Credit for under 18's

[jridgeback]

It is perfectly legal for under 18's to take out loans or credit cards as long as an adult acts as a guarantor incase they cannot keep up the re-payments. So does anybody know of a bank or agency which offers credit cards to under 18's based on this ?

[Oneeyedvic]

Not strictly true - a person under 18 can take out credit themselves without a guarantor under the 'necessities' ruling.

I work in the finance industry and we recently wrote an agreemetn (hire purchase) to a 17 year old with her mother as joint borrower.

I asked at the time why we didn't advertise the fact that we could do credit to 17 year olds - said it wasn't commercially viable and not worth the hassle

So in answer to your question, although it may be legal, no lender wawnts the hassle.

[Hermia]

I know when I needed a credit card (to take on my gap year) I had to get my dad to take one out and nominate me as the second card holder. I couldn't get one with me as the main card holder. Obviously, credit card bills get sent to your parent if you do this.