Cash Loans – Cash Advances

Can you build credit under the age of 21? And, is it necessary to start building your credit that young?

Under The CARD Act :

Individuals under the age of 21 are required to have a co-signer or provide proof of income, to obtain any credit card. (Note: You must be at least 18 to apply for any credit card.)

Individuals under the age of 21 cannot receive prescreened credit card offers unless they’ve given their permission.

Card issuers cannot raise a credit limit on an account for individuals under 21 with a co-signer without written permission from the co-signer.

Credit card companies are prohibited from target marketing with free gifts in exchange for credit card applications, to college students on or near campus.

Therefore, yes, it is possible to build your credit history between the ages of 18 and 21. However, establishing credit with credit cards is not a good idea. It’s been shown that individuals between 18 and 21 fall into debt before building a positive credit history If you’re under 21, it’s better to focus on monthly bills and repaying cash loans than establishing credit.

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