topic Re: Question about applying by phone in Credit Cards

Question about applying by phone

drewrico — Tue, 29 Jan 2013 08:37:09 GMT

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?

Re: Question about applying by phone

Anonymous — Tue, 29 Jan 2013 15:08:25 GMT

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

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 00:35:58 GMT

Didnt really answer my question but ok...

Re: Question about applying by phone

slippy84 — Wed, 30 Jan 2013 00:57:02 GMT

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

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 01:01:07 GMT

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

Re: Question about applying by phone

slippy84 — Wed, 30 Jan 2013 01:24:47 GMT

@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/Title_III

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 01:43:08 GMT

@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/Title_III

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.

Re: Question about applying by phone

slippy84 — Wed, 30 Jan 2013 01:56:31 GMT

@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/Title_III

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.

Re: Question about applying by phone

SnackTrader — Wed, 30 Jan 2013 03:36:33 GMT

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.

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 04:45:43 GMT

@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/Title_III

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.

Re: Question about applying by phone

slippy84 — Wed, 30 Jan 2013 05:08:08 GMT

@drewrico wrote:
Didnt really answer my question but ok...

Oh whoops I thought you weren't asking for sarcasm

Re: Question about applying by phone

Anonymous — Wed, 30 Jan 2013 05:14:02 GMT

@drewrico wrote:
@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/Title_III

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.

Here's some sarcasm! Because banks don't go to jail for breaking the law!

The law was changed because too many young people got into credit trouble from aggressive marketing of CC.

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 05:50:09 GMT

@slippy84 wrote:
@drewrico wrote:
Didnt really answer my question but ok...
Oh whoops I thought you weren't asking for sarcasm

Unfortunately my statement was taken as sarcasm, but it wasnt meant to be sarcasm... dot dot dot

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 05:52:01 GMT

@Anonymous wrote:
@drewrico wrote:
@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/Title_III

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.
Here's some sarcasm! Because banks don't go to jail for breaking the law!

The law was changed because too many young people got into credit trouble from aggressive marketing of CC.

Extremely unnecessary. I wasnt asking if they would go to *jail*. Was asking if they could possibly get fined or anything else.

Re: Question about applying by phone

awdsmama — Wed, 30 Jan 2013 06:03:03 GMT

@drewrico wrote:

Was asking if they could possibly get fined or anything else.

Honest question here; Would you be asking this question if they had approved you or would you have kept quiet, accepted your card and started spending?

Would you have cared about it then, or are you just wanting them to get a slap on the wrist because you didn't get your card?

Re: Question about applying by phone

Anonymous — Wed, 30 Jan 2013 05:59:17 GMT

@drewrico wrote:
@Anonymous wrote:
@drewrico wrote:
@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/Title_III

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.
Here's some sarcasm! Because banks don't go to jail for breaking the law!

The law was changed because too many young people got into credit trouble from aggressive marketing of CC.

Extremely unnecessary. I wasnt asking if they would go to *jail*. Was asking if they could possibly get fined or anything else.

They could get fined. Fines are often so low as to be a slap on the wrist.

Re: Question about applying by phone

CreditWorld2013 — Wed, 30 Jan 2013 06:01:50 GMT

@drewrico wrote:
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?

Honestly, don't stir the pot and create trouble. You never know how good their memory is and once you have established credit and you would like one of their products it may just come back to bite you. 1 inq doesn't matter so if you are trying to establish credit history simply move on and come back here for advice as to which cards you should apply for/qualify for

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 06:07:23 GMT

I was just trying to see if i could get the inq taken off because i didnt get approved. either way it goes, one less inq would be nice.

Re: Question about applying by phone

drewrico — Wed, 30 Jan 2013 06:13:18 GMT

Main reason im asking this is one of two reasons.

1. if i could possibly call them and say im 18 and instead of paying a fine, see if they would rather extend a credit line to me.

2. if no credit line, get the inq taken off credit reports via dispute.

Re: Question about applying by phone

awdsmama — Wed, 30 Jan 2013 06:26:06 GMT

@drewrico wrote:
I was just trying to see if i could get the inq taken off because i didnt get approved. either way it goes, one less inq would be nice.

At 18yrs old, how many inq's do you have right now? How did you apply for the other cards (if their are other inqs) was it online/in writing etc

Have you been added as AU on any of your parents cards?

Any open TLs on your report, student loans etc?

Have you looked into getting a secured card to start out with instead?