Credit card while underage

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DaveB
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Credit card while underage

Postby DaveB » Sat Apr 06, 2013 11:34 am

Theoretically speaking, say one were to have signed up for a credit card at 16, ended up having three before turning 17, and say these account have been open for over a year.

Also say they paid all of the accounts on time in full and has a credit score of 725 with no negative marks.

Again theoretically, what obstacles could/will arise with a person if they were to use their actual birthday when applying for something after turning 18. And what would they do to fix this problem?


paparoach429
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Postby paparoach429 » Sat Apr 06, 2013 5:24 pm

I would say if this was true, the credit card companies are extremely stupid for not realizing this before issuing the cards to a minor who technically wouldnt be responsible for the debts one could possible make.

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Postby DavidNY » Sat Apr 06, 2013 6:20 pm


Moneytalks
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Postby Moneytalks » Sat Apr 06, 2013 6:30 pm

paparoach429 wrote:I would say if this was true, the credit card companies are extremely stupid for not realizing this before issuing the cards to a minor who technically wouldnt be responsible for the debts one could possible make.


Theoretically Papa is right, if they theoretically enter into a theoretical contract with a theoretical minor, the theoretical minor is not obligated to uphold his/her part. As for future applications, be honest with your date of birth, if they discover their mistake with the accounts you have (and even if they do, they might let you keep it because you pay on time and they make money which is really all they care about) they "could" close the card, but I doubt it. Guess you slipped through the cracks...I mean, what did you put for occupation, income, etc???? And it's nice to theoretically see a minor who uses credit responsibly ;) Kudos!
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Daniel
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Postby Daniel » Mon Apr 08, 2013 11:53 am

One Might be careful though when using one's actual birthdate as it may be necessary to provide proof of income to get a new line while under 21. I am not the most knowledgeable here about the CARD act stuff, but I bet one of the guys could elaborate more on this.

DaveB
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Postby DaveB » Thu Apr 11, 2013 11:14 pm

Moneytalks wrote:Theoretically Papa is right, if they theoretically enter into a theoretical contract with a theoretical minor, the theoretical minor is not obligated to uphold his/her part. As for future applications, be honest with your date of birth, if they discover their mistake with the accounts you have (and even if they do, they might let you keep it because you pay on time and they make money which is really all they care about) they "could" close the card, but I doubt it.

Theoretically this person put down self employed, 35k a year. This person may have saw someone else online that also got a credit card and underage and didn't pay off the loans but this person has morals and understands what it's like to run a business especially when this person probably hasn't directly paid a dime to the credit card companies. I can see this person trying to sign up for FAFSA aid and it not accepting their DOB because of the wrong DOB on file... this person may just need to just call the CC companies and mention the situation if this story were to actually happen. I'm assuming all progress at gaining credit history would then be forfeited which is unfortunate but that would be life for you and trying to beat the system I guess.
Daniel wrote:One Might be careful though when using one's actual birthdate as it may be necessary to provide proof of income to get a new line while under 21. I am not the most knowledgeable here about the CARD act stuff, but I bet one of the guys could elaborate more on this.

Yes theoretically this person is having this has had a problem when applying for things that require SSN but not 18 yrs old like the FAFSA.

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Snowman
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Postby Snowman » Fri Apr 12, 2013 1:00 am

But the question is, why apply if hypothetical person is still underage? Why lie in the first place? I got my first CC at age 18, why not just wait until said person is of legal age? Credit is a serious tool for one's financial life, and lying your way to getting CC's is not good. But if you somehow did manage or know someone that got one before turning 18, good for them...I guess...
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DaveB
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Postby DaveB » Fri Apr 12, 2013 10:10 pm

Snowman wrote:But the question is, why apply if hypothetical person is still underage? Why lie in the first place? I got my first CC at age 18, why not just wait until said person is of legal age? Credit is a serious tool for one's financial life, and lying your way to getting CC's is not good. But if you somehow did manage or know someone that got one before turning 18, good for them...I guess...

It probably would be mainly to build credit. Yes it is definitely a serious tool and can be abused but in this hypothetical situation it was not abused. My main questions here is, do you think the credit card companies would clear all records on the account credit history and it would just be a start over making the previous year+ useless? Would it be a good idea to cancel before turning 18, after 18, or just see what the CC would have to say if this event were to happen?

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Postby Dman316 » Thu Apr 18, 2013 12:11 pm

DavidNY wrote:Not too surprising if true.

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Snowman
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Postby Snowman » Thu Apr 18, 2013 5:34 pm

I don't think they are that dumb to let someone who is not an adult to have an account unless the person is an authorized user. But to answer your question no I don't think so. If they found out, I think they would close it unless you have a flawless payment history, then I think they would be okay with it, but I'm not to sure about that. Don't cancel since said person has accounts open, there is no need to lower AAOA and an cancel an established account. Do you mind if I ask how old this person is?
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