Consumer Law, Warranties Minor applied for credit card

[smkmdb11]

I applied for two credit cards when I was around 16. On the forms, I put that I was 18. I put my real social security number, sure that I would be denied. I was approved for a capital one card, and a chase card. I knew then, and know now, at age 20, that lying on the form was wrong, however, these companies clearly had the resources to confirm my age, and they did not. I racked up the debt, being a irresponsible young child, and now, I know that this company broke the law by bringing me into a legal contract. I also know that I was wrong by lying on the form. I filed a dispute on equifax.com but, I'm worried that I'll be sued or worse, jailed, for this. Has anyone else had this issue, and, what can I do?

 

[army judge]

As a general rule, a contract between a minor and any entity is voidable by the minor.
This is done when the minor has not yet reached the age of majority.
You are no longer a minor.
The contract has now been constructively ratified by your passage into two years of your majority.
You now legally are locked into the contract you instigated and initiated.
You can attempt to file bankruptcy or pay the debt.

If you are in no position to pay the debt, you might be wise to consult with a local attorney.

Filing the dispute with any credit agency isn't of any value to you.
You do not owe them the debt.
You can not claim now that you were induced to commit fraud that you knew then (and now) to be wrong.
You lost your ability to assert your minority two years ago!
You are legally on the hook for the debt.
You might have a few limited defenses, so again, I suggest you speak with an attorney, if you have grave concerns.
Otherwise, stop talking and blabbering about this.
If you just clam up, this will become just another BAD DEBT.
If you claim you were induced to commit fraud, you'll talk your way into BIG trouble!


There also exists the possibility of an assertion of fraud on your part by these creditors.
This of course would become a criminal, and not a civil matter.
This could be made easier to assert against you, because of your admission above.

Voidable Contract
A voidable contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which time the contract is void. (For example, depending on the jurisdiction, a contract with a minor may be a voidable contract).

 

[jharris352]

I racked up the debt, being a irresponsible young child, and now, I know that this company broke the law by bringing me into a legal contract. I also know that I was wrong by lying on the form. I filed a dispute on equifax.com but, I'm worried that I'll be sued or worse, jailed, for this. Has anyone else had this issue, and, what can I do?

This is my favorite part of your post. You are trying to say that at 16 you were irresponsible but now that you are 20 the responsible thing is to shirk the debt you ran up and blame the credit card company for not discovering your fraud. Pay your debts and it will all be ok. YOU committed the fraud not the credit card company. Now if you had refuted the debt prior to being 18 you would have gotten away with stealing from them. But since you kept the card after 18 you have ratified the debt just as Army has said.

Welcome to being old enough to pay for your actions! Now here is the question: Are you mature enough to do the right thing? Or are you going to try to wiggle your way out of it by claiming you were irresponsible then but not now?

You have one choice: Pay what you owe, or they will come after you for it. You don't have to worry about criminal charges but they will probably sue you. You are young, they can eventually collect from you. Have you ever heard of wage garnishment?