Reply
New Contributor
Posts: 116
Registered: ‎01-02-2013
0

Question about applying by phone

On most credit applications or websites, it says you have to 21 to apply for a credit card by phone. 

My question is why is that? Also, what could be the consequences to the applicant and to the credit card company if they let someone under 21 apply by phone?

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Question about applying by phone

You can only geta card if you have a co signer over 21, due to the credit card reform act or if you show proof of sufficient income

New Contributor
Posts: 116
Registered: ‎01-02-2013
0

Re: Question about applying by phone

Didnt really answer my question but ok...

Contributor
Posts: 83
Registered: ‎12-24-2012
0

Re: Question about applying by phone

Because of the law. http://credit.about.com/od/consumercreditlaws/a/credit-card-rules-for-young-adults.htm

US Bank Cash+ -- Chase Freedom -- Citi Dividend Platinum Select (in 45-day wait period for Dividend Mastercard World EliteSmiley Happy) -- AMEX BCE
New Contributor
Posts: 116
Registered: ‎01-02-2013
0

Re: Question about applying by phone

so is it illegal for an 18 year old to apply by phone?

Contributor
Posts: 83
Registered: ‎12-24-2012
0

Re: Question about applying by phone


drewrico wrote:

so is it illegal for an 18 year old to apply by phone?


Apparently

"Prohibition on issuance.—No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B)"

http://en.wikisource.org/wiki/Credit_Card_Accountability_Responsibility_and_Disclosure_Act_of_2009/T...

US Bank Cash+ -- Chase Freedom -- Citi Dividend Platinum Select (in 45-day wait period for Dividend Mastercard World EliteSmiley Happy) -- AMEX BCE
New Contributor
Posts: 116
Registered: ‎01-02-2013
0

Re: Question about applying by phone


slippy84 wrote:

drewrico wrote:

so is it illegal for an 18 year old to apply by phone?


Apparently

"Prohibition on issuance.—No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B)"

http://en.wikisource.org/wiki/Credit_Card_Accountability_Responsibility_and_Disclosure_Act_of_2009/T...


 

 

so if a credit card company lets an 18 year old apply by phone what could be the consequences to the credit card company? I applied for chase freedom, denied of course, but i did it over the phone. I'm only 18 so i dont know if i can get in trouble or if I could possibly get the ing taken off my credit reports.

Contributor
Posts: 83
Registered: ‎12-24-2012
0

Re: Question about applying by phone


drewrico wrote:

slippy84 wrote:

drewrico wrote:

so is it illegal for an 18 year old to apply by phone?


Apparently

"Prohibition on issuance.—No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B)"

http://en.wikisource.org/wiki/Credit_Card_Accountability_Responsibility_and_Disclosure_Act_of_2009/T...


 

 

so if a credit card company lets an 18 year old apply by phone what could be the consequences to the credit card company? I applied for chase freedom, denied of course, but i did it over the phone. I'm only 18 so i dont know if i can get in trouble or if I could possibly get the ing taken off my credit reports.


Uh you need to go back and re-read the quoted part. Were you issued a credit card? No. You were denied.

US Bank Cash+ -- Chase Freedom -- Citi Dividend Platinum Select (in 45-day wait period for Dividend Mastercard World EliteSmiley Happy) -- AMEX BCE
Valued Contributor
Posts: 1,603
Registered: ‎09-15-2012
0

Re: Question about applying by phone

I don't believe you can get trouble. Most regulations are directed towards the practices of banks and other financial institutions, and not the actions of individuals. It is somewhat unreasonable for a person to know every law guiding financial activities, but it isn't unreasonable for a bank to understand the laws surrounding the practices for which they engage. 

 

Sorry to hear you we're denied. 


In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
New Contributor
Posts: 116
Registered: ‎01-02-2013
0

Re: Question about applying by phone


slippy84 wrote:

drewrico wrote:

slippy84 wrote:

drewrico wrote:

so is it illegal for an 18 year old to apply by phone?


Apparently

"Prohibition on issuance.—No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B)"

http://en.wikisource.org/wiki/Credit_Card_Accountability_Responsibility_and_Disclosure_Act_of_2009/T...


 

 

so if a credit card company lets an 18 year old apply by phone what could be the consequences to the credit card company? I applied for chase freedom, denied of course, but i did it over the phone. I'm only 18 so i dont know if i can get in trouble or if I could possibly get the ing taken off my credit reports.


Uh you need to go back and re-read the quoted part. Were you issued a credit card? No. You were denied.


 

 

Was not asking for sarcasm, thanks...

 

but if there are laws that did not allow issuance of credit cards to people under 18 over the phone, or without a written application, why would the credit card company process the application and do a hard inquiry. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.