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Update on BofA Application

Valued Contributor

Re: Update on BofA Application

Just what lexie said Smiley Wink


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
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Blogger

Re: Update on BofA Application


09Lexie wrote:
They are referring to the Card Act of 2009.

Ensures Adequate Safeguards for Young People

• Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended;

• Limits prescreened offers of credit to young consumers;

• Prohibits increases in the credit limit on accounts where a parent, legal guardian, spouse or
other individual is jointly liable unless the individual who is jointly liable approves the increase;

• Increases protections for students against aggressive credit card marketing, and increases
transparency of affinity arrangements between credit card companies and universities.

Thanks for posting this, Lexie! Wow the law really makes it hard for under 21 folks to build credit. Imagine not being able to get a credit limit increase ...

Moderator Emerita

Re: Update on BofA Application

@HiLine

Supposedly its to protect those who are inundated with offers ESP those on the college campus. I can remember on UCLA's campus they were lined up everywhere.
Coming to this forum, I'm struck by how many young people have not been stopped. ESP regarding the infinite amount of questions regarding HHI or scholarship as income. If these lenders are getting the 'proof' it's not abundantly apparent to me.
Blogger

Re: Update on BofA Application

Agreed, Lexie. Though I would expect an 18 year old to be responsible for his/her own life, there is not nearly enough credit education for pre-college kids...

Moderator Emerita

Re: Update on BofA Application

Regular Contributor

Re: Update on BofA Application

Have them listen to Credit Score/Credit Card podcasts!