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Too much credit?

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Senior Contributor

Re: Too much credit?


@haulingthescoreup wrote:

@Guam wrote:

The more credit the better! However after recently paying off all my credit cards, I feel so much better!

 

Off topic:

 

there's a law to prohibit credit cards to 21> ? Never heard of that before, I got my first credit card from USAA at 19 when I joined the Army.


It's new; part of the Credit CARD Act. An applicant under age 21 has to prove sufficient income to manage a CC, or have a joint applicant. You would have been OK, what with those big bucks earned as an E-1.  Smiley Wink


Didn't they remove the under 21 part.  There was another thread on this recently.  I think its that the lender has to satisfy an obligation to determine ability to repay.  And if they ask for HHI, they can't use that number alone to satisfy their oblication.  But if they ask for income, without specifying whether they are asking for HHI or individual income, they can use the number you put down.  Even though I see things saying they can't use HHI, I'm not sure the law is actually written that way.   


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 11 of 14
Moderator Emerita

Re: Too much credit?

I hadn't heard that! I'll have to look that up. I thought it was a terrible idea when they popped up with it.

 

I love my adult kids to death, but I would not have gone joint on them with a credit card, thereby getting stuck with anything that went sour on that card, including improper use by roommates/ BF's/ GF's/ and umm, my kids. Or at any rate, I would have closed it on their 21st birthday.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 12 of 14
Senior Contributor

Re: Too much credit?


@haulingthescoreup wrote:

I hadn't heard that! I'll have to look that up. I thought it was a terrible idea when they popped up with it.

 

I love my adult kids to death, but I would not have gone joint on them with a credit card, thereby getting stuck with anything that went sour on that card, including improper use by roommates/ BF's/ GF's/ and umm, my kids. Or at any rate, I would have closed it on their 21st birthday.


The change in language didn't help those under 21, it just means the same rules apply to those over 21.  This is all part of that same discussion about whether or not stay at home moms/dads will be affected by not being able to list HHI.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 13 of 14
Moderator Emerita

Re: Too much credit?

Wow, I have been napping then. I didn't realize that there had been another change since the Credit CARD Act went through.  Smiley Tongue

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 14 of 14
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