@smc733 wrote:
@Pushto700 wrote:Plus, the new CC laws require anyoneunder 21 to have a co-signer.
FALSE
The law requires 1 of the following.
1. A cosigner
-or-
2. A substantial income (usually $3k/yr + ) to prove ability to pay debts back.
I'm writing this as a 19 year old who got a prime/superprime card, fully unsecured, both after the CARD act passed.
1. BankAmericard Cash Rewards $1,500 limit
2. Citi Forward $1,200 limit
You are wrong...READ what you just typed...OR means one of the two....you are writing this as a 19 year old with 30 (Oh my, yes 30 inquiries on an EQ report) inquiries. Yes, your FIRST post put the point...OR simply means ONE or the OTHER....and you have been informed that Amazon is INQUIRY senisitive, but you KEEP applying...with the new laws ON the books, and ONE IN PARTICULAR related to age....do you NOT think that many card issuers are NOW looking at age in the fact that the CC revenue stream is not as good anymore? Most certainly, enjoy those annual fees...I am certain you have one with BOTH. Do a search on this board and many with much higher limits than your recent approvals have them as well.
So hence, you proved me RIGHT.
Starting Score: TU: ?-- EQ: ?--EX 560 (8-08)
Ummm, in fact, you only quoted part of the law when you said that those under 21 needed a co-signer. So in fact, it was correct to add the bit about "or enough of an income."
Everyone, please play nicely in our sandboxes. No need for all this ya-ya-ya, whether the bolded red all caps or the snide references to other people's credit profiles.
@smc733 wrote:
@Pushto700 wrote:Plus, the new CC laws require anyoneunder 21 to have a co-signer.
FALSE
The law requires 1 of the following.
1. A cosigner
-or-
2. A substantial income (usually $3k/yr + ) to prove ability to pay debts back.
I'm writing this as a 19 year old who got a prime/superprime card, fully unsecured, both after the CARD act passed.
1. BankAmericard Cash Rewards $1,500 limit
2. Citi Forward $1,200 limit
Plus, many of these issuers are so fee laden that when you apply...they are not looking for any "ability" to repay. They simply ask for your income, and where did you get 3K a year? Seriously? 3 THOUSAND dollars a year is "substantial"? Not unless one lives in a third world country, that amounts to 225 dollars a month. LOL, c'mon kid.
You cannot pay ANYTHING back on 3K a year.
And the credit card companies set what is their estimate as to "sufficient" income. You are foolish if you really believe that 3K is "sufficient". That is what CC companies want you and the general public to believe, and the fact that even if you default...they can still write the balance off and get kick backs from the IRS resulting. So all in all, that little amount is simply soas to up the revenue stream of the CC providers, which anyone with a right mind knows......3K is not sufficient income to "Live" on and use as earnings.
@haulingthescoreup wrote:Ummm, in fact, you only quoted part of the law when you said that those under 21 needed a co-signer. So in fact, it was correct to add the bit about "or enough of an income."
Everyone, please play nicely in our sandboxes. No need for all this ya-ya-ya, whether the bolded red all caps or the snide references to other people's credit profiles.
Ummm, the fact that he stated it was wrong...is in fact, wrong. The fact that "suffiecient" income is warranted here, and the CC companies decide this. 3K? Please tell me, that 3K a YEAR is enough "sufficient" income to warrant a CC? You cannot even LIVE on that in college, and the kid seems to believe it...well guess what, that is what the CC's determine, and it wil be as LOW a possible to still up the revenue stream. That is the issue, I quoted the fact that he has too many inquires (30 - which I am sure he did not like), the fact that this provider is inquiry sensitive (fact #2), and that his best recommendation is to search first instead of applying and wasting an inquiry when each provider differs & general frontline reps do not always know very much, & the fact that age takes precedent to go along with that heavy inquiry total.
So, ummm.....my recommendation? SLOW DOWN. Two years from now, some of those inquires will remain that may prevent him from attaining something that he would really warrant, but the inquiries at such a young age are killing him. Aged 19 with 30 inquiries and an inquiry sensitive provider? Simple math.
@smc733 wrote:
@Pushto700 wrote:You are wrong...READ what you just typed...OR means one of the two....you are writing this as a 19 year old with 30 (Oh my, yes 30 inquiries on an EQ report) inquiries. Yes, your FIRST post put the point...OR simply means ONE or the OTHER....and you have been informed that Amazon is INQUIRY senisitive, but you KEEP applying...with the new laws ON the books, and ONE IN PARTICULAR related to age....do you NOT think that many card issuers are NOW looking at age in the fact that the CC revenue stream is not as good anymore? Most certainly, enjoy those annual fees...I am certain you have one with BOTH. Do a search on this board and many with much higher limits than your recent approvals have them as well.
So hence, you proved me RIGHT.
Hey jerkoff,
I'm not the OP, so roll back what you said before you look like an idiot. My EQ has 5 inquiries on it. And OR does mean one of the two, I should know, I'm a software engineering major. So if OR means one of the two, a cosigner is not REQUIRED, if you have income. The law does not require you to have a cosigner in all circumstances, as your post said.
As for the rest of your arrogant jargon, Mr. Push to 700, I got both of these cards back in may, with only a student loan and a store card reporting, not bad at all for an AAoA that sits under 8 months and a student's income. Of course, if you actually had an idea of what you spoke about before you misquoted me as the wrong poster, you'd realize that neither the Forward card, nor the BankAmericard have annual fees.
Now, as my FICO scores begin to approach 700 with an AAoA under a year, do you want to roll back your overly-offensive post?
So hence, we proved that you're an **bleep** looking to explode on people for no reason, not bothering to look at their username.
You are still wrong, saying " Plus, the new CC laws require anyoneunder 21 to have a co-signer." Not anyone, only those WITHOUT INCOME.
Tool.
I think you should read some of these board rules before you continue. I have taken liberty and highlighted the violations of the board.....I doubt you are a software engineering student, with such brash language and a propensity to make yourself look bad with the language. I'm done kid....