topic Re: OMG! What I have done ... in General Credit Topics

OMG! What I have done ...

Anonymous — Thu, 09 Dec 2010 08:51:43 GMT

The following is the my post about AU and I believe this got to do something with it.

http://ficoforums.myfico.com/t5/Credit-Cards/Adding-the-minor-child-as-AU/td-p/741704

This is unbelievable. My 14 yrs old son received an offer from Allstate - Auto Insurance for California Driver - in the via mail. I called them, and their rep told me that my son is prospected customer, and that's why the mail has sent out.

On the back of the letter, there is ...

PRESCREEN & OPT-OUT NOTICE: This "prescreened" offer of insurance is based on information in your credit report indication that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria (including providing acceptable property collateral). If you do not want to receive prescreened offers of insurance from this and other companies, call the consumer reporting agencies toll-free at 1-888-5OPT-OUT (1-888-567-8688); or write: Equifax Options, P.O. Box 740123, Atlanta, GA 30374-0123 or TransUnion, Opt Out Request, P.O> Box 505, Woodlyn, PA 19094-0505.

I've just called and requested for Opt-Out my son's info. It was automated system and it said the Opt-Out request will last for 5 yrs. That's perfect! Until he reaches 19, he will not get any prescreened offer.

Re: OMG! What I have done ...

Anonymous — Thu, 09 Dec 2010 15:42:29 GMT

Do they offer a special rebate for underage drivers?

Re: OMG! What I have done ...

Anonymous — Thu, 09 Dec 2010 15:51:51 GMT

I like Allstate, they are by far the cheapest for me. At 19 (20 now) when I had a 93 Corvette, it was $56 a month for state minimum and $198 for full coverage and a $500 deductible. When I added two more cars, it only went up $60 a month. To me that's not bad at my age and dangler tax... Ever since I was 18 I would get prescreen offers from competitions and usually at twice the price... One day I should call them and tell them what I pay and see if they will beat it.

Re: OMG! What I have done ...

marty56 — Thu, 09 Dec 2010 17:56:26 GMT

Just to be on the safe side, I would get a copy of your son's credit report.

Re: OMG! What I have done ...

Lel — Thu, 09 Dec 2010 18:18:28 GMT

Hmmm.....my kids (currently 4 and 6) have been receiving credit card offers for the American Airlines AAdvantage credit card (Citi?) for the last couple years. I always assumed that it was because they have their own frequent flier numbers. I shred them without even looking at the fine print. They're not AUs on any credit cards for me. I should check for similar language the next time they receive one. It's possible that his name came up on Allstate's radar because of the AU thing, but I don't think it's necessarily because they actually ran his credit and found him to be a good candidate. I suspect that the verbiage on the back is just standard boilerplate that appears on everything. But this is just conjecture on my part.

Interestingly, my kids always get better offers than me. Their envelopes tell them that they can earn 50,000 bonus miles, whereas I only ever get offered 30,000. And my pre-approved APR is higher than theirs.

Re: OMG! What I have done ...

MarineVietVet — Thu, 09 Dec 2010 18:28:10 GMT

@Lel wrote:
Hmmm.....my kids (currently 4 and 6) have been receiving credit card offers for the American Airlines AAdvantage credit card (Citi?) for the last couple years. I always assumed that it was because they have their own frequent flier numbers. I shred them without even looking at the fine print. They're not AUs on any credit cards for me. I should check for similar language the next time they receive one. It's possible that his name came up on Allstate's radar because of the AU thing, but I don't think it's necessarily because they actually ran his credit and found him to be a good candidate. I suspect that the verbiage on the back is just standard boilerplate that appears on everything. But this is just conjecture on my part.

Interestingly, my kids always get better offers than me. Their envelopes tell them that they can earn 50,000 bonus miles, whereas I only ever get offered 30,000. And my pre-approved APR is higher than theirs.

Their credit profile must be better?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: OMG! What I have done ...

Anonymous — Fri, 10 Dec 2010 01:16:19 GMT

@Lel wrote:
Hmmm.....my kids (currently 4 and 6) have been receiving credit card offers for the American Airlines AAdvantage credit card (Citi?) for the last couple years. I always assumed that it was because they have their own frequent flier numbers. I shred them without even looking at the fine print. They're not AUs on any credit cards for me. I should check for similar language the next time they receive one. It's possible that his name came up on Allstate's radar because of the AU thing, but I don't think it's necessarily because they actually ran his credit and found him to be a good candidate. I suspect that the verbiage on the back is just standard boilerplate that appears on everything. But this is just conjecture on my part.

Interestingly, my kids always get better offers than me. Their envelopes tell them that they can earn 50,000 bonus miles, whereas I only ever get offered 30,000. And my pre-approved APR is higher than theirs.

Wow! How nice!!

It might be ...

That's good idea, and if there is any choice ... Opt-Out them to not keep receiving the offers.

Re: OMG! What I have done ...

Anonymous — Fri, 10 Dec 2010 01:18:50 GMT

@marty56 wrote:
Just to be on the safe side, I would get a copy of your son's credit report.

That's good idea marty. I will do that ... Thanks!

Re: OMG! What I have done ...

AndySoCal — Fri, 10 Dec 2010 23:15:17 GMT

Looks like the credit card companies have reported your son as an authored user. to the bureaus. I would remove him as an authorized user from any account(s). The opt out will stop the pre screened offers but does nothing to stop potential identity theft.

Re: OMG! What I have done ...

Anonymous — Sun, 19 Dec 2010 22:01:59 GMT

@marty56 wrote:
Just to be on the safe side, I would get a copy of your son's credit report.

marty, I just tried to get one from Credit Karma but I could not get it for my son. It said must be at least 18 yrs and 1 mo old to obtain the CR. I assume AnnualCreditReport site will be the same.

Re: OMG! What I have done ...

marty56 — Sun, 19 Dec 2010 22:17:01 GMT

@Anonymous wrote:
@marty56 wrote:
Just to be on the safe side, I would get a copy of your son's credit report.
marty, I just tried to get one from Credit Karma but I could not get it for my son. It said must be at least 18 yrs and 1 mo old to obtain the CR. I assume AnnualCreditReport site will be the same.

I would contact the 3 CRA's by phone and ask them to help. Check this article out:

http://www.ehow.com/how_5704122_credit-report-minor-child.html

Re: OMG! What I have done ...

Anonymous — Sun, 19 Dec 2010 22:49:45 GMT

Thanks marty. I will do that.

Re: OMG! What I have done ...

danisgods — Wed, 22 Dec 2010 06:55:34 GMT

so?....

Re: OMG! What I have done ...

Anonymous — Thu, 30 Dec 2010 04:56:12 GMT

Is it just me or does anyone else see a problem with a parent taking actions and making financial decisions that impact on a child's credit report (presumably without the child's knowledge?) I suppose some parents think it is their right to do this whether the child approves or not while others may believe they ae giving their child an advantage by providing a strong credit report when the child turns 18 (AAoA and all that), but other parents take out and use credit under their minor child's name, ruining that name in the process and even in the best of circumstances this could be considered to be fraud.