See my blog on bad credit credit cards
The legislation, the Credit CARD Act of 2009, is intended to protect young consumers, but will make it considerably harder for anyone under 21 to get a credit card. The wallet full of student credit cards may soon be a thing of the past. On February 22, 2009, these changes take effect: * Would be creditors under the age of 21 must prove that they have "reasonable income," an undefined level of income that is sufficient to pay off their debts. If they cannot show proof of reasonable income, they must have an adult cosigner who is willing to take on the debt if the younger person defaults. This is the most severe of the coming restrictions.