Can you have credit when you are under 18?

Question

I am 17 and I overdrew my account. The account is mine with my mom on it. Will it show up on my credit or my moms?

Answer 1

If it's a checking account with a bank, they usually have some sort of overdraft protection that will protect both of you from any bad credit. You'll probably be charged a fee from the bank, but they save your credit. I would ask the bank.

Answer 2

IF the bank reports the overdraft to the credit bureaus, it will go on the reports of EVERYONE on the account. As long as the account is 'made good' in a reasonable amount of time, and there are not multiple overdrafts, the bank is not likely to report the account at all.

Someone said it is illegal to enter a contract with a minor. This is a MYTH. The reason most people avoid such contracts is the minor has the right to rescind the contract. In other words, when I minor enters a contract, everyone EXCEPT the minor is bound by the contract.

Answer 3

This will probably not effect your credit score if you only overdrew your account. If you did something that hurts your account it will show up on both of your credit scores.

Answer 4

since it is illegal to make a contract with a minor, the account is in your mom's name, with you as being on the account. It will affect your mom's credit, but it is possible that it can be shown on yours as well.

Answer 5

It will appear on credit reports of both if reported by bank.

Answer 6

Nope you do not have credit when you are under 18

Answer 7

Don't overdraw