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#1
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Minors and credit cards......can they have one?
My 17 year old son obtained a credit card against my wishes about 6 mos ago.
The clerk at the bank told him to change his bdate by one year, making him eligible, then verified his ID to process the application. Apparently, she liked him and made the suggestion. Is he liable for any charges? I'm trying to see if perhaps we can avoid all the late fees he has and just pay the original charges he made. It's not that much(350.00) but since I may get stuck paying for it(on loan) I'd like to minimize the damage if possible. Other that that, he'll be stuck with a bad credit report till he's 25. Thanks
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Enough about me, how are you doing? |
#2
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I'd certainly bring it up to the bank manager and have the clerk explain it.
Other than that, leave him be. So what if he has a bad credit score. I'd check it out with others to make sure that YOU don't get the bad score but let him sink or swim as he wishes.
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#3
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According to Judge Judy, minors cannot enter into binding contracts. I suspect your son is not liable. I also think the bank clerk would be in serious trouble for knowingly encouraging the falsification of a credit application.
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#4
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Having had bad credit in my earlier years, I am trying to avoid him suffering the same fate.
He is willing to pay as he has a job. I'm just trying to help him out a bit. I will be going to the branch tomorrow with his card and DL to prove he is not of age and try to negotiate a settlement that is acceptable to all. 37% interest is a motherfocker!
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Enough about me, how are you doing? |
#5
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Quote:
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#6
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Didn't we go back and forth on this once before? Correct me if I'm wrong, but aren't you the one who said he will never have kids? If so, you won't understand. All I will be doing is talking for him, I will not be paying up anything. It does not cost me anything to talk. You cannot expect a 17 year old to understand the reprecussion for making a mistake with your credit. If I can avoid him that anguish by wasting 15 minutes I will gladly do so.
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Enough about me, how are you doing? |
#7
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True. Maybe not. But you can certainly expect that this 17 yo will be respectful of your wishes since you are being responsible for him financially. Yes, if you put it that way, you are correct. However, my question is what is the lesson you are imparting? You screw up and Dad will fix it?
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#8
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Your Dad loaned you money to get out of a jam.
I will not be lending him any money, only trying to lessen the blow a little bit. Wasn't that what your dad did?(that sounds funny ) when he helped you out of that Jam? He will be paying for it, every cent, as is his intention. I made it perfectly clear when he obtained it, that I would not be helping him pay for it. Eve if I helped him pay for it to settle this and avoid problems, he would have to pay me back, but that's not in the plan as I type.
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Enough about me, how are you doing? |
#9
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Also, don't forget that I had to chase around to get the parts and fix it myself so I could save some money otherwise that bill would be way higher. I may not have kids nor do I want them. However, that lesson still is with me and when I want to do something bad, I still think of whether I am willing to pay the price because Dad cared enough to teach me that lesson. That much I understand.
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#10
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19
NEVER had a credit card. I only use debit. Money that I've already earned. I took a loan to establish credit (car loan for my 300D)
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-1983 VW Rabbit LS Diesel (5speed, VNT/Giles build) |
#11
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Credit cards are not a bad thing. Sometimes they are very handy. I use them all the time. Returns are way easier especially with American Express. Now, if you don't have cash and you are in an emergency, well, you could be screwed without a CC. Just have to be disciplined is all.
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#12
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Overheard
Two gays conversing (San Francisco)
"He may dress like a lumberjack, but you should see what he can do with a Credit Card"
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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ... 1995 E 420, 170k "The Red Plum" (sold) 2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp 1967 Mercury Cougar, 49k 2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold) |
#13
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NEVER had a credit card. I only used debit. Now I have $435 in overdraft fees owed to the bank because of their misleading paycheck cashing policies. They will not get it and they have only recently stopped sending me collections calls after two years. I only use cash now. |
#14
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I should get a credit card, start building some credit.
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1985 CA 300D Turbo , 213K mi |
#15
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My kid racked up hundreds of dollars of overdraft charges on his debit card. One time he charged a candy bar on his card, causing a $35 overdraft fee. I hope he savored every bite. The bank is shameless that way, happily piling on fees instead of just blocking the card. All they do is send a little note in the mail which you get about a week after the fact.
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
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