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Capital One gave credit card at 16 now in debt


paulamaria
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Hi! I am not sure if I am posting this in the correct place or not. I am new to this site and hope someone can give me a little guidance. When I was in high school my step sister who was 17 at the time was approved for a credit card through Capital One. I thought wow, if they gave her one maybe they will give me one! Dumb...very dumb I know but at the time I was 16 and was not thinking towards the future. Sure enough I filled out the application online and even filled it in correctly with my real SS# and everything, the only thing I did was change the year of my birth so at the time it would've made me 18. About two weeks later I received my credit card in the mail, with a $550 limit...it took me about two weeks and I maxed it out and never thought twice about it. Now that I am older I realize how much my credit is actually needed. Aside from school loans Capital One is the major thing on my credit report, with a nice total around $2,500 now I'm assuming because of interest fees and such. My fiance and I recently just purchased our first home and I am in the market to be buying a new car. Everywhere I go denies me because of my credit. I have fixed everything with my school loans and have worked a deal out with the Department of Education now it's just trying to clean up the rest. Basically what I am asking is, can I be held accountable for the debt, being that I was a minor and only 16 at the time when they approved me for the card. I do know that it was my own fault for applying and receiving but, shouldn't they have done some more research on me before they approved me? I mean they did have my social so they could have checked my age and everything. Any help would be appreciated and thanks for your time in advance!

 

-Paula

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A minor cannot enter into any contractual agreements.

Write the credit reporting agencies and dispute the account stating you were a minor at the time of getting the credit card.

 

That's called fraud (lying about age) but you were a minor at the time.

 At the same time you would not have capacity to contract.

 

 

Equifax, P.O. Box 740241, Atlanta, Georgia 30374-0241.

Experian, P.O. Box 2104, Allen, Texas 75013.

Trans Union, P.O. Box 6790, Fullerton, California 92634.

 

I would say its settlement time with Capital One

1680 Capital One Dr
McLean, VA
(703) 720-2500

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I would call Capital One and don't admit to any wrong doing(age issue) and see what you could settle the debt for.

Tell them you owe for a credit card debt and you would like to pay it off and who would you talk to.

Capital One

1680 Capital One Dr
McLean, VA
(703) 720-2500

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True. But wouldn't it also be fraud that she lied about her age?

She wasn't an adult, however they could make the parents responsible for the debt. I know this is not what anybody wants to hear and it leaves a bitter taste in my mouth to say, but moving to settle will be the best option. Perhaps they cannot authenticate and they did not do due diligence but they could claim fraud, and it would possibly impact the OP because they literally just discovered it the SOL for credit card fraud would start from that point.

 

I would use the fact that they gave credit card to a minor as a leverage point in the negotiations. Since a minor cannot contract for interest maybe just offer the 550.00 and then maybe a non disclosure agreement. If they don't agree see them in court.

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I think I would just fight it, and not even mention the age issue. If things get too hectic; then you can try to settle. It's for such a low amount; if you force them to work on it, they would make better money by dismissing it and moving on to someone that won't fight back.

So the standard make them prove their case with Electronically Stored Information and all it's hurdles? Nice! I stand ready to help. So the attitude should be what the H are you guys at the bank talking about. then later at trial if they back you into a corner then saying "Your honor I wasn't even an adult at the time they allege" and maybe you want to make sure you change your handwriting, maybe also "replacement drivers license with new signature"

 

Just sayin. They will let this go to SoL and continue to ding your credit report because they did this solely so you would default and then every other credit place can charge you more for credit.

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Thank you all for your advice! @bingo this was back in 2006 I was always under the impression that this kind of stuff stays on forever. I have received many settlement attempts from I'm assuming a third party collection agency, I usually just toss them to the side..it seems the longer I wait the lower the settlement amount is on the next letter. I do not know what a DTI ratio is? Is there any way I can check my own credit report just to see what is on it? The only reason I know that Capital One is showing is because at one car lot they ran my credit report and then told me that it was on there.

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@Seadragon Ironically about a year after I received the card my wallet was stolen from my purse at a party. I had about $3 in it and I didn't care too much about that but, I did care because my social security card was in it (despite my Mother telling me to never carry it with me) and also the capital one card..which was already maxed out. Right there someone would have enough information on me to apply for something in my name? Maybe I could use that angle??

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Thank you all for your advice! @bingo this was back in 2006 I was always under the impression that this kind of stuff stays on forever. I have received many settlement attempts from I'm assuming a third party collection agency, I usually just toss them to the side..it seems the longer I wait the lower the settlement amount is on the next letter. I do not know what a DTI ratio is? Is there any way I can check my own credit report just to see what is on it? The only reason I know that Capital One is showing is because at one car lot they ran my credit report and then told me that it was on there.

@paulamaria - If the debt was in 2006, you're past the statute of limitations and also the account will fall off your credit report soon.  I think you are in the clear.  

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@Seadragon Ironically about a year after I received the card my wallet was stolen from my purse at a party. I had about $3 in it and I didn't care too much about that but, I did care because my social security card was in it (despite my Mother telling me to never carry it with me) and also the capital one card..which was already maxed out. Right there someone would have enough information on me to apply for something in my name? Maybe I could use that angle??

I would use the SOL, don't admit to anything, and force them to prove their allegations, rather than coming up with some type of angle. Any type of "explanation" you offer, you will have to prove.

And DO NOT talk to any debt collectors over the phone.

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Yeah, just do nothing .This should fall off by the end of the year.

DTI stands for debt to income ratio. If you're responsible for a mortgage and student loans your auto lender may decide you have too much debt relative to your income to meet their lending criteria.

You can get a free credit report annually. Request them from each CRA and see what's reporting.

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