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.