What an offer! (NA)

[Ken Ibold]

My 8-year-old got a solicitation in the mail from Chase to get a business credit card. He filled it out honestly and sent it in. Anyone want to give odds on what happens next?

 

[KennyFlys]

My 8-year-old got a solicitation in the mail from Chase to get a business credit card. He filled it out honestly and sent it in. Anyone want to give odds on what happens next?

Well, unless someone already used his name for something and left an unpaid debt... he probably got a few grand or better on a line. Especially if he indicated he was a student. CC companies love to suck students into the interest debt.

 

[jesse]

Well, unless someone already used his name for something and left an unpaid debt... he probably got a few grand or better on a line. Especially if he indicated he was a student. CC companies love to suck students into the interest debt.

I doubt it. When I turned 18 years old I looked into getting a credit card for the purpose of building credit. Absolutely no one would approve me. I finally found a company that would although it was a complete ripoff. The credit limit was $200 with a $180 activation fee. When I received the card I owed them $180.

After a few months on that card I ditched it for a Capital One card with an amazing $300 limit. Once I established a little bit (not much) credit the offers started coming in like mad. I get about 20 offers per week now. CapitalOne has never increased my limit although my bank did finally give me a card with a more respectable limit ($1000). Now here I sit just trying to build credit.

My 8-year-old got a solicitation in the mail from Chase to get a business credit card. He filled it out honestly and sent it in. Anyone want to give odds on what happens next?

Most likely they will run a credit check on his social security number to base the credit line. When they do this they will obviously see an issue.

I bet he had fun filling it out

I know there have been cases of companies giving cards to minors but I don't think I've ever heard of it within the last 10 years or so.

 

[ScottM]

I had signed my cat up for AOPA flight training magazine, she later joined AOPA and received a MBNA credit card offer. Had I actually been able to get her a SSN I'll bet she would have gotten a card. She still gets solicitation in the mail too.

 

[gprellwitz]

I was given my own credit card under similar circumstances when I was 15. A $500 limit in the early 80s. As I was only 15 I had no legal obligation to actually pay the bills, though, of course, I did.

 

[Ken Ibold]

Well, unless someone already used his name for something and left an unpaid debt... he probably got a few grand or better on a line. Especially if he indicated he was a student. CC companies love to suck students into the interest debt.

Yeah, but what cracked me up was it was a BUSINESS credit card. It asked about number of employees etc. I'm dying to see how they respond.

A few years ago a reporter at the newspaper in Fort Lauderdale succeeded in getting a credit card issued to his dog. Now, since the dog did not fill out the form, that's fraud. But because Parker filled it out, it's not fraud.

And it's not like we'd let him USE it if, in fact, it did come in the mail by some miracle.

 

[Greebo]

Ken...

Just out of curiosity, have you done a credit check on your 8 yr old?

Just wondering about possible identity theft...

 

[Ken Ibold]

Ken...

Just out of curiosity, have you done a credit check on your 8 yr old?

Just wondering about possible identity theft...

I believe it's because he has a frequent flier account with Continental. But a credit check ain't a bad idea.

 

[Greebo]

I assume you know how to get the free credit reports (and it ain't freecreditreport dot com)

 

[Ken Ibold]

I assume you know how to get the free credit reports (and it ain't freecreditreport dot com)

You would assume correctly!!

 

[GaryO]

I doubt it. When I turned 18 years old I looked into getting a credit card for the purpose of building credit. Absolutely no one would approve me. I finally found a company that would although it was a complete ripoff. The credit limit was $200 with a $180 activation fee. When I received the card I owed them $180.

I know there have been cases of companies giving cards to minors but I don't think I've ever heard of it within the last 10 years or so.

I think that just about anyone attending a major college can easily get one. Both of my kids were flooded with credit card offers as soon as they enrolled. Both of them got a CC with multi-thousand $ limits. No job, no income - no problem

 

[Greebo]

I think that just about anyone attending a major college can easily get one. Both of my kids were flooded with credit card offers as soon as they enrolled. Both of them got a CC with multi-thousand $ limits. No job, no income - no problem

No chance of getting out of the debt hole if you don't step in and give them a good hard lesson in economics...

 

[Skip Miller]

CapitalOne has never increased my limit

FWIW if you have been paying your credit card payments to Cap-1 all you have to do is call them up and say you are considering cancelling the card because the credit limit is so low, and Bank X is offering you more....

-Skip

 

[mikea]

I think that just about anyone attending a major college can easily get one. Both of my kids were flooded with credit card offers as soon as they enrolled. Both of them got a CC with multi-thousand $ limits. No job, no income - no problem

I's no problem because the credit card companies banks bought a new bankruptcy law that said you have to pay them. I wouldn't have been surprised if they had made knee breakers legal.

There are also all of the stories now about how there are too many defaulting home mortagages that went to those who met the "can fog a mirror" test.

Time for another taxpayer bailout.

 

[Greebo]

I have a real problem with the idea of bankruptcy as a "get out of debt free" card. If you owe money to someone, the cases where you can get out of it should be extremely limited.

So on the surface I have no problem with bankruptcy law now saying that the CC debt you racked up must be paid back, but I'd like to know more of the details. There *are* legit cases for debt relief, after all.

 

[Lawreston]

Funny, Ken. I once received, at my home address, a credit card invitation in the name of a totally non-existent person(as far as I could determine). Just to "try" the system I filled out the form and sent it in, listing a 2nd card for "the wife"(of the non-existent applicant). After a couple weeks passed the notice arrived that applicant had failed to list appropriate Social Security numbers.

Applicant failed to respond to the above notice. However, a couple weeks later two cards arrived in the mail. A lawyer friend said, "Use it, pay it, and in six months you'll be bombarded by other credit card offers and junk mail." Statement charges were paid via Postal Money Order. Lawyer friend hit it right on-the-head. It happened. Then I stopped using the card(but the junk mail keeps coming).

HR

 

[KennyFlys]

I have a real problem with the idea of bankruptcy as a "get out of debt free" card. If you owe money to someone, the cases where you can get out of it should be extremely limited.

So on the surface I have no problem with bankruptcy law now saying that the CC debt you racked up must be paid back, but I'd like to know more of the details. There *are* legit cases for debt relief, after all.

For proved medical hardships, no issue. Particularly if the patient is a child. For others, get a job! Or, two.