17-year-old son gets credit card offer. Should I be concerned?

[Baron_Greenback]

@Fear_Itself

Can a 17-yer-old enter into a legal contract? Seems to me he could max out the card and walk away from it with no legal consequences. Screw the banks.

I wonder about this. I started uni when I was 17, and was given credit, and access to an overdraft. I don’t remember needing any kind of guarantor for any of that. Mind you this was in the UK in the mid 1980s, but could I just have maxed everything out and walked away with no consequences in the few short months before I turned 18?

[Der_Trihs]

@Carol_the_Impaler

I used to work for a bank that issued credit cards. One day, a call came in from a good ole boy about an offer we’d sent to “Chester”. He was pretty bemused that we would pre-approve Chester because Chester was his horse.

They knew Chester could be trusted; he had plenty of good old-fashioned horse sense.

[Mean_Mr.Mustard]

@Carol_the_Impaler

I used to work for a bank that issued credit cards. One day, a call came in from a good ole boy about an offer we’d sent to “Chester”. He was pretty bemused that we would pre-approve Chester because Chester was his horse.

I hope he said “neigh”.
mmm

[Der_Trihs]

You may have trotted out your own horse joke, but I beat you by a nose!

[Ruby]

I believe that as the economy downturns, the more restrictive credit card companies get. Your offer in the spend-more-than-you-make '80’s would not be comparable today.

[Chronos]

When I was an undergrad, credit card companies considered college students to be the perfect demographic: They spend a lot of money, and they’re irresponsible enough to get in trouble and rack up interest, late fees, etc., but at the same time if they get into too much trouble, their parents will bail them out, so the bank won’t be left holding the bag.

The CARD act mentioned by alphaboi867 may have changed that, though.

[tapu]

Only if he throws the offer in the trash and says in disgust, 50k?? Oh, don’t insult me.

[Seanette]

@alphaboi867

The CARD Act changed alot of things. 18-20 yr olds cannot get credit cards anymore without without either having a cosigner or written proof of idenpendent ability to pay. Under 18s would definalty require a cosigner.

I wouldn’t think an issuer would be willing to do business with someone who cannot legally make a binding contract (such as being a minor).

[chizzuk]

@Baron_Greenback

I wonder about this. I started uni when I was 17, and was given credit, and access to an overdraft. I don’t remember needing any kind of guarantor for any of that. Mind you this was in the UK in the mid 1980s, but could I just have maxed everything out and walked away with no consequences in the few short months before I turned 18?

I got a student checking account and credit card from Wells Fargo when I started college in 2005 and I’m pretty sure my parents didn’t have to do anything. I was 17 years, 11 months at the time. My dad went with me to the bank just in case, but they never involved him that I recall.