Why are employers checking applicant credit files as contingent upon?

I am applying for a secure credit card, but why do I need a co-applicant?

• Back-story: I am trying to "setup" Skype to work on my Laptop and PSPGo so that I can reduce the amount of money I spend on phone calls, but I need a credit card for the monthly plan. I don't have any credit history, and I want to start using Skype ASAP. I didn't realize that normal credit cards are almost impossible to get if you have no credit history, and setting up a loan will take to long (waiting to actually accumulate credit history w/ the loan, plus then waiting for the credit card application process). I have found that my only option is setting up a secured credit card. My only problem is that I am not sure if I can get a co-applicant. I am in college and asked all my family (including relatives) if they would be willing to co-sign private loans, and understandable with the economy, they all said no. As a result I now have to work extra to pay for my college than what I would have if they would co-sign. As far as I am aware, a secure credit card is where you (the card holder) needs to have collateral in the form of a bank account (or something similar) where that collateral becomes your line of credit. I have both a checking and savings account, and easily meet the $300 min, $5000max restrictions on the secure credit card. Why would do I need a co-applicant, if I already have collateral for the card? Also, if you read my back-story then let me know if this is basically the only way that I can get a credit card ASAP.

• Answer:

  You don’t need a co-applicant to get approved for a secured credit card. A secured credit card will help you build credit history with both low risk to you and your lender. The only difference between a secured card and a regular credit card is that with a secured card, your credit limit matches the amount of the deposit you put down – this usually starts around $200.00. This deposit acts as your collateral. Your credit limit can be as little or as much as you choose – you can up your limit simply by adding more to the initial amount you deposit. The great thing about a secured credit card is that it can act as a personal savings account while building your credit history at the same time.