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Established Member
liquidlx
Posts: 11
Registered: ‎02-14-2008

Possible Credit Repair Loophole?

I have a Macy's account thats closed but tons of derogatory marks for late payments.

 

DOLA 2004

 

I happen to notice that the account was opened in 1997. I was born in 1980 making me 17 at the time the account was opened. Solely in my name.

 

Is the fact that I was under-age when I opened this account a loophole that I can use to get them to remove it from my credit reports?

 

Any insight would be appreciated.

Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008

Re: Possible Credit Repair Loophole?


liquidlx wrote:

I have a Macy's account thats closed but tons of derogatory marks for late payments.

 

DOLA 2004

 

I happen to notice that the account was opened in 1997. I was born in 1980 making me 17 at the time the account was opened. Solely in my name.

 

Is the fact that I was under-age when I opened this account a loophole that I can use to get them to remove it from my credit reports?

 

Any insight would be appreciated.




Not if it's yours. Disputing accurate info is against the rules here.

IS it yours? Or is it a mistake in reporting the "open date?"

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Frequent Contributor
cadavis0609
Posts: 435
Registered: ‎06-17-2007

Re: Possible Credit Repair Loophole?

Were you actually underage, or is it just an error? The law in most if not all states prohibits one from entering into a contract with a minor so I know that they can't sue you for it. However, I'm a little sketchy on the legalities of reporting it because I know some people add their kids on their credit cards as AU's to help build their scores, or destroy them as it sometimes turns out.
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Possible Credit Repair Loophole?

Also, if you made purchases with your card after you turned 18, then you would be responsible, as you signed for each transaction.
Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008

Re: Possible Credit Repair Loophole?


llecs wrote:
Also, if you made purchases with your card after you turned 18, then you would be responsible, as you signed for each transaction.
Excellent point!

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007

Re: Possible Credit Repair Loophole?

I think, you are better off asking your question on CB. A crowd over there loves not to pay legit debt.
IN VINO VERITAS.
Established Member
liquidlx
Posts: 11
Registered: ‎02-14-2008

Re: Possible Credit Repair Loophole?

I was underage when this account was opened and its been paid off for a few years now.

 

The account was never charged off, just closed.

 

Its the bad marks from the account being late when it was active that are hurting my scores. 


I did use the card after I was 18 but I thought maybe they shouldn't have opened the account in the first place and that could be a course of action I could possibly take in removing the Macy's account.

 

Thanks again 

 

Experian 612 Equifax 644 Transunion 651 

Frequent Contributor
AmyBoo
Posts: 328
Registered: ‎09-28-2008

Re: Possible Credit Repair Loophole?

[ Edited ]

Macy's is pretty easy to deal with have you tried just asking them to not report the baddies or to just not report anything ....

 

 

I'm all about having some bad stuff removed from my credit report but there are far more "ethical" ways to go about it than by disputing.

 

You knew you weren't 18 when you got the card, you knew you weren't 18 when you made the charges, and your payments weren't late because you weren't 18 yet.

 

Try asking for GW, like I said... Macy's is a pretty easy CC to deal with. Heck they might even remove the baddies AND reopen the account adding years to your CR.

 

You never know until you ask!

 

Edited to correct spelling

Message Edited by AmyBoo on 10-25-2008 03:21 PM
Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008

Re: Possible Credit Repair Loophole?

[ Edited ]

liquidlx wrote:

I was underage when this account was opened and its been paid off for a few years now.

 

....... 


I did use the card after I was 18 but I thought maybe they shouldn't have opened the account in the first place and that could be a course of action I could possibly take in removing the Macy's account.




Personally, I wouldn't try it (disputing the account on the grounds that you were underage). While Macy's may have been wrong in entering into a contract with a minor (which may render the agreement null and void -- except for the fact that as Ilecs said, you used it AFTER you reached the age of majority), you were wrong in stating that you were 18 (since I know of no company stupid enough not to include the gist of "Must be 18 years or older" into any contract involving financial obligations).

 

If I had to choose between having a crappy TL on my CRs and a possible complaint of fraud (possibly against a financial institution --- which would be a Federal crime) against me? I'd choose the crappy TL. But that's just me.

Message Edited by Wonderin on 10-26-2008 11:53 AM

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007

Re: Possible Credit Repair Loophole?

[ Edited ]

There is a very important question here that hasn't been asked.

 

Please don't take this personal, as I would ask anyone this who said the account was opened while they were underage.

 

Did you put your correct DOB on your application?

 

Also, lates hurt less and less as they age. I bet the account is helping you much more than it is hurting at this point.

 

I would be trying to get the account reopened. That is pretty long history for someone your age.

 

ETA: I think some applications mention that by signing the application you agree to all the terms/conditions and that you have supplied accurate information. Read those terms/conditions and all that other fine print closely, you could have broken a law by just applying while underage, even if you provided accurate information.

Message Edited by sidewinder on 10-26-2008 01:10 PM
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