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Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012
0

Re: Can't request a CLI if you're under 21.


ajh5408 wrote:

This is simply false. The only case in which someone under 21 would need to submit a written request for a credit limit increase is if there is a cosigner on the account, and the cosigner is the one who has to agree to it in writing. Seems perfectly reasonable to me that if you get a credit card where someone else (likely a parent) is jointly liable, they should have to approve any increase to the credit limit.

 

CC companies (and their CSRs) using the CARD Act as an excuse/punching bag is nothing new.


mmmmmm, do you have a co-signer?

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012
0

Re: Can't request a CLI if you're under 21.

[ Edited ]

jamie123 wrote:

Nobody said you couldn't request a CLI. You just have to do it by mail.

 

Do you think somebody might want to put a damper on an impulsive decision by a teenager?

 

How about this scenario?

 

4 students sitting in a dorm trying to figure out where they are going to go out on a Saturday night because they don't have enough money. One of them says, "Hey I'll just try getting a CLI on my card! Bingo it worked! Time to party!" (Wow, that was a bad credit decision.)(Next month...Mom, Dad I need some money!)

 

That scenario will not work now. They will have to plan a little further ahead! A few years ago you didn't have to worry about this happening because nobody could get CLI inside of 60 seconds.

 

Some regulations are put in place to protect society as whole. When students default on their credit cards it affects society as a whole. It is actually very similar to the mortgage crisis the banks lent us into. We did it to ourselves but they were more than happy to sell us the ammunition.


I'd like to think that even teenagers,  have a bit more self control then that. I know I did not all that long long ago.

 

At any rate, I can't imagine that the aggregate of student cc defaults is having too much of an adverse effect on the economy (generally we are talking about 300-1000 cls here), the bigger problem which is what you were probably driving at anyway,pertains to the consequences when people make mistakes with credit.

 

I just happen to be of the opinion that the accountability for using credit properly should be based squarely on the shoulders of the individual, moreso than the banks, and certainly moreso than the government. As someone else mentioned above, at the end of the day, a 19 year old could just as easily get into financial trouble as a 50 year old and both should be held equally responsible for the mistakes they make.

 

The only difference between the 19 yr old and the 50 yr old is that it is much worse to default on a 250k mortgage and a 20k cc than it is to ask mom or dad for a couple hundred dollars to pay off a credit card.

 

Ultimately, it is the consumers responsibility to use credit extended by the banks responsibly and the consumer is the one who should be penalized (adverse effect on fico/no further credit extended to them) when they get into trouble because they fail to do so.

 

Edit/Moreover- I just dont see how the banks are to blame here, sure maybe you can pin the mortgage crisis of a few years ago on them, but at the end of the day it is still consumers who agreed to take on a mortgage which they could not afford. The same logic applies to credit cards- just because you have a 5k cl dosent mean you need to go out and charge 4.9 k right away. Banks understand utilization and I think they generally try to help people out in this area by giving them some headroom above what said consumer can actually afford to spend- regardless of whether or not the people they are helping out with util realize it or not.

EQ 778 | TU 776
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New Contributor
mrcrush20
Posts: 113
Registered: ‎05-06-2012
0

Re: Can't request a CLI if you're under 21.

^ agreed makes things clear when you put it like that

 

at that age not too long ago, I would not care about maxing out a card or anything credit related for that matter. Cash was everything to me

 

I have learned am still learning






Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

Re: Can't request a CLI if you're under 21.

I dont know about discover but ive had no problems at all getting cli from bofa at 19&20.
I was still 20 when i got a cli from 3k to 5k. Maybe its a law in your state?
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Contributor
mmmmmm
Posts: 156
Registered: ‎06-01-2012
0

Re: Can't request a CLI if you're under 21.


jd5189 wrote:

ajh5408 wrote:

This is simply false. The only case in which someone under 21 would need to submit a written request for a credit limit increase is if there is a cosigner on the account, and the cosigner is the one who has to agree to it in writing. Seems perfectly reasonable to me that if you get a credit card where someone else (likely a parent) is jointly liable, they should have to approve any increase to the credit limit.

