Credit Cards

[LesWH]

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youngandcreditwrthy wrote:

Certain posters here like to argue about the legality of using household income.

HOWEVER, IME.... it's a good FICO that gets you a high limit. I've reported HHI and my Indi Income and regardless of the income I report, I still get the limits and increases that I want typically because my FICO is decent (700-740).

The CARD Act/Dodd-Frank only says an issuer cannot ask specifically for household income.... but that an applicant may choose to use household income on an application...

so partake in your freedom as an American and use HHI :-)

or if you're prude, scared, and can't handle credit.. use indi income...

totally UP TO YOU... per the CARD Act.

And for those nonbelievers, check the spec language of the CARD Act; you may be surprised.

:-D Best of luck!

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LMAO! Thank you!!

[LesWH]

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djrez4 wrote:

You guys are touching on a recent change to regulations promulgated under the CARD Act.  Last year, housewives or house husbands technically couldn't get credit cards because they couldn't report that they have ny of their own money.  The CFPB changed the rule at the end of last year to include income you have access to - basically, household income.  So, where before it was technically illegal to report HHI on a credit app, it's ok now.

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Thank you!!!! I just posted this in a thread and some acted like I had three heads!!

[djrez4]

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LesWH wrote:

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djrez4 wrote:

You guys are touching on a recent change to regulations promulgated under the CARD Act.  Last year, housewives or house husbands technically couldn't get credit cards because they couldn't report that they have ny of their own money.  The CFPB changed the rule at the end of last year to include income you have access to - basically, household income.  So, where before it was technically illegal to report HHI on a credit app, it's ok now.

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Thank you!!!! I just posted this in a thread and some acted like I had three heads!!

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Facts aren't generally received well when beliefs and emotions are involved.

Unless...do you have three heads?

[cashnocredit]

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LesWH wrote:

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djrez4 wrote:

You guys are touching on a recent change to regulations promulgated under the CARD Act.  Last year, housewives or house husbands technically couldn't get credit cards because they couldn't report that they have ny of their own money.  The CFPB changed the rule at the end of last year to include income you have access to - basically, household income.  So, where before it was technically illegal to report HHI on a credit app, it's ok now.

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Thank you!!!! I just posted this in a thread and some acted like I had three heads!!

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I thought this new CFPB admin. rule was fairly well known!

[LesWH]

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djrez4 wrote:

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LesWH wrote:

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djrez4 wrote:

You guys are touching on a recent change to regulations promulgated under the CARD Act.  Last year, housewives or house husbands technically couldn't get credit cards because they couldn't report that they have ny of their own money.  The CFPB changed the rule at the end of last year to include income you have access to - basically, household income.  So, where before it was technically illegal to report HHI on a credit app, it's ok now.

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Thank you!!!! I just posted this in a thread and some acted like I had three heads!!

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Facts aren't generally received well when beliefs and emotions are involved.

Unless...do you have three heads?

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Fortunately, not!

[youngandcreditwrthy]

THANK THE CREDIT GODS!!!

haha

Eh, I just told Capital One my HHI for a CLI haha!!!!

:-D

[tcbofade]

I've noticed that more and more credit card applications specifically ask for either "your income" or "household income".

I provide whichever they ask for. 

[bigman023]

Thats pretty much what has me a bit confused.  Although uxsing HHI it is allowed by law, does it mean that all banks must consider HHI, or do they have the ability to choose if they want to be a bank that uses HHI or just II. One poster in this thread has taken the position that its up to the consumer to choose which income they want to use, and banks process whatever you in input. If thats the case, that puts alot of 'choice' in the hands of consumers.

[youngandcreditwrthy]

And in America.... we like freedom of choice... right?

Consumers having freedom of choice is what makes our markets great :-) OBVIOUSLY, you don't want to lie.

I should try putting $1,000,000 as my income on a credit card app haha!

[cashnocredit]

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bigman023 wrote:

Thats pretty much what has me a bit confused.  Although uxsing HHI it is allowed by law, does it mean that all banks must consider HHI, or do they have the ability to choose if they want to be a bank that uses HHI or just II. One poster in this thread has taken the position that its up to the consumer to choose which income they want to use, and banks process whatever you in input. If thats the case, that puts alot of 'choice' in the hands of consumers.

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No. It does not require a bank to ask for HHI. If they just ask for "income" it is reasonable to interpret that as HHI. If they ask, and they are absolutely allowed to do this, for individual income then individual income is what should be used. Prior to this, banks were not supposed to consider anything but individual income.