A new rule from the Consumer Financial Protection Bureau (CFPB) removes an unanticipated roadblock resulting from the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) which was signed into law three years ago this month. The law deliberately set a tough standard for anyone under the age of 21 who applied for a credit card.
The CFPB’s new rule issued last week, revises the Fed’s rule and allows credit card companies to consider the household income for any applicant 21 years or older who can show they have “access” to that shared money.
It has been left up to the CC companies whether to consider individual income or "available income". There will still be some responsible people denied certain cards.