Applying as an Under 21?

Hi there!
I’ve been around for a while now and despite having a few credit cards, I am 20.
But none of them have a forum active like this where the customer’s voice is heard.

I’d love to join Tymit. However, I am not 21 yet… and on the app it states that you must be 21 to be able to apply for the card.

My question is, why did Tymit make the decision to accept applications only to over 21s?

Keep up the amazing work!

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Lenders will have their various reasons for wanting to offer products to a particular group. This is known as their “score card” when it comes to decisioning.

I doubt they will explain in deep detail here as this was asked previously on the forum but it could be for a number of reasons including their supplier terms, insurance, or as above their risk appetite for lending.

This was a tactical decision that I asked over a year ago and the reason is simply because young people are more likely to live in persistent debt. Still waiting for Tymit to confirm this if they ever do but this was what a lot of us came to an assumption over. Gosh it must of been just under two years ago when this was a hot topic.

This is not your average credit card. It’s a credit card which the cost can be spread up to 36 months. This involves being financially responsible which is something that happens later in the 20’s. Trust me, my attitude towards my credit card when I was 18 was simply YOLO.

I had the YOLO attitude at 16, when I had no job :slight_smile:

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I once maxed out my Barclaycard in a interest free period. It took me a year to pay it off. I was only working at McDonalds at the time. Fresh 18 year old. Barclays should of never give me such a high limit due to my age in my opinion :sweat_smile:

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Definitely know that feeling being young and stupid with money!!

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Hi @RobertS !

Thanks for your question

Right now we have 2 products

  • The standard Tymit credit card
  • A new card we’ve launched called ‘Tymit Booster’, which helps people build their credit scores to be eligible for better financial products

For the standard card, right now our underwriting policy is that you must be 21 to apply for the card. I don’t have lots of information for the reasoning behind this unfortunately. For Booster it is 21 but in the next couple of weeks will be lowered to 18

Hope this helps!

Best,

Alastair

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This is a very good explanation and a positive change for under 21’s

Thank you @Alastair-PM - A great and clear explanation. :slight_smile:

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