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Under 21 no credit card for you

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Not one single day late starting at 18 years old (gas and store cards)

 

My opinion--->STUPIDITY

 

But then again I am an salamander

 

FYI~This was posted a week or two ago and got a little heated

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In JANUARY 2010 there are going to be 100's OF CRASHED CREDIT CARD APPLICATION COMPUTERS ALL OVER THE COUNTRY

 

The expected wait time for your credit card to come in the mail is MARCH 2010

 

THE EXPECTED WAIT TIME ON THE 800 LINE IS 1 HOUR 37 MINUTES

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IMO, if you are old enough to lay your life down for your country, you are old enough to get a credit card.

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Questionable at best. I personally thought that student loans should've received more consideration than credit cards.

 

The way I see it, informed and responsible college students can responsibly use and maintain their credit cards, even if they're somewhat cash strapped. I generally am skeptical of most industries, but I thought that the credit card industry could effectively limit the aggregate amount of credit extended to college students except in extreme cases.

 

I personally strive to be an epitome of a responsible, under 21 credit card user with a very limited income. The vast majority of my friends are doing well in this department too (despite having more debt overall than I do).

 

On the other hand, student loans are much more difficult to handle. Often, the balances are larger (in some situations, it's inevitable. I personally lucked out here) and creditors are often uncooperative when a student falls behind because of the way student loans are structured. In my opinion, nobody under 21 should ever have to take on so much debt before the real adult life "officially starts." Credit card debt is miniscule in comparison. But there's a bit of double standard that's part of the accepted status quo.

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Questionable at best. I personally thought that student loans should've received more consideration than credit cards.

 

The way I see it, informed and responsible college students can responsibly use and maintain their credit cards, even if they're somewhat cash strapped. I generally am skeptical of most industries, but I thought that the credit card industry could effectively limit the aggregate amount of credit extended to college students except in extreme cases.

 

I personally strive to be an epitome of a responsible, under 21 credit card user with a very limited income. The vast majority of my friends are doing well in this department too (despite having more debt overall than I do).

 

On the other hand, student loans are much more difficult to handle. Often, the balances are larger (in some situations, it's inevitable. I personally lucked out here) and creditors are often uncooperative when a student falls behind because of the way student loans are structured. In my opinion, nobody under 21 should ever have to take on so much debt before the real adult life "officially starts." Credit card debt is miniscule in comparison. But there's a bit of double standard that's part of the accepted status quo.

I paid as I went to college

 

LOAN FREE (but I did not got to YALE or HARVARD)

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Not one single day late starting at 18 years old (gas and store cards)

 

My opinion--->STUPIDITY

 

But then again I am an salamander

 

FYI~This was posted a week or two ago and got a little heated

 

 

Sorry didn't know it was already discussed:(

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Questionable at best. I personally thought that student loans should've received more consideration than credit cards.

 

The way I see it, informed and responsible college students can responsibly use and maintain their credit cards, even if they're somewhat cash strapped. I generally am skeptical of most industries, but I thought that the credit card industry could effectively limit the aggregate amount of credit extended to college students except in extreme cases.

 

I personally strive to be an epitome of a responsible, under 21 credit card user with a very limited income. The vast majority of my friends are doing well in this department too (despite having more debt overall than I do).

 

On the other hand, student loans are much more difficult to handle. Often, the balances are larger (in some situations, it's inevitable. I personally lucked out here) and creditors are often uncooperative when a student falls behind because of the way student loans are structured. In my opinion, nobody under 21 should ever have to take on so much debt before the real adult life "officially starts." Credit card debt is miniscule in comparison. But there's a bit of double standard that's part of the accepted status quo.

 

You are completely correct. A student loan should be given much more consideration that a credit card. I think the majority of student debt problems are caused by student loans as opposed to credit cards/wasting money.

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Questionable at best. I personally thought that student loans should've received more consideration than credit cards.

 

The way I see it, informed and responsible college students can responsibly use and maintain their credit cards, even if they're somewhat cash strapped. I generally am skeptical of most industries, but I thought that the credit card industry could effectively limit the aggregate amount of credit extended to college students except in extreme cases.

 

I personally strive to be an epitome of a responsible, under 21 credit card user with a very limited income. The vast majority of my friends are doing well in this department too (despite having more debt overall than I do).

 

On the other hand, student loans are much more difficult to handle. Often, the balances are larger (in some situations, it's inevitable. I personally lucked out here) and creditors are often uncooperative when a student falls behind because of the way student loans are structured. In my opinion, nobody under 21 should ever have to take on so much debt before the real adult life "officially starts." Credit card debt is miniscule in comparison. But there's a bit of double standard that's part of the accepted status quo.

 

You are completely correct. A student loan should be given much more consideration that a credit card. I think the majority of student debt problems are caused by student loans as opposed to credit cards/wasting money.

"IF" one PIF how can it be wasting money???

