topic Re: Who gives prequals under 21? in General Credit Topics

Who gives prequals under 21?

Anonymous — Tue, 04 Jul 2017 00:51:49 GMT

I'm a student, I'm under 21.

I've tried Chase, Citi, Amex, and a handful of other prequal sites. Amex is the only one that ever gave me a prequal. If you're under 21, where have you seen prequals?

Thanks!

Re: Who gives prequals under 21?

fltireguy — Tue, 04 Jul 2017 01:20:11 GMT

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

Re: Who gives prequals under 21?

Anonymous — Tue, 04 Jul 2017 10:27:36 GMT

@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.

Re: Who gives prequals under 21?

medicgrrl — Tue, 04 Jul 2017 13:02:35 GMT

My son received a prequal with Cap1 but not Discover, although he was approved for the Discover card.

Re: Who gives prequals under 21?

Anonymous — Wed, 05 Jul 2017 00:55:35 GMT

@medicgrrl wrote:
My son received a prequal with Cap1 but not Discover, although he was approved for the Discover card.

Was on their website or via another route? Even their own website says "To be matched to a pre-qualified credit card offer, you must be at least 21 years old. You must be at least 18 years old to be matched to a credit card offer."

Re: Who gives prequals under 21?

Anonymous — Wed, 05 Jul 2017 01:39:58 GMT

I only get pre-quals on Amex as well for BCE, ED, and Green. I'm 18.

Re: Who gives prequals under 21?

Anonymous — Wed, 05 Jul 2017 06:45:48 GMT

Is there a specific card you had in mind?

For Chase I can guarantee you an approval for Slate/Freedom/Freedom Unlimited if you're under 5/24 so no need for a prequalified offer

Re: Who gives prequals under 21?

Anonymous — Wed, 05 Jul 2017 10:00:50 GMT

@Anonymous wrote:
Is there a specific card you had in mind?

For Chase I can guarantee you an approval for Slate/Freedom/Freedom Unlimited if you're under 5/24 so no need for a prequalified offer

I'm on the verge of app'ing for the Chase Amazon card, I just don't want to chance losing any auto-luv from Chase on the FU since that had such an awful SL... (I app'd while my Disco was secured/$600 -- I was going to wait but I got the 300/500 offer in-branch for the very card I wanted...)

Re: Who gives prequals under 21?

hsspres — Sat, 08 Jul 2017 16:46:32 GMT

@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.

Re: Who gives prequals under 21?

Anonymous — Sat, 08 Jul 2017 23:08:39 GMT

While many years ago I had two credit cards at 18 along with a car loan and furniture financing.

I was in highschool still, I had a good money making job at $400+ a week take home in cash.(1992) I obtained all the above by 19.

18 and credit can happen! haha.

Re: Who gives prequals under 21?

Anonymous — Sat, 08 Jul 2017 23:18:26 GMT

@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.

Re: Who gives prequals under 21?

hsspres — Sun, 09 Jul 2017 00:39:20 GMT

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.

Re: Who gives prequals under 21?

Anonymous — Sun, 09 Jul 2017 01:15:31 GMT

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.

Re: Who gives prequals under 21?

Anonymous — Sun, 09 Jul 2017 01:30:51 GMT

Auto-CLI's with Chase are very rare so I wouldn't hold your breath unfortunately.

Re: Who gives prequals under 21?

Anonymous — Sat, 13 Jan 2018 05:26:50 GMT

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

Re: Who gives prequals under 21?

Subexistence — Sun, 14 Jan 2018 23:51:59 GMT

How do you opt-in?

Re: Who gives prequals under 21?

Anonymous — Thu, 01 Feb 2018 00:31:28 GMT

Check their sites.

Re: Who gives prequals under 21?

Thomas_Thumb — Thu, 01 Feb 2018 18:39:25 GMT

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.

Re: Who gives prequals under 21?

Anonymous — Thu, 01 Feb 2018 18:46:34 GMT

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.