The new thing here is that CapitalOne seems to be implying that this is the way to start the kid's own credit report. And am I wrong in my belief that federal law prohibits credit agencies from keeping records of anyone under 18, since it's illegal for anyone under 18 to legally enter into any contract agreement whatsoever (as all cards are, at the base of it), and that they thus aren't liable for any charges they might ring up? (This rule got me and my parents out of more than one $1000+ Visa bill I ran up on CompuServe in the mid-'80s, heh heh.) Obviously this is why they're demanding a guarantor for these cards, so that the parents are totally responsible for seeing that everything charged gets paid up. But how would this give the rugrat any credit history, positive or otherwise?
I think the college student cards, like endquote's, are far more dangerous than these KiddieKards. The college cards are a way for a student with no credit history whatsoever to get into the credit report system from square one, and they themselves are fully responsible. That's the kind of card that leads to bankrupcy by graduation.posted by aaron at 2:51 PM on August 16, 2000
Well, two instances, a couple of years apart. :)posted by aaron at 10:29 PM on August 16, 2000
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