This situation presents complicated legal problems. First of all a minor cannot legally enter into any type of financial transaction. This means that the minor's parent has committed an act of criminal fraud and can be subject to prosecution. The minor may or may not be responsible for a the debt or a portion thereof depending on the present circumstances. For example, if the minor used the account with the knowledge that a crime was being committed, or if the minor use the account once they became(become) of legal age. It is unlikely, given the circumstances cited, that the minor can be held legally responsible for the debt. It is very likely the mother will find herself to be in very serious legal difficulty.
No. Credit card companies will not give to people who have no income.
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.
There are many types of credit cards as per your requirements.
Yes I believe you can report credit card fraud if you know someone who has someone elses credit card, if let's say one of your friends or family member got there credit card stolen and you also know the person who stole the credit card you can report a credit card fraud or you can just let your friend or family member report fraud on there credit card, I hope this helps :).
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
No, only the owner and authorized users of the credit card will be reported on the credit card company to the credit agencies. If your husband is an authorized user on the credit card then it will show up on his credit report.
if you are an authorized user on the card then you are responsible for the card too. so yes they can
lost my tjx credit card
You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.
A good credit report means that one who applies for a Capital One credit card can get a better deal. First, with a good credit report one can get an unsecured card instead of a secured card. Depending on how good one's credit report is one can get better features, lower interest, and maybe even a platinum card.
One can get a free credit card report by going to your local bank and requesting one. A dedicated agent will help you prepare your finances for the credit report.
If it isn't on your credit report, the credit card company still has hopes of you paying it off. When they see that isn't going to happen, you can bet your butt that it WILL be on your credit report.
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
yes and so will $400 as 'security" deposit.
In a word, yes.
When you apply for a credit card a credit report will be ran and those credit cards you haven't been paying will be on that report. So I say no.
Credit reports determine your credit score based on your credit card usage. Without a credit card, you'll be unable to obtain a credit report. If you are of age, it is best to obtain a credit card and use it responsibly in order to build good credit. Good luck!
You should call the credit card company.
To determine if that person should be given a loan or credit card
Call the credit card company
To do that you have use whiteout
Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.