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seraphynn
Posts: 3
Registered: ‎08-20-2013
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Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

Trying to work on raising my credit score and had a question about increasing credit lines as a stay at home mom. I have great credit, my main cards are a key bank card (open 12 years) and AmEx (open 7 years). Never a late payment. I am however using about 60 percent of the credit line on each of my cards and was hoping to increase my credit line to help my score.

 

The problem is when I request a credit line increase they want my personal income (I think?) and since I am a work at home mom I am constantly denied due to only personally bringing in about $20k a year (while raising two girls). Our household income is about $110k but to my knowledge they dont want that..they only want my personal income.

 

I tried to up my AmEx credit line today and was denied based on my personal income level.

 

Am I out of luck? I know there are new laws that allow stay at home parents to use their spouse's income when applying for new cards but this doesn't seem to apply if the application specifically requests my personal income only. I am a newbie with all of this so any advice and help would be appreciated!! Thanks in advance.

Super Contributor
enharu
Posts: 6,984
Registered: ‎02-27-2013
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

With the way the laws are right now, you can't really do much.

The new laws have been recommended, but they have yet to go into effect yet. The best solution right now is to wait for them to go into effect, and then try this again.

Then again, Amex, or any lender, canstill ask you for both your household and/or personal income only, so it might not help much either.

 

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RushXTC
Posts: 790
Registered: ‎07-01-2013
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?


seraphynn wrote:

Trying to work on raising my credit score and had a question about increasing credit lines as a stay at home mom. I have great credit, my main cards are a key bank card (open 12 years) and AmEx (open 7 years). Never a late payment. I am however using about 60 percent of the credit line on each of my cards and was hoping to increase my credit line to help my score.

 

The problem is when I request a credit line increase they want my personal income (I think?) and since I am a work at home mom I am constantly denied due to only personally bringing in about $20k a year (while raising two girls). Our household income is about $110k but to my knowledge they dont want that..they only want my personal income.

 

I tried to up my AmEx credit line today and was denied based on my personal income level.

 

Am I out of luck? I know there are new laws that allow stay at home parents to use their spouse's income when applying for new cards but this doesn't seem to apply if the application specifically requests my personal income only. I am a newbie with all of this so any advice and help would be appreciated!! Thanks in advance.


 

Just give joint income! I usually do the CLI requests for my mother, She's also a stay at home mom/grandma and has a lower income than my father, However I either use what they make together or just what my dad makes. It's worked so far, Never had any denials or questions about it..

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09Lexie
Posts: 25,913
Registered: ‎09-13-2012
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

@RushXTC

HHI has not been adopted back into law yet. The CARD Act of 2009, unintentionally was the cause of excluding HHI. Unless the application specifically asks for all sources of income, assets etc. this advice would be incorrect.
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seraphynn
Posts: 3
Registered: ‎08-20-2013
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

Thanks for the input guys!

 

Is there a set time for when this law is supposed to go into affect? I think I read they have 6 months to adjust to the new guideline but I am not sure?

 

I guess my next question would be once it is technically in affect can I use the household income when it requests income, even if it specifically states personal?

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Valued Contributor
azguy13
Posts: 5,381
Registered: ‎04-30-2013
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

I have run into the same issue with my household. My wife is a stay at home mother and the only cards she has is one Citi from 2002 with a $500 limit and a Chase Freedom that was graduated from the student card with a $3300 limit. Are you against going in on a joint app with your significant other for a new card? That may be your best bet.




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seraphynn
Posts: 3
Registered: ‎08-20-2013
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

Definitely not against joint accounts I was just hoping there wa ssome kind of solution for the cards that already have good history. (7 and 12 years) It stinks they make it so tough for those of us who decide to stay home and raise the rugrats!

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09Lexie
Posts: 25,913
Registered: ‎09-13-2012
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Re: Increasing Credit Line (or getting credit in general) as a Stay at Home Mom?

If its worded as individual, then you must state your income. Again, its all in how its worded.

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