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re: Son got denied for a credit card
Posted on 9/5/14 at 12:51 pm to LSUFanHouston
Posted on 9/5/14 at 12:51 pm to LSUFanHouston
quote:i think this is currently the underlying issue. If the child is an authorized user on parents account, that debt counts against the son.
At that point the only issue would be debt to income
So if the parents have $5k balance on the credit card, yet the child is only making minimal income, the credit card company will think he cannot cover his existing debt, and will therefore not open him a new line of credit.
3
Posted on 9/6/14 at 5:08 pm to GoHoGsGo06
Two easy things for him to do:
1) Call the reconsideration line for the credit card company that denied his application. Often a simple phone call is all it takes to reverse their decision.
2) Get a secured credit card, upgrade to a better card in about a year. He would undoubtedly be approved for a secured card as the bank carries hardly any risk for those.
1) Call the reconsideration line for the credit card company that denied his application. Often a simple phone call is all it takes to reverse their decision.
2) Get a secured credit card, upgrade to a better card in about a year. He would undoubtedly be approved for a secured card as the bank carries hardly any risk for those.
Posted on 9/6/14 at 5:20 pm to GoHoGsGo06
An authorized user is not legally responsible for the debt. If a credit card company is making this mistake(implicitly and rather shockingly), he should rectify that issue so they know he is not the holder of that debt.
This post was edited on 9/6/14 at 5:22 pm
Posted on 9/7/14 at 12:32 am to GoHoGsGo06
quote:
i think this is currently the underlying issue. If the child is an authorized user on parents account, that debt counts against the son.
I don't think so, authorized user is not responsible for the debt. 'Piggybacking' on parents credit. May ask your son to remove himself as authorized user on credit cards and re-score him
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