If I am trying to build credit for my children before they turn 18, am I allowed to get a loan using their social security number and my name OR their social security number and their name? They are both under the age of 6; is this illegal or just one of those things that's frowned upon?
Totally illegal. Credit applications have to filled out under the penalty of perjury, what you're describing is false.
Kids under the age of 6 don't need credit or loans. It's identity theft if you use their social security numbers with your name to get a loan for yourself. If you use their names and their SS#s, they can't qualify for a loan.
Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.
Yes, it is illegal for you to use your children's social security number to get a loan.
J Charles Ferrari Eng & Nishimura 213.622.2255 The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship. Answers on Avvo can only be general ones, as specific answers would require knowledge of all the facts. As such, they may or may not apply to the question.
Please RETHINK this poor idea. Not only is it illegal for you sign such a credit application, but there is no legitimate purpose to be served by "building credit" before age 18. Your children are incompetent to contract until 18 anyway. The only advantage that comes to mind is more illegal activity. No, it's not just "frowned upon," it is illegal and morally bankrupt as an idea. Your children need you at home, not in a faraway federal prison.
Best wishes for a better plan, and please remember to designate a best answer.
This answer is offered as a public service for general information only and may not be relied upon as legal advice.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline