Thursday, January 14, 2010

No Credit For Under 21

I remember my first department store credit card at Age 19 (JCPenney). I also had a checking/savings account that allowed me to obtain my first MasterCard. I even remember going to Vegas at 18 and the ability to rent a hotel with ease. I managed to gamble a little in the casinos, even though I wasn't 21. Being over 6 feet tall helps.

But hey kids, or at least the 21 & under crowd, here's some bad news for ya:

The Fed is ready to finish up the new rules for all you under 21 from obtaining credit cards. Looks like it will become harder for y'all to get a hotel room like I did, and even rent cars... LOL.

Seriously though.

"This measure forbids banks from issuing a credit card to anyone under 21: unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so."

Full story HERE:

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