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It depends... no bank will knowingly extend a minor credit (with the possible exception of paying a small bad check), but if for some reason they did and the minor kept their head down and paid his/her bills on time, very little would happen. If the minor chooses to disaffirm (make void) the contract obligating him/her to repay the debt (and the bank had information that the minor wasn't of age- knowingly or not) the bank would be at a loss. But if the minor used false or misleading documents/information then (in most states) the minor would be bound by the contract (forced to repay the loan like the rest of us) and/or be guilty of fraud. If that minor is able to weasel out of repaying the loan, then the bank has the threat of conviction to... convince the minor to repay the loan.
What else can I help you with?
What do you do if you are falsely accused of a crime with a minor?
If you are falsely accused of a crime with a minor you need to seek out the expertise of a lawyer. They will be able to assess the evidence and develop a plan to ensure your freedom.
Has anyone been falsely accused of touching a minor?
Yes, it is very common
Is it illegal to use a minor child's credit?
A minor can't develop credit, so no.
How can a minor check their credit score?
A minor can check their credit score by requesting a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. They can do this by visiting AnnualCreditReport.com or by contacting the credit bureaus directly. However, minors may not have an established credit history, so their credit report may be limited or nonexistent.
Can an unpaid medical bill from 2004 be entered on the credit report of a minor?
If the bill belongs to a minor, it will most likely be put on the credit report of the responsible party, which would be one of the parents, or the legal guardian of the minor at the time the debt was accrued.
Can you get a credit card at age 13?
No, they can't accept that their parents or one of them authorize that they can, and if they do they need to really check that their son or daughter is responsible enough for a credit card. A minor may be able to use an adult's credit card if the credit card owner has officially authorized the minor to use it.
How can I freeze my minor child's credit to protect them from identity theft?
To freeze your minor child's credit and protect them from identity theft, you can contact the three major credit bureaus - Equifax, Experian, and TransUnion - and request a credit freeze for your child. This will prevent anyone from opening new accounts or accessing their credit report without your permission.
Can a voluntary repo on a minor be reported on his credit report?
This is a somewhat confusing question. A minor, someone under 18, (in some cases 21) cannot legally enter into a contract. Likewise a minor would not have a credit report/history. The person who purchased the vehicle is the responsible party and the one whose credit would be jeopardized.
How can you get a credit card if you're under 18 and don't have credit?
You can't. The age of "legal" majority is eighteen. There are no CCC's that will enter into a contract with a minor. This is not true. I've had two credit cards since the age of 16. Capitalone and American Express approved me, you just have to lie about your age (Internet app.) Well actually you can get a credit card at age 16. It's called the Elan Young Adult card. Yes it's a real credit card. You get lots of discounts on things. But you must get a co-signer in other words your parents must sign the contract also. If you dont pay then they have to. If any person, including a minor falsifies an application whether online or otherwise to obtain credit they have committed a criminal offense. A minor who obtains any type of credit under false pretenses will be held liable for the entire amount of the debt and can be charged under the juvenile codes of the state of residency for "theft by deceit." In some cases where the amount of debt is large, a judge can waive the age restriction and allow the minor to be prosesecuted as an adult.
Can a minor hurt their credit score with an overdue library fee?
No. A library fine is not reported to credit agencies. Late payments on a credit card or mortgage are reported to credit agencies.
How can you put your child on your mortgage?
You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.
How do you get a credit card if you are under 18 and do not have credit?
You can't. The age of "legal" majority is eighteen. There are no CCC's that will enter into a contract with a minor. This is not true. I've had two credit cards since the age of 16. Capital One and American Express approved me; you just have to lie about your age (Internet app.) Well, actually, you can get a credit card at age 16. It's called the Elan Young Adult card. Yes, it is a real credit card. You get many discounts on things. However, you must get a co-signer in other words your parents must sign the contract also. If you don't pay then they have to. If any person, including a minor falsifies an application whether online or otherwise to obtain credit they have committed a criminal offense. A minor who obtains any type of credit under false pretenses will be held liable for the entire amount of the debt and can be charged under the juvenile codes of the state of residency for "theft by deceit." In some cases where the amount of debt is large, a judge can waive the age restriction and allow the minor to be prosecuted as an adult.
