applying for new credit or cli

[Anonymous]

Hi all, been off board a while.  I know that there were some changes to the credit world regarding income info ... I just want to make sure I fully understand before doing something silly.  I am a stay at home mom with no income on my own at this time ... if I were to apply to a mailed credit solicitation or try to get a cli on one of my cards only in my name ... is that possible anymore?  How about onsite store cards as I'm shopping?  How about if it's a joint account IE: my costco amex w/husband on it ... if I want to try to get a cli ... do I put the household income on it like I did when I applied and since it's both our cards?   Would it be better to call in and ask them for a cli?

If the answer is no ... I'm really disliking the way this works.  I have good credit, have had my own income before ... it's just better for us at this time for me to be home with the kids and I feel like I'm being punished for choosing to do so.  I guess I'm lucky in the sense that I have established credit and a few cards in my name only ... I couldn't imagine a woman (or stay at home dad)  trying to get her(his) credit started independently from her husband(wife) at this time!

[bichonmom]

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@Anonymous wrote:

Hi all, been off board a while.  I know that there were some changes to the credit world regarding income info ... I just want to make sure I fully understand before doing something silly.  I am a stay at home mom with no income on my own at this time ... if I were to apply to a mailed credit solicitation or try to get a cli on one of my cards only in my name ... is that possible anymore?  How about onsite store cards as I'm shopping?  How about if it's a joint account IE: my costco amex w/husband on it ... if I want to try to get a cli ... do I put the household income on it like I did when I applied and since it's both our cards?   Would it be better to call in and ask them for a cli?

If the answer is no ... I'm really disliking the way this works.  I have good credit, have had my own income before ... it's just better for us at this time for me to be home with the kids and I feel like I'm being punished for choosing to do so.  I guess I'm lucky in the sense that I have established credit and a few cards in my name only ... I couldn't imagine a woman (or stay at home dad)  trying to get her(his) credit started independently from her husband(wife) at this time!

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The short answer is no, you can no longer use household income on credit appliations. Here's a really good article about it: http://www.creditcards.com/credit-card-news/stay-at-home-parent-credit-cards-household-income-1282.php

You can be added as an authorized user on your husband's credit cards. This will help add to your credit history as well; though if at any point you are removed as an AU, the entire history would disappear from your CR.

This part of the credit card act really sets women back, IMO. I think it was intended for college students using their parents' income to qualify for cards they couldn't pay for. But it doesn't distinguish that, and therefore makes it nealy impossible for SAHMs to establish their own credit.

Re: CLIs, I don't think it matters if you call or do it online. They usually ask the same info.

[mmduluth]

This is probably the most unfair part of the CC act. I understand where they are coming from but the law should definitely be looked over and refined as to not punish the stay at home parent.

[bichonmom]

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@mmduluth wrote:

This is probably the most unfair part of the CC act. I understand where they are coming from but the law should definitely be looked over and refined as to not punish the stay at home parent.

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+1!

[LS2982]

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@mmduluth wrote:

This is probably the most unfair part of the CC act. I understand where they are coming from but the law should definitely be looked over and refined as to not punish the stay at home parent.

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+1

It really needs to be looked at.

[mmduluth]

I'll even give an example as to how it could work. When asked for your employment information on apps, they should have the option for stay at home parent. They could verify that you are indeed able to pay for your debts by providing bank statements or something from joint bank accounts. Are there flaws in this? Yes. But I'm not a law maker. They should be able to find SOMETHING that makes this work.

[Creditaddict]

sent you private message

[drkaje]

How are they going to make that work in cases when 2 people are claiming an ability to pay 2 debts from one income?

[mmduluth]

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@drkaje wrote:

How are they going to make that work in cases when 2 people are claiming an ability to pay 2 debts from one income?

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Like I said, the details are for someone else to figure out. I'm just the brainstormer. 

[LS2982]

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@mmduluth wrote:

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@drkaje wrote:

How are they going to make that work in cases when 2 people are claiming an ability to pay 2 debts from one income?

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Like I said, the details are for someone else to figure out. I'm just the brainstormer. 

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Good response