minor applied for credit cards and got them.. now what?

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

katiebelle1969

Joined: 17 Apr 2009
katiebelle1969's page
Posts: 1

30 Magic Points

Subject: minor applied for credit cards and got them.. now what?

Fri Apr 17, 2009 3:13 am

my daughter apparently applied for a credit card back when she was 17 at the advice of a friend and was making payments then stopped. I hadn't had the credit talk with her at that time since she was not 18, but she didn't realize you had to be 18.. needless to say the account was closed collections shortly thereafter... is there anything we can do?

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Fri Apr 17, 2009 5:05 am

Since the account has already been sent to collections, I would suggest that you pull out her credit report first and check the name of the collection agency who now owns her debt. Send them debt validation letters and if you can get the debt validated, come to a pay for deletion agreement and pay off the debt through a repayment plan. If they agree to pay for deletion agreement, get the agreement in writing. You can get sample debt validation letters if you visit the link letters of credit.
_________________
Keep in touch
Carol

GarySnober

Joined: 08 Apr 2009
GarySnober's page
Posts: 67

6 Magic Points

Fri Apr 17, 2009 6:08 am

Yes that is rite you will still have to pay of the debt. And it can be marked as payed and deleted. Well put Carol hope this helps

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Fri Apr 17, 2009 6:27 am

First pull out your report and check your score. Now, since it is the best time to build up a good credit profile for future, I think that you should pay off the debt and start concentrating on building up a good credit history in order to improve her score. If her score is low, then she can go for a secured credit card and build up a good score.
_________________
All the Best Smile

Justin

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.