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I am only 19 Is this why I can't...?

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TiggerDat
Valued Contributor

Re: I am only 19 Is this why I can't...?


@bigalkescott514 wrote:

Lol ok should rephrase just a bit I would only bite at a good card offer. And no I am opted in. Idk why I do not get them unless you have to be 21 or older.


You're 19 and you have 10 cards.....   That might be the reason why you are not getting prequals.  The longer time between apps will trigger more prequals.  You are very lucky to have a 740 score with so many cards obtained in such a short period. 

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 11 of 14
Anonymous
Not applicable

Re: I am only 19 Is this why I can't...?

I faced your same problem- not that it was a big deal I was just curious as well. I never got any pre quals, but I never got denied for a card I applied for either. So if your profile is strong and income sufficient you should feel confident about applying if you see an offer that matches your need. Capital One explicitly states you must 21 to pre qual with them. Also under the CARD act creditors cannot solicit info to those under 21. While that doesn't necessarily mean checking your offers online, but that would include mailers and whatnot. I got insight from a buddy who worked in finance at BOA a while back, mentioning something along the lines of most companies exclude that age bracket (18-21) because under 21 you can only state your personal income, whereas 21+ you can list any income available to your disposal. Seeing as how most under 21 don't have substantial income that a prime lender would like to see, I understand this POV. 

Message 12 of 14
Anonymous
Not applicable

Re: I am only 19 Is this why I can't...?

You're not the only one. I'm 19 and never get mail offers other than the onrs you stated also. This is due to the FAIR ACT, it prohibits banks from soliciting people under 21 with mail offers. But from what I see it is possible to type in your info into a pre qualify tool like Cap1 and get an offer back legally. But that has yet to happen to me and I try every creditor monthly. The only one I've gotten to pop up is Creditone for a $500 card with a lousy AF. I do the creditone every so often to get an updated credit score btw haha Smiley Wink
But if you do have 10 cards than that is far more than enough. I have 8 totaly cards and it's really stupid IMO now because they are all 1-4k limits and barely get CLI's. I'm actually thinking about closing discover and combining my cap1 cards in the spring so that I can have less cards which translates into less hassle of keeping up with cards and higher CL's. Again the only one I got to pop up was creditone, so if you just want to see a pre qualified offer than try that.
Message 13 of 14
Anonymous
Not applicable

Re: I am only 19 Is this why I can't...?

Yep, it's the CARD Act protections that are keeping you from getting prequals. As a couple of other people have mentioned, that law restricts CC companies from marketing to people who are under 21. You clearly already have a solid group of cards though, so why is this a problem? Hell, it saves you from having to shred a whole bunch of annoying junk mail Smiley Happy The signal to noise ratio on the prequal offers I get these days is pretty absurd; for every worthwhile targeted offer, there are a dozen pieces of garbage. Half the reason I applied for a Discover It was to stop the endless onslaught of mail though, so I guess it worked!

 

It seems like under-21s on here often gripe about the CARD Act, but It really does provide an important set of protections. When I was in college pre-CARD Act, CC marketers on campus were a constant nuisance, and their practices were seriously shady. They were always tabling on campus, offering pathetically tiny incentives to people who applied for cards on the spot, without making clear what was going on--think crappy pens, keychains, and highlighters in exchange for a HP and a craptacular card approval Smiley Frustrated The cards often had fees and other terms that the salespeople wouldn't explain adequately (if at all), and a lot of people got themselves into a debt-ridden mess because of aggressive card marketing. Though I do have fond memories of taking advantage of the bank marketers who would stand outside the pizza place across from campus, aggressively pushing coupons for free pizza in exchange for credit card applications... I'm very glad my younger self was suspicious enough to only take those offers using fake names and SS numbers, so I got to eat for free a few times without any negative impact to my credit!

Message 14 of 14
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