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Pre-Qualifications/Approvals for Under 21 Year Olds

Established Member

Pre-Qualifications/Approvals for Under 21 Year Olds

Hi folks!

I wasn't able to find this information when I searched on the forums and Google, but are people under the age of 21 eligible for pre-qualifications/approvals for credit cards? I read somewhere that the CARD Act prohibits this. I am 19 years old with a perfectly clean file with FICO 08 at ~770, but I never seem to pre-qualify for any credit card (be it via physical mailings or website forms). Thanks in advance!

Message 1 of 6
5 REPLIES
Community Leader
Legendary Contributor

Re: Pre-Qualifications/Approvals for Under 21 Year Olds

Card Act of 2009

TITLE III—PROTECTION OF YOUNG CONSUMERS

SEC. 301. EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS. Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) is amended by adding at the end the following:

 ‘‘(8) APPLICATIONS FROM UNDERAGE CONSUMERS.—

‘‘(A) PROHIBITION ON ISSUANCE.—No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B).

‘‘(B) APPLICATION REQUIREMENTS.—An application to open a credit card account by a consumer who has not attained the age of 21 as of the date of submission of the application shall require— ‘‘(i) the signature of a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating joint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21; or ‘‘(ii) submission by the consumer of financial information, including through an application, indicating an independent means of repaying any obligation arising from the proposed extension of credit in connection with the account.

 

SEC. 302. PROTECTION OF YOUNG CONSUMERS FROM PRESCREENED CREDIT OFFERS.
Section 604(c)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 1681b(c)(1)(B)) is amended— (1) in clause (ii), by striking ‘‘and’’ at the end; and (2) in clause (iii), by striking the period at the end and inserting the following: ‘‘; and ‘‘(iv) the consumer report does not contain a date of birth that shows that the consumer has not attained the age of 21, or, if the date of birth on the consumer report shows that the consumer has not attained the age of 21, such consumer consents to the consumer reporting agency to such furnishing.’’.

Message 2 of 6
Community Leader
Legendary Contributor

Re: Pre-Qualifications/Approvals for Under 21 Year Olds

If you wish to be included in prescreening and listings provided by the CRAs to creditors, then send the CRA a statement that you are under 21, but consent to your name being included in promotional inquiry listings provided under FCRA 604(c).

 

Message 3 of 6
Established Member

Re: Pre-Qualifications/Approvals for Under 21 Year Olds


RobertEG wrote:

If you wish to be included in prescreening and listings provided by the CRAs to creditors, then send the CRA a statement that you are under 21, but consent to your name being included in promotional inquiry listings provided under FCRA 604(c).

 


Hi RobertEG! Thanks for your response--I did not know you could do that! I wasn't able to find a template letter on Google about consenting to promotional inquiries. Is there a specific way I should request it? Thanks for your help!

Message 4 of 6
Highlighted
Community Leader
Legendary Contributor

Re: Pre-Qualifications/Approvals for Under 21 Year Olds

Send a letter to the CRA:

"This is my written consent, under section 302 of the Card Act of 2009, as a consumer who is under the age of 21, for you to provide my name in listings requested by creditors for promotional offers for credit under FCRA 604(c)."

Message 5 of 6
Valued Member

Re: Pre-Qualifications/Approvals for Under 21 Year Olds

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

 

Amex PR Gold, Discover Chrome, Cap One Quicksilver

Message 6 of 6