@onepeace25 wrote:
Was not aware of this, I know this to be true with Capital One which is even listed on the details portion of gross income field. Would love to get clarification on this for others if this is incorrect.
Well, I suppose you could have misinterpreted how income (specific to your situation) applied in this case. But for context...
The AENB application displays the following in the income field:
Include all income available to you. If under age 21, include only your own income. Income includes wages, retirement income, investments, rental properties, etc.
Alimony, child support, or separate maintenance need not be revealed if you do not wish to rely upon it.
The CARD Act section was amended to include certain income stipulations (source: CFPB 2013):
The CARD Act requires that card issuers evaluate a consumer’s ability to pay before opening a new credit card account or increasing a credit limit. Under current CARD Act regulations, a card issuer generally may only consider the individual card applicant’s independent income or assets.
Information received from industry participants suggests that otherwise credit-worthy individuals have been declined for credit card accounts under the current regulation, even though they have the ability to manage the debt. The data suggests that a significant number of these individuals may be stay-at-home spouses or partners with access to income from an employed spouse or partner.
For credit card applicants who are 21 or older, the Bureau’s revision allows card issuers to consider third-party income if the applicant has a reasonable expectation of access to it. Although today’s rule applies to all such applicants regardless of marital status, the Bureau expects that it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner’s income.
