social security under age..!?

Question

what if your under age and use your social security number to sign up for prepaid credit cards and own a store money on it...
since your under age they can put it under your credit report...
and one thing and lie about ur age on the account....!

Answer 1

Yea... I didn't really get that either

Answer 2

Your question isn't entirely clear. From what I gather, you raise several issues. I'll address them in the order raised: A "pre-paid credit card", it's not a credit card by definition. There are basically three kinds of "pre-paid" Visa or MasterCard’s. A SECURED CREDIT CARD is issued by a bank if you open a savings account with the bank. They issue you a true "credit" card if you promise to let them take your savings account if you default. This card relies on your credit report to issue and also builds your credit report if you pay on time. It has very high fees associated with it and your credit limit is related to the amount in your savings account. A Visa or Master Card DEBIT CARD does not usually rely on your credit report and does not effect your credit report. Obopay and Paypal issue DEBIT CARDS. You can only spend what you have on account with them and is re-loadable just by making a deposit to your account. A STORED VALUE CARD or GIFT CARD is a Visa or MasterCard that you buy at Wal-Mart or Walgreen’s etc. and is issued for the amount you pay for it. These also do not involve credit reports. A STORED VALUE CARD usually does not require a social security number and you pay a fee upfront for it when you buy it. You sometimes pay a per transaction fee too. WARNING: If you obtain credit under false pretenses you could be guilty of a crime. So if you say you are 18 or over and you are not, that is false pretense. While not usually prosecuted because you are a minor, it’s not a great way to start your credit report.

Answer 3

Prepaid credit cards are like gift cards. You put the money up front and when that's gone, you can't use the card anymore -- at least not till you put more money on it.

If you managed to get a credit card even tho you are underage, you should inform your parents so they can resolve the mess for you. The credit card may very well put a negative on your credit report. Something that will haunt you when you become 18 and try to establish credit.

Answer 4

I'm lost through most of the question, however, you can get negative credit items on your credit report when you are under 18.

Answer 5

how do you even get a social insurance number if your under age??

Answer 6

That's didn't make much sense.