Feb 09
I lied on two credit card applications. I used my OWN social security number but lied about my age and profession. Since they didn’t run my social am I liable for the contract and debt? This happened when I was 16, I am now 17 I turn 18 on Oct 25, 2008. I haven’t used the cards in a year. One is a Chase Mastercard with a $500 limit. The other is an American Express with a $2000 limit. They have started accruing interest and have since almost doubled what I owe.
Pleas help!! I am a freshman at UC Davis and am afraid this will ruin my chances of getting into graduate school in the future.
Legally no you are not you must be 18-years old to sign a binding contract.
The flip side of that is you are guilty of credit fraud so it’s kind of a toss up depending on if the credit card companies want to prosecute you. And if they do, you can kiss graduate school goodbye.
By lying on the forms, you committed credit fraud. So unless you want to go to jail, I would start finding ways to pay it.
Short answer is that you need to pay these, call them up and work out an arrangement to forestall them charging more interest and penalities (uh, I wouldnt bring up the whole ‘I committed fraud, so I dont really owe this’ thing, bad idea…). I take it you used these cards for something, you paid for a vacation, pizza, new clothes, etc. You owe the debt, you need to pay it. $2.5K is chicken scratch to what they are doing to your credit insofar as damage. You will pay a lot more in extra interest on car finance rates, mortgage rates, insurance rates, you name it. Once again, the right thing to do – you charged it, you need to see the light, come to Jesus (as they say) and pay the debt.