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First question I got is What is the cust. service number for Discover Card? Hoping for any comment. Second question of mine... Http://federalreserve.gov/consumerinfo/wyn...itcardrules.htm.. |
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Good question... I dunno what is the right answer to your question. I'll do some research in Google and get back to you if I bump into an anything. You should email the people at Discover Card as they probably could answer your Discover Card question..
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They should have made that rule 22.5 years old because the average person who goes to college gets a job within 6 month graduation. So I have no idea how they came up with 21, but 22.5 would make more demographic sense..
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+1 Old people can be just as irresponsible as young people. What ever happened to lending based on the ability to repay?..
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Yes any age sounds good. After all if I'm crashasscracker with money on my mind and plenty of Benjamins in my pocket, I should be able to get a CC..
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AFAIK, the law states that "significant changes" is something that must be specifically defined, and the Fed has additional time to decide what other terms are officially "significant". At the moment, I believe only the interest rate and fees are deemed "significant" terms. Other things that consumers would logically consider significant, such as increasing the minimum payment percentage, do not require notice unless/until the Fed expand their definition. If banks decide to exploit this loophole, there will be some surprised and outraged customers .....
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Plenty of loopholes, but a lot of good changes that should have been implemented a long time ago...
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NEVER EVEN ONE SINGLE DAY LATE BETWEEN 18 and 21.
WHAT IS THE DIFFERENCE AFTER 21.. |
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I thought this thread was about the Fed's new website for consumers?..
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Nm.
This post has been edited by. Rorer_714. : 18 January 2010 - 12:50 AM.. |
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After 21 you can legally blow all your money on Alcohol and go to casinos...
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That rule is actually a roundabout attempt to reign in the "student card" lenders who would issue cards based on an assumption the parents would probably pay if the student did not. (There may be no legal obligation for the parents to pay, but often they will to bail Junior out of trouble- and the Discover credit card issuers know that).
The new rule just requires the parents give permission now before their income can be considered, unless the "student" has income of their own.. Granted it isn't the most direct way of accomplishing what they wanted to, but well.....>avoiding politics<.. |
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Kind is a dumb way of doing it, why not just require proof of income on.
Everyone. When people turn 21 they magically get a job and become a responsible borrower? I sure wish it worked that way when I was 21. This post has been edited by. Greywolf. : 18 January 2010 - 02:37 AM.. |
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Doesn€™t this change actually benefit the Discover credit card companies? With the cosigner they actually have two people on the hook for the bill instead of one...
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Kind is a dumb way of doing it, why not just require proof of income on.
Everyone. When people turn 21 they magically get a job and become a responsible borrower? I sure wish it worked that way when I was 21. [/quote]. Proof of income sounds so old fashioned. We can only hope those days return.. I am doubtful as the banks made too much money giving out cards like candy... |
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If they had asked for.
PROOF OF INCOME. More than 30 years ago it would be natural to assume they would always ask. BUT. When you have had more than 100 applications for credit and never required proof of income. .... WHY START NOW???. This post has been edited by. GEORGE. : 18 January 2010 - 06:40 PM.. |
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If issuers do that then there would be no instant approvals and it would significantly increase the turn around time on an application.. that means 7-10 days to get your card would turn into 20-30 days depending on how fast a customer provides the documentation. but I agree would be better in the long run..
This post has been edited by. Honestjoe. : 18 January 2010 - 06:52 PM.. |
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...and when your W-2 says you make $10,000 (just a made-up number) but have many $1,000,000's in investments and savings...that W-2 proved you can't pay the monthly bill how???????????..
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I thought this thread was on the Fed's new website for consumers?..
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This one kills me:.
If you are under 21, you will need to show that you are able to make payments, or you will need a cosigner, in order to open a Discover card account.. I guess if you are over 21 no one cares if you are not able to make your payments... |
