Hi I've asked about this topic before. I would like to know if being $400 in debt is alot. I've had this debt for a couple of years. Long story :) How severly will this affect my credit score. Some advice? Also I would like to know if a minor is responsible for his/her own debt. Will it affect their credit score as an adult.? Thanks alot :)
2006-09-09 06:34:31 · 7 answers · asked by junkmaila398 1 in Business & Finance ➔ Credit
If you were under 18 when you got the card and spent the money, no you are not legally responsible. You just need to tell the credit card companies that you were a minor when they sent you the card.
However if your parents gave you their card and you blew the cash, it is their problem legally and yours morally.
About the $400... have you made any payments? No, 400 isn't a lot, but if the company writes off the debt, it will be a huge black mark on your report for 7 years from the date they write it off.
But again, if you aren't 18 yet... call the credit card company and tell them so. They will try to get your parents to pay, but legally they can't. It is considered a gift. Thanks!
2006-09-09 06:45:24 · answer #1 · answered by Katie N 4 · 1⤊ 0⤋
Well the minor is actually considered a authorized user if this is credit card debt. So his debt shouldn't affect his score too greatly but you being the major on the account will severely affect your credit. The 400 dollar debt you have has already hurt your score right in the few months you had it. So now it won't hurt your score as much because the damage is already done. If your credit score was good and you had a late payment or no payment on your debt then it will hurt you much worse than if your credit was already bad in the first place. So it really boils down to what type of debt it was and the amount.
2006-09-09 13:43:42 · answer #2 · answered by Jainboy00703 2 · 0⤊ 0⤋
It shouldn't hurt your score if you are paying on it regularly without any missed or late payments. In fact, if you pay it off it will make your credit score that much better. As far as I know a minor is responsible for their own debt. I have never heard different. Although I would imagine that a business would go after the parents if the kid wasn't paying. As far as affecting your credit score as an adult, I think it would.
2006-09-09 13:44:19 · answer #3 · answered by URwhatUread 2 · 0⤊ 0⤋
No, minors have no credit scores, however they will be offered plenty of "opportunities" to build credit when they hit 18. $400 is not much as far as being in debt, unless you are making no effort to discharge it. Then it will affect you score negatively indeed!
2006-09-09 13:42:09 · answer #4 · answered by songbird092962 5 · 0⤊ 0⤋
$400 debt is not alot however is it past due. You can't legally enter into a contract as a minor so unless an adult assumed responsibility for this debt then it will not come up on your report and if it does you can dispute it. To learn about credit, visit http://finance-girl.blogspot.com
2006-09-09 15:30:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I'm sorry, but I have to laugh. My UTILITY BILL is over $400 so I don't think that's a lot of debt.
You aren't liable for your contracts until you turn 18 so your credit score doesn't mean anything until then.
2006-09-09 13:39:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
read tips on credit scores and debts on this site
2006-09-09 14:27:31 · answer #7 · answered by Anonymous · 0⤊ 1⤋