Is college student under 18 eligible for student cc?

[rosa29617]

My daughter is seventeen, will be eighteen in late April; graduated in Dec.(early...will march in June though); anyway, she's now enrolled in community college and works part-time. Is she eligible to apply for a student cc? I want her to begin building credit foundation so she won't have the same problems I had when I finished college. Back in the day, citibank was handing out cc to college students like candy. My credit was ruined by the time I graduated. Equally, having NO credit is just as bad. I have had discussions with her to help her understand that I do not believe in co-signing for anyone and 'getting and maintaining good credit' is an issue she must take up early and if she wants stability in her life. So, since the new laws kick in before she turns eighteen, I want to know if she can apply for a student cc, so she won't need a co-signer? There's two pluses, she's a college student, and she works. I would appreciate any advice. Incidentally, when does the new cc law take effect????

[BungalowMo]

I am fairly certain that no one can get a cc in (only) their name before their 18th birthday.  I believe this is a fed law.  I believe you can add her as an AU on a card you have, but she cannot get her own just yet.

[Jazzzy]

I don't believe a contract with anyone under 18 is legal, so I don't know why the credit card companies would do it.

[rosa29617]

So, does anyone know for sure how the new law will affect young adults. She will turn 18 after the law kicks in; I'm thinking I will have to co-sign if she is to have a cc.

[VaneZ87]

I work for a major U.S bank and have already been educated on the CARD act. In a nutshell, once the act comes into effect, anyone under 21 years of age will need a qualified co-signer to obtain a credit card. They can also become an authorized user on someone else's credit card until their of legal age to apply solely. 

[rosa29617]

Okay, I've done my homework: If under 21 yrs old, one must have an eligible co-signer....unless the applicant can show proof that they are employed or can pay the bill. Since my daughter is employed, she may be okay. Also, we attempted to access her credit report EQ: EQ responded there is no file on her, with a small note which stated, one must be 18 before a file can be established.

[VaneZ87]

What Rosa29617 said. 

[Anonymous]

Only if the minor is emanicipated and legally recognized.  And even then the CCC may not/does not have to consider this.  Discrimination of age is only relevent after of majority age.  And with new CC regs, the student/18 year old must be able to prove personal financial capacity, otherwise you would have to co-sign/joint account. 

A minor is not legally capable of entering into a binding contract with a CCC.  You would need to set up a primary account and add the minor as an AU initially.  If the card is with BoA, USAA, Orchard and a few others, you could add the minor as a joint applicant after they turn 18.  However, this is not usually a wise action because you are liable at all times for their charges and use for as long as the account is open and has a balance.

Better idea at this time:  Get them into a student or local CU with a savings/checking account and debit card.  Then just deposit the money and use the debit.  You can also get a variety of prepaid CC's/debit cards through USAA, NFCU, Discover, other CU's, etc.

[Anonymous]

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@rosa29617 wrote:
My daughter is seventeen, will be eighteen in late April; graduated in Dec.(early...will march in June though); anyway, she's now enrolled in community college and works part-time. Is she eligible to apply for a student cc? I want her to begin building credit foundation so she won't have the same problems I had when I finished college. Back in the day, citibank was handing out cc to college students like candy. My credit was ruined by the time I graduated. Equally, having NO credit is just as bad. I have had discussions with her to help her understand that I do not believe in co-signing for anyone and 'getting and maintaining good credit' is an issue she must take up early and if she wants stability in her life. So, since the new laws kick in before she turns eighteen, I want to know if she can apply for a student cc, so she won't need a co-signer? There's two pluses, she's a college student, and she works. I would appreciate any advice. Incidentally, when does the new cc law take effect????

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rosa, i just was on a student cc hunt for my daughter myself  we just applied for her one last night and she was approved..we pull her credit for the first time....eq dont have her listed at all...so tomorrow we have to get that straight,..she is 18 now.....it took me bout a wk and a half looking for a card for her...

i have started a thread on this (whats a good student credit card?)

wish u luck...

[Uborrow-Upay]

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@Anonymous wrote:

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@rosa29617 wrote:
My daughter is seventeen, will be eighteen in late April; graduated in Dec.(early...will march in June though); anyway, she's now enrolled in community college and works part-time. Is she eligible to apply for a student cc? I want her to begin building credit foundation so she won't have the same problems I had when I finished college. Back in the day, citibank was handing out cc to college students like candy. My credit was ruined by the time I graduated. Equally, having NO credit is just as bad. I have had discussions with her to help her understand that I do not believe in co-signing for anyone and 'getting and maintaining good credit' is an issue she must take up early and if she wants stability in her life. So, since the new laws kick in before she turns eighteen, I want to know if she can apply for a student cc, so she won't need a co-signer? There's two pluses, she's a college student, and she works. I would appreciate any advice. Incidentally, when does the new cc law take effect????

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rosa, i just was on a student cc hunt for my daughter myself  we just applied for her one last night and she was approved..we pull her credit for the first time....eq dont have her listed at all...so tomorrow we have to get that straight,..she is 18 now.....it took me bout a wk and a half looking for a card for her...

i have started a thread on this (whats a good student credit card?)

wish u luck...

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Just making a hyperlink to the related thread (started by and referenced by ladydi, above).