 

(assuming they are using it for what they other-wise would have spent cash on...and not over-spent)

Edited by GEORGE

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Not one single day late starting at 18 years old (gas and store cards)

 

My opinion--->STUPIDITY

 

But then again I am an salamander

 

FYI~This was posted a week or two ago and got a little heated

 

 

Sorry didn't know it was already discussed:(

That is no big deal...

 

There are 1,000's of things that have been repeated here

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Most people presume that college students are off buying big screen TVs or other 'wasteful' items with credit cards. That fact of the matter is, they are using the credit to pay for college tuition or books/fees.

 

Why should we limit the source of funding, why not educate children when they are in Primary/high school about credit cards and money management. Make it a mandatory class, and teach the kids about credit cards, loans, insurance and all the other 'good' stuff.

 

What difference does it make if a person screws up their credit/finances when they are 18 or 21?

Edited by greywolf

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Most people presume that college students are off buying big screen TVs or other 'wasteful' items with credit cards. That fact of the matter is, they are using the credit to pay for college tuition or books/fees.

 

Why should we limit the source of funding, why not educate children when they are in Primary/high school about credit cards and money management. Make it a mandatory class, and teach the kids about credit cards, loans, insurance and all the other 'good' stuff.

 

What difference does it make if a person screws up their credit/finances when they are 18 or 21?

They would have to be TRAINED in the right way to teach the class

 

I could just see some PRO CID FOOL teaching about credit card signatures (my name is CID)

 

And some insurance guy giving the class the corporate line about how poor credit "CAUSES" ACCIDENT and CLAIMS

 

(even when the poor guy has never had any accidents or claims in 30 or 40 years)

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"IF" they just went over the basics of a checking account and savings accounts and how to write checks...and all facts about credit cards and debit cards and loans (good and bad)...

 

What happens when you don't pay

 

Have some real credit reports there (GOOD and BAD)...names removed (naturally)

 

How your paycheck effects what you spend

 

What happens when you can't pay all the bills with what you make in a month

Edited by GEORGE

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LOL.

 

They require kids to take classes to get a driver's license in most states, so it wouldn't be that far off to take a class for finance management.

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"IF" they just went over the basics of a checking account and savings accounts and how to write checks...and all facts about credit cards and debit cards and loans (good and bad)...

 

What happens when you don't pay

 

Have some real credit reports there (GOOD and BAD)...names removed (naturally)

 

How your paycheck effects what you spend

 

What happens when you can't pay all the bills with what you make in a month

 

That class plan works for me. Maybe even make them read this forum to see what happens when credit goes bad.

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Maybe even make them read this forum to see what happens when credit goes bad.
What is it about Fridays around here?

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What about those 21 year olds that are out on their own, not going to college and not dependent on mommy & daddy?

 

I didn't go to college until I was in my mid 20's because frankly I couldn't afford it myself, and I was still considered under my parents income and would never be approved for student loans.

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"IF" they just went over the basics of a checking account and savings accounts and how to write checks...and all facts about credit cards and debit cards and loans (good and bad)...

 

What happens when you don't pay

 

Have some real credit reports there (GOOD and BAD)...names removed (naturally)

 

How your paycheck effects what you spend

 

What happens when you can't pay all the bills with what you make in a month

We had the "check writing basics/balancing check book " I think in 8th grade math *but this was back in the early 80's* as far as credit cards, the text books also had how to calculate how much your REALLY spending on that car,credit card purchase, home loans etc, in 7th or 8th grade.. can't remember which.

 

Again this was all in the early 80's tho.

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Will NoBama be giving our under 21 troops a pay increase so they can qualify for credit cards ?

Also how about adding a clause to allow them to drink under 21 if in the service .

If You can die for Your Country , You should be able to have a drink before you Go.

Bob

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What about those 21 year olds that are out on their own, not going to college and not dependent on mommy & daddy?

 

I didn't go to college until I was in my mid 20's because frankly I couldn't afford it myself, and I was still considered under my parents income and would never be approved for student loans.

 

If they can prove income they can still get a card.

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If they can prove income they can still get a card.

 

That's what I heard. All they need to do is prove income. I see no problem with that :lol:

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If they can prove income they can still get a card.

 

That's what I heard. All they need to do is prove income. I see no problem with that :lol:

+1

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Sorry if this has already been asked, but what about the kids that already have cards? My son is 18 and starting college this fall.

He has a student card from USBank and he just got approved for Citi Forward. I didn't co-sign for either of them. He is starting a job next week, but won't be able to work more than part-time during the school year. Will they close his cards?

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Sorry if this has already been asked, but what about the kids that already have cards? My son is 18 and starting college this fall.

He has a student card from USBank and he just got approved for Citi Forward. I didn't co-sign for either of them. He is starting a job next week, but won't be able to work more than part-time during the school year. Will they close his cards?

 

They won't close his cards because of the new rule. It supposedly won't go into effect until 2010. Even then, new applicants will be asked to show proof of income. That is all...

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I have to bite my tongue...so I will simply re-urge my prior comments that nanny-state legislation is rarely a good thing for the consumer. This is another example...

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