Being Under 21 Affect Preapprovals?

Straed · ‎07-30-2021

Hello,

I was curious if being under 21 restricts preapprovals under the CARD act?

I'm not getting any preapprovals from chase, citi, BOFA, or US Bank despite having accounts with them. Additionally, I have a year of credit history.

Does anyone have any information on this? Has anyone under 21 gotten preapprovals from Chase?

Thanks!

Anonymous · ‎07-30-2021

@Straed wrote:
Hello,

I was curious if being under 21 restricts preapprovals under the CARD act?

I'm not getting any preapprovals from chase, citi, BOFA, or US Bank despite having accounts with them. Additionally, I have a year of credit history.

Does anyone have any information on this? Has anyone under 21 gotten preapprovals from Chase?

Thanks!

@Straed The answer to your question is about pre-approvals is "Yes, lenders are restricted."

The Credit CARD Act of 2009 prohibits lenders from obtaining the credit reports of individuals under the age of 21 for the purposes of marketing or pre-screened offers for credit. Without access to your credit reports lender do not have a basis on which to offer credit.

For an individual under the age of 21 to obtain credit you must initiate the application and prove you have independent income, or make an application with a co-signer; lenders cannot approach you first with offers.

Anonymous · ‎07-30-2021

@Straed wrote:
Hello,

I was curious if being under 21 restricts preapprovals under the CARD act?

I'm not getting any preapprovals from chase, citi, BOFA, or US Bank despite having accounts with them. Additionally, I have a year of credit history.

Does anyone have any information on this? Has anyone under 21 gotten preapprovals from Chase?

Thanks!

No I know college students that have gotten approved for Chase cards. Have you tried Discover? They have a pre qual site so that you don't have to waste a hard pull. Cap 1 might be another place to look at.

Anonymous · ‎07-30-2021

@Anonymous wrote:
@Straed wrote:
Hello,

I was curious if being under 21 restricts preapprovals under the CARD act?

I'm not getting any preapprovals from chase, citi, BOFA, or US Bank despite having accounts with them. Additionally, I have a year of credit history.

Does anyone have any information on this? Has anyone under 21 gotten preapprovals from Chase?

Thanks!
No I know college students that have gotten approved for Chase cards. Have you tried Discover? They have a pre qual site so that you don't have to waste a hard pull. Cap 1 might be another place to look at.

@Anonymous The question was about preapprovals not approvals. Federal law (Credit CARD Act of 2009) specifically prohibits lenders from making credit offers or preapprovals to "young consumers" who are defined as individuals under the age of 21.

That said, they are free to apply for credit from a lender on their own and be approved if they meet the lending criteria; but the lenders can't solicit business from them. This portion of the law was put in place to stop the practice of signing up college students for credit cards since so many of them were defaulting and ruining their credit even before graduating.

Anonymous · ‎07-30-2021

@Anonymous wrote:
@Anonymous wrote:
@Straed wrote:
Hello,

I was curious if being under 21 restricts preapprovals under the CARD act?

I'm not getting any preapprovals from chase, citi, BOFA, or US Bank despite having accounts with them. Additionally, I have a year of credit history.

Does anyone have any information on this? Has anyone under 21 gotten preapprovals from Chase?

Thanks!
No I know college students that have gotten approved for Chase cards. Have you tried Discover? They have a pre qual site so that you don't have to waste a hard pull. Cap 1 might be another place to look at.
@Anonymous The question was about preapprovals not approvals. Federal law (Credit CARD Act of 2009) specifically prohibits lenders from making credit offers or preapprovals to "young consumers" who are defined as individuals under the age of 21.

That said, they are free to apply for credit from a lender on their own and be approved if they meet the lending criteria; but the lenders can't solicit business from them. This portion of the law was put in place to stop the practice of signing up college students for credit cards since so many of them were defaulting and ruining their credit even before graduating.

Gotcha!