HHI on apps

[n777ua]

I understand that CC companies can begain agian asking for HHI on apps, does anyone know when this goes into effect ? AFAIK all apps still ask for applicant income only...

[enharu]

in about 6 months.

And it's not mandatory for banks to ask for HHI. They can still ask for only personal income, or both incomes. My guess is they'll ask for both in order to provide certain group of applicants with more flexibility.

[n777ua]

I realize the CARD act was put in place to protect consumers but I always thought this provision hurt some groups.  If a homemaker (sorry if thats not PC) has a spouse that makes $250k wants a CC, he/she would have to put $zero income  on an app.  I'm assuming thats the reason for the change....

[enharu]

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@n777ua wrote:

I realize the CARD act was put in place to protect consumers but I always thought this provision hurt some groups.  If a homemaker (sorry if thats not PC) has a spouse that makes $250k wants a CC, he/she would have to put $zero income  on an app.  I'm assuming thats the reason for the change....

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Yup pretty much it. This gives flexibility to the homemaker to get some lines of credit.

At the same time it isn't going to be a free-for-all either (hopefully) where people can start listing roommates' income. 

My best guess is they could ask for both incomes, or they might just ask for the relationship between the applicant and other people that are part of the household.