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Who gives prequals under 21?

Valued Contributor

Re: Who gives prequals under 21?


hsspres wrote:

fltireguy wrote:
Nobody.
It's a clear violation of federal law - the CARD act

Not exactly:  You can legally get a credit card as young as age 18, the law requires that you have your own steady source of income to qualify for a credit card.

You can get a credit card under age 18 if an adult adds you as an authorized user to their credit card.


Hello hsspres, I believe your confused it is a violation of the CARD act, tireguy was correct. Due to the CARD act issuers can not sent pre-qualified or solicted mailers to individuals under 21. This applies to online qualifications also. Of course this is all in theory and not all parts of the CARD act are enforced by all issuers, the general rule (and law) is that you must be over 21 to pre-qualify. 

Message 11 of 19
Contributor

Re: Who gives prequals under 21?


Hello hsspres, I believe your confused it is a violation of the CARD act, tireguy was correct. Due to the CARD act issuers can not sent pre-qualified or solicted mailers to individuals under 21. This applies to online qualifications also. Of course this is all in theory and not all parts of the CARD act are enforced by all issuers, the general rule (and law) is that you must be over 21 to pre-qualify

No, I am correct.. Provision from the Card Act:
Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events.
FICOs 6/17 - EQ 751, EX 749, TU 760
Message 12 of 19
Valued Contributor

Re: Who gives prequals under 21?

I was not questioning whether you were right about consumers under 21 having credit cards lol. Whether or not it is stated specifically in the CARD act or not many issuers do not do Pre-approvals for those under 21 even those that have opted in. I have found very very few data points, and nearly all of them are from people going into branches. I am under 21 with Fico 8 740+ across the board, and have never been "Prequaled" for anything. 

Message 13 of 19
Valued Contributor

Re: Who gives prequals under 21?

Auto-CLI's with Chase are very rare so I wouldn't hold your breath unfortunately.
Message 14 of 19
Valued Member

Re: Who gives prequals under 21?

In my experience,

 

Chase- not even for Chase Private Clients

BofA- yes

Cap One- no

Discover- yes

Amex- yes (pre-qualified for gold pr card)

 

18, college freshman

Message 15 of 19
Established Contributor

Re: Who gives prequals under 21?

How do you opt-in?



Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-772,Eq08-749sinceLenny,Tu08-762
Goal Score: Ex08-800,Eq08-800,Tu08-800


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Message 16 of 19
Valued Member

Re: Who gives prequals under 21?

Check their sites.

Message 17 of 19
Valued Contributor

Re: Who gives prequals under 21?


@wrote:

fltireguy wrote:
Nobody.
It's a clear violation of federal law - the CARD act

I know they can't solicit under 21, but I thought prequals were a-ok if you put your name in.


You are correct. prequals can be given to those 18 - 21 if the consumer has authorized the prequal. The stipulation is no unauthorized solicitation.

 

I vaguely recall reading posts about prequals through CK. Perhaps the fine print associated with CK sign up is authorization to receive prequals.

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 18 of 19
Valued Member

Re: Who gives prequals under 21?

I didn't know either, I learned by doing it. Seems unfair to set up a rule in which everyone assume you have to wait until you're 21.

 

BTW, Chase does offer in-portal offers to private clients who are under 21. I got online offers for FU and CSP today, still nothing when I go through the generic Chase search.

Message 19 of 19