 

CC companies (and their CSRs) using the CARD Act as an excuse/punching bag is nothing new.


mmmmmm, do you have a co-signer?


No.  I applied for the card in my name only and haven't even had so much as an authorized user let alone a cosigner.

 


jsickz32 wrote:
I dont know about discover but ive had no problems at all getting cli from bofa at 19&20.
I was still 20 when i got a cli from 3k to 5k. Maybe its a law in your state?

Again, please note this is apparently a new regulation they have to follow, which means if you received a CLI months or years ago, that has no relevance to this discussion at this point in time.

I'd also like to point out that I'm not necessarily saying all CCCs won't let you request a CLI if you're under 21.  The verbiage "written request" encompasses online for certain things.  For instance, apping for a new card online is seen as sending a "written request."  For CLI with Discover, however, apparently their online request option didn't fall under whatever the requirements are to be seen as a "written request."  Other companies may have a different setup online, which counts as a "written request" even though the request is done online.

Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

Re: Can't request a CLI if you're under 21.


mmmmmm wrote:

jd5189 wrote:

ajh5408 wrote:

This is simply false. The only case in which someone under 21 would need to submit a written request for a credit limit increase is if there is a cosigner on the account, and the cosigner is the one who has to agree to it in writing. Seems perfectly reasonable to me that if you get a credit card where someone else (likely a parent) is jointly liable, they should have to approve any increase to the credit limit.

 

CC companies (and their CSRs) using the CARD Act as an excuse/punching bag is nothing new.


mmmmmm, do you have a co-signer?


No.  I applied for the card in my name only and haven't even had so much as an authorized user let alone a cosigner.

 


jsickz32 wrote:
I dont know about discover but ive had no problems at all getting cli from bofa at 19&20.
I was still 20 when i got a cli from 3k to 5k. Maybe its a law in your state?

Again, please note this is apparently a new regulation they have to follow, which means if you received a CLI months or years ago, that has no relevance to this discussion at this point in time.

I'd also like to point out that I'm not necessarily saying all CCCs won't let you request a CLI if you're under 21.  The verbiage "written request" encompasses online for certain things.  For instance, apping for a new card online is seen as sending a "written request."  For CLI with Discover, however, apparently their online request option didn't fall under whatever the requirements are to be seen as a "written request."  Other companies may have a different setup online, which counts as a "written request" even though the request is done online.


i just turned 21 2 months ago so it was years ago

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Regular Contributor
Guyatthebeach
Posts: 218
Registered: ‎09-04-2012
0

Re: Can't request a CLI if you're under 21.

Under the Card Act, any consumer under 21 has to request in writing to have a credit line increase and be able to prove a valid source of income. According to our politicians, this was done to prevent high school and college students wrong racking up debt that may not have the means to pay back.

Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012
0

Re: Can't request a CLI if you're under 21.


Guyatthebeach wrote:

Under the Card Act, any consumer under 21 has to request in writing to have a credit line increase and be able to prove a valid source of income. According to our politicians, this was done to prevent high school and college students wrong racking up debt that may not have the means to pay back.


ROTFLMAO!!!!!! - maybe politicians should implement regulations like this for their own spending! Oh... I went there! They are GREAT  role models when it comes to spending!!!!!! 

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
New Contributor
CardinalRules
Posts: 69
Registered: ‎06-27-2012
0

Re: Can't request a CLI if you're under 21.

This must be a very new regulation. I'm under 20 and I was able to get an increase on my Wells Fargo college card in July, and one from my Walmart  Discover card about two weeks ago. Both were done over the phone.

AMEX SPG - $8k
Citi AA Visa - $6.5k
Walmart Discover - $5.5k
Citi Forward - $3.9k
Discover More - $2.5k
Wells Fargo Cash Back - $1.9k
Regular Contributor
Guyatthebeach
Posts: 218
Registered: ‎09-04-2012
0

Re: Can't request a CLI if you're under 21.

JD5189, I'm glad you got laugh out of that.  Well looks like Wells Fargo just broke the law. Of well, I'm sure nothing will ever happen!


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