topic DCU Credit Card - Income Question in Credit Cards

DCU Credit Card - Income Question

Anonymous — Mon, 03 Mar 2014 12:40:49 GMT

My best friend is a DCU member and just got a little bump in her score. She wants to apply for their card, but she's not working right now. Her husband makes plenty, but I wasn't sure if DCU was HHI friendly. Any advice? Thanks in advance

Re: DCU Credit Card - Income Question

MC9199 — Mon, 03 Mar 2014 15:13:52 GMT

I think whether or not household income is taken into account in a credit application is more a function of the state you live in than creditor policy. Do you live in a community propoerty state?

Re: DCU Credit Card - Income Question

09Lexie — Mon, 03 Mar 2014 17:58:40 GMT

@Anonymous wrote:
My best friend is a DCU member and just got a little bump in her score. She wants to apply for their card, but she's not working right now. Her husband makes plenty, but I wasn't sure if DCU was HHI friendly. Any advice? Thanks in advance

Is your friend's husband a member of DCU?

Re: DCU Credit Card - Income Question

tmeach — Wed, 21 May 2014 05:19:01 GMT

@MC9199 wrote:
I think whether or not household income is taken into account in a credit application is more a function of the state you live in than creditor policy. Do you live in a community propoerty state?

this may be a little late... I just wanted to chare my experience.

I just applied for their CC to establish more credit for myself. I live in TX, where we have community property, I am a stay at home spouse but our HHI is plenty. I app'd over the phone since I have a fraud alert with the CRA. I sensed hesitation from the CSR after I was asked about my own income, which obiviously is NONE. Apparently Massachusets is not a community property state, so there was confusion to whether or not I could apply. I mentioned to her about the 2013 amended policy to the CARD Act 2009 to address issues for stay at home spouses who have decent credit and decent HHI. I was politely explicit that I wanted to apply alone and not jointly. After being placed on hold, the CSR asked me for my husband's employer, gross income and length of employemnt. She explained about Massachusetts noncommunal property, and recognized there are other CU members who are out of state.. etc etc. I am confused by her statement because the amended CARD Act was to helpe financially responsible stay at home spouses and she contradicted it with MA family law.

Waiting to find out about because I was told they needed to further reviewdue to the fraud alerts.

I interpreted the amended federal amended CARD Act applied to ALL lenders/banks in ALL states, regardless of each state's communal property law. does the state communal/noncommunal law trump federal law when it comes to lending??? I forgot all the information learned during my college gov't class.

Here's the information I found:

Consumer Finance Protection Bureau (page 7 and 10 heavily address removing certain language relating to "indpendent income)

The CFPB Amends Card Act Rule to Make it Easier for Stay-at-Home Spouses and Partners to Get Credit Cards

Federal Register, page 5

I am not a legal expert, I am just discussing what I gathered from information I found.

**edited because of typos and word confusion**

Re: DCU Credit Card - Income Question

09Lexie — Wed, 21 May 2014 05:19:41 GMT

@tmeach wrote:
@MC9199 wrote:
I think whether or not household income is taken into account in a credit application is more a function of the state you live in than creditor policy. Do you live in a community propoerty state?
this may be a little late... I just wanted to chare my experience.

but I just applied for their CC to establish more credit for myself. I live in TX, where there is marital community property, I am a stay at home spouse but our HHI is plenty. I app'd over the phone since I have a fraud alert with the CRA. I sensed hesitation from the CSR after I was me about my income, which obiviously is NONE. Apparently Massachusets is not a marital community property state, so there was confusion to whether or not I could apply. I mentioned to her about the 2013 amended policy to the CARD Act 2009 to address issues for stay at home spouses who have decent credit and decent HHI. I was politely explicit that I wanted to apply alone and not jointly. After being placed on hold, the CSR asked me for my husband's employer, gross income and length of employemnt. She explained about Massachusetts noncommunal property, and recognized their are other CU members who are out of state.. etc etc. I am confused by her statement because the ameded CARD Act was to helpe financially responsible stay at home spouses and she contradicted it with MA family law.

I don't know if I am approved yet because they review further and carefully due to the fraud alerts.

I interpreted the amended CARD applies to ALL lenders/banks in ALL states, regardless of each state's communal property. So does that law trump state law when it comes to lending???

Here's the link:
Consumer Finance Protection Bureau (page 7 and 10 heavily address removing certain language relating to "indpendent income)

The CFPB Amends Card Act Rule to Make it Easier for Stay-at-Home Spouses and Partners to Get Credit Cards

Federal Register, page 5

I am not a legal expert, I am just discussing what I gathered from information I found.

The CARD Act allows them to consider HHI where in the past they could not. It does not mean that they must consider HHI.

Re: DCU Credit Card - Income Question

tmeach — Wed, 21 May 2014 05:24:33 GMT

@09Lexie wrote:
@tmeach wrote:
@MC9199 wrote:
I think whether or not household income is taken into account in a credit application is more a function of the state you live in than creditor policy. Do you live in a community propoerty state?
The CARD Act allows them to consider HHI where in the past they could not. It does not mean that they must consider HHI.

Aha! Good point, Lexie. I hope DCU chooses to consider it then.

Re: DCU Credit Card - Income Question

09Lexie — Wed, 21 May 2014 05:28:08 GMT

@tmeach wrote:
@09Lexie wrote:
@tmeach wrote:
@MC9199 wrote:
I think whether or not household income is taken into account in a credit application is more a function of the state you live in than creditor policy. Do you live in a community propoerty state?
The CARD Act allows them to consider HHI where in the past they could not. It does not mean that they must consider HHI.
Aha! Good point, Lexie. I hope DCU chooses to consider it then.

Good luck!

Re: DCU Credit Card - Income Question

tmeach — Wed, 21 May 2014 20:31:31 GMT

@09Lexie wrote:
@tmeach wrote:
@09Lexie wrote:
@tmeach wrote:
@MC9199 wrote:
I think whether or not household income is taken into account in a credit application is more a function of the state you live in than creditor policy. Do you live in a community propoerty state?
The CARD Act allows them to consider HHI where in the past they could not. It does not mean that they must consider HHI.
Aha! Good point, Lexie. I hope DCU chooses to consider it then.
Good luck!

Update-

approved for membership. denied for CC based on 2 dergos and no income. I really think they based it off on no income because the 1st person I spoke with today and yesterday already had a tone that I would be denied since I have no income. I spoke with a loan officer, there was nothing I could say to make them change their minds.

Too bad the amendement didn't MAKE them consider it. I feel discriminated for making a choice to stay home to raise our family. And annoyed for spending nearly 45 minutes on hold to speak 6 minutes with someone to be denied. On the positive side, I did get approved for 1 card from a big bank.

OP- what happened with your friend?