How can late credit card payments or delinquency impact my credit?
As a Sallie Mae Ignite Mastercard cosigner, you’re equally responsible for making sure that credit card payments are made on time. Late payments may be reported to consumer reporting agencies, which could have an impact on your credit. Repeated missed or late payments could result in the account being suspended or closed. A missed, or late payment may also result in late fees, which will increase the total outstanding balance.
Is being a credit card cosigner a long-term commitment?
Yes. A cosigner is as equally responsible as the borrower for the credit card account until it’s paid in full.
Have questions about cosigning a new Sallie Mae Ignite Mastercard or your existing Sallie Mae Ignite Mastercard account?
Call us at 888-295-3447