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Contributor
Posts: 211
Registered: ‎07-02-2012
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Amex app and income

Hi friends,

Can my wife apply for amex based on our household income. She is not working so 0 income. She has 6 month history with cap1 and 2 more cards. 

 

She want to app for zync but application is asking income. I beleive 0 income will reduce chances of approval or stuck with low limit. Can she put household income rather than individual income?

Walmart TU-724 on 12-2012
EX-707 on 08-2012
EQ-668on 08-2012
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Wallet - Discover 1500 | Chase Freedom 1500 | OldNavy Visa 2750 | Walmart 2000 | Amex BCE 6000 | BoA Visa Sig 5000 | Chase Marriott 5000 | Amex Hhonor 2000 | CSP 5000
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Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
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Re: Amex app and income

According to the new laws, she can't. I believe the only exception is in Wisconsin.

 

You can add her as an additional cardmember, which will help her CR. However, if you ever removed her, it would go off of her CR. IMO the laws really need to be revisited. The reason they changed the law was because college students were including their parents' income and defaulting. But the law really makes it impossible for a wife/mother who doesn't "work" to build credit in her own name.

 

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Established Contributor
Posts: 766
Registered: ‎01-16-2012
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Re: Amex app and income


bichonmom wrote:

According to the new laws, she can't. I believe the only exception is in Wisconsin.

 

You can add her as an additional cardmember, which will help her CR. However, if you ever removed her, it would go off of her CR. IMO the laws really need to be revisited. The reason they changed the law was because college students were including their parents' income and defaulting. But the law really makes it impossible for a wife/mother who doesn't "work" to build credit in her own name.

 

 


Actually, there was a little more to it than just college students. The goal of the law was to require lenders to confirm a person's ability to pay before issuing credit. Prior to the collapse, a number of married couples with one income were "double dipping", essentially using one income to obtain two complete sets of credit. As a result, these couples obtained more credit than they could possibly pay for, since the income only actually existed once. Many of these couples ended up filing for bankrupcy, at which point the courts discovered and reported these double dips (all bankrupcy filing statistics are kept and summarized each year).

While it may seem "unfair", the law does make sense. Each dollar earned can only be spent once, not twice. If both spouses use the same dollar of earnings to request credit, they can't both use that dollar to pay the debt. That is why the authorized user benefit was preserved: so that nonworking spouses could have credit cards in their name so that if the marriage dissolved, they could obtain credit once they began working.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
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