PreApproval....Am I too young?

[Anonymous]

I read on someones post that someone under 21 won't recieve preapprovals. Is that true? So when I finally generate a fico score which should be in the next 2 months or so, willl I just have to take my chances and cold apply to see what I get? Or will I actually be able to go on sites like cap1 (don't really want another card with them) or amex and see what I could be preapproved for? Someone help me please I'm so confused. My vantage score is 667 btw....I know it doesn't mean anything but it's still nice to see...hopefully my fico will start somewhere up there lol.

[Anonymous]

Here's a recent thread about that very thing:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Pre-qualify-on-CreditKarma-while-under-21/td-p...

It looks like Karma will permit pre-approvals for people under the age of 21.  The jury seemed out, however, about whether you'd actually get the card without first obtaining a true FICO score.

But since you will have a true FICO score in a few months, that shouldn't be a problem.

PS.  How many cards do you have now?

[Subexistence]

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@Anonymous wrote:

I read on someones post that someone under 21 won't recieve preapprovals. Is that true? So when I finally generate a fico score which should be in the next 2 months or so, willl I just have to take my chances and cold apply to see what I get? Or will I actually be able to go on sites like cap1 (don't really want another card with them) or amex and see what I could be preapproved for? Someone help me please I'm so confused. My vantage score is 667 btw....I know it doesn't mean anything but it's still nice to see...hopefully my fico will start somewhere up there lol.

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Cap1 and Amex pre-qualify are able to filter out those under 21. Even though Amex site pre-qualify doesn't work, when I apped for my Amex BCE, I didn't apply in the cold because I knew CK already prequalified me for it. Your FICO scores come out at the beggining of the 6th month rather than exactly 6 months after. When you are near the beggining of that 6th month, check https://www.credit.com/ and https://www.discover.com/free-credit-score/ because from my experience, they are quick to create a score for you as soon as you have one. My Vantage jumped from 659 to 725 one month. I think it was because my inquiries became 3 months old or because my utilization fell in 1-9%. Hopefully that happens to you, if that doesn't then something needs to be worked on. Even with 729 Vantage and 732 EX at the time of application, I only got $1,200 limit so if your vantage isn't above 700 by the time you apply, amex would be risky. Capital One cards are much easier to get from what I heard but I personally don't recommend them because every single one of the cards is outclassed by another card. I think you should boost aim to boost your Vantage to above>700 during those months before your FICO comes out. Hopefully you can land 700+FICO by the time it comes out then apply for prime cards.

[Anonymous]

Creditguy I just have one card cap1 quicksilver. 

[Anonymous]

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@Anonymous wrote:

Creditguy I just have one card cap1 quicksilver. 

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OK.  Then as SubEx suggests, you should spend the next 2-3 months working on your credit reports.  I assume that you have no lates or other derogs?  Are you comfortable with how to get free monthly reports from each of the three bureaus?

As far as your one credit card, I'd continue to use it each month for something small and make sure it continues to report a small balance each month (1-8% of your credit limit).

Then once you estimate that you have a true FICO score, test that out by using the $1 trial at Credit Check Total.  That will get you your FICO 8 at each bureau and will give you an idea of what you can apply for.  After you have your true FICO, use SubEx's discovery to try for preapproval via Karma.

A reasonable step after that would be to apply for two more cards bringing your total to three.

After you have all three cards on your credit reports, you may want to considering using the SS Loan technique, which will get you an additional 30 points or so (assuming you have no open loans of any kind).

[Anonymous]

Nope no derogs or later... Just a few more inq than I need... Trans 6, eq 7 and ex 7

[Anonymous]

Last inq Jan 29 and ex Mar 1...forgot about that one

[EAJuggalo]

If you do your research you should have a pretty good idea of whether or not you will be approved before you hit that submit button.  Pre-approvals are for the most part only guidelines for those that don't know what they are talking about.  I've been denied with what were supposedly solid offers and accepted for cards that would never pre-qual me.  Figure out exactly what cards you want and then make a plan.

[RobertEG]

If you are under the age of 21, the CARD Act imposes specific limitations on qualification for credit cards.

While the Equal Credit Opportunity Act generally includes age as a non-discriminatory category, provided the consumer is of minimum age to contract under state law, there are many specific "clairifications" that make it clear that using age is not per se a prohibited credit determining factor.

With respect to age, the CARD Act clearly places restricions on grant of credit to consumers under the age of 21.

Federal laws are read to be consistent with one another, and thus the broad provisons of ECOA are clarified by the CARD Act.

In general, the CARD Act imposes a requirement that consumers under 21 must either have a co-signor aged 21 or above or show their own ability to repay in order to obtain a credit card in their name.

What is often called "pre-approval" by a creditor is usually restricted by additonal criteria that must be met.

Regardless of what a creditor refers to as their "pre-approval," they cannot grant final approval for credit cards for those under the age of 21 without complying with the co-signor or own ability to repay qualifications under the CARD Act.