ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sarah cannot obtain a credit card until she is 21
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Sarah will need to use a special application since she is under 25
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Sarah can only obtain a credit card if she has a co-signer
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Sarah can obtain a credit card by filling out an application as long as she waits until after her 18th birthday
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Detailed explanation-1: -Consumers can apply for credit cards starting at age 18, but the law requires them to have an independent income or a co-signer. However, most major issuers don’t allow co-signers anymore. So, a person aged 18, 19 or 20 usually has to earn and prove their own income before being approved for a credit card.
Detailed explanation-2: -You’ll need to be at least 18 years old to sign a credit card contract; however, since the Credit Card Accountability Responsibility and Disclosure Act of 2009, getting an unsecured credit card before you turn 21 isn’t easy. You’ll need to show proof that you have a steady source of income to qualify.
Detailed explanation-3: -Credit card companies and banks typically mail out your monthly statement after the end of your billing cycle. If you’ve signed up for paperless billing, you’ll receive an email notification that your monthly statement is available.
Detailed explanation-4: -Your full legal name. Your SSN and/or ITIN. Your mailing address. Your gross annual income. Your employment status. Your housing costs. Your phone number. Determine your credit health. More items