US Bank CLI . . maybe?

[Anonymous]

A couple of days ago, I read an article that said that the CARD act will now make it all but impossible for a "stay-at-home Mom" to get a credit card. CC companies will no longer use "household income" (supposedly) for approval.

Being a stay-at-home Mom with a husband who makes 6 figures a year, I am a little concerned since most of our CCs are in my name due to my husband's (soon to fall off) BK.

I got a letter yesterday from US Bank saying that I have been "pre-selected" for a CLI of "up to $6,000" because of my "excellent credit management history."  Now, I DO have good scores, haven't been late, always overpay, etc., but my utilization is at about 35% overall which I don't think is very good. From USBank's perspective, though, I used the card for BT, paid it off before the rate increased and then PIF any time I use the card.

Anyway, letter says that all I have to do to "find out" etc., is call them and verify income. I'm wondering if this is a way to ferret out the stay-at-home Moms, or if this is a legit offer? Any thoughts or experiences with this?

[MarineVietVet]

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@Anonymous wrote:

A couple of days ago, I read an article that said that the CARD act will now make it all but impossible for a "stay-at-home Mom" to get a credit card. CC companies will no longer use "household income" (supposedly) for approval.

Being a stay-at-home Mom with a husband who makes 6 figures a year, I am a little concerned since most of our CCs are in my name due to my husband's (soon to fall off) BK.

I got a letter yesterday from US Bank saying that I have been "pre-selected" for a CLI of "up to $6,000" because of my "excellent credit management history."  Now, I DO have good scores, haven't been late, always overpay, etc., but my utilization is at about 35% overall which I don't think is very good. From USBank's perspective, though, I used the card for BT, paid it off before the rate increased and then PIF any time I use the card.

Anyway, letter says that all I have to do to "find out" etc., is call them and verify income. I'm wondering if this is a way to ferret out the stay-at-home Moms, or if this is a legit offer? Any thoughts or experiences with this?

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Hi there.

Could you post a link to that article? This is the first time I've heard anything like this. I'm not saying it's wrong but I'd like to read it and store it away for future reference.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Here's the link:  How the CARD Act Hurts Stay-at-Home Moms | Finance News

[MarineVietVet]

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@Anonymous wrote:

Here's the link:  How the CARD Act Hurts Stay-at-Home Moms | Finance News

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Thanks for the link. I don't blame you for being concerned about this and I don't know what can be done about it though until the law is tweaked to eliminate what I consider a discriminatory provision.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Excuse me for my possibly odd thought process, but I try to look at things from all sides...

If an offer of credit is based upon a person's perceived ability to repay the debt, AND the stay-at-home-mom's ability to repay a debt rests solely on her working husband, then shouldn't the credit be in said husband's name and be based on his credit history alone? 

Not trying to start an argument, nor am I trying to disrespect the stay at home moms out there.  Just saying it makes sense from a business standpoint.

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Edited to correct spelling

[Anonymous]

Excuse me for my possibly odd thought process, but I try to look at things from all sides...

If an offer of credit is based upon a person's perceived ability to repay the debt, AND the stay-at-home-mom's ability to repay a debt rests solely on her working husband, then shouldn't the credit be in said husband's name and be based on his credit history alone? 

Not trying to start an argument, nor am I trying to disrespect the stay at home moms out there.  Just saying it makes sense from a business standpoint.

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In a non-community property state, I would agree with you. In a community property state (like the one I live in), I'd say your argument is moot.

But, that wasn't really my question. Maybe someone will have some insight . . .

[Anonymous]

You make a good point. 

In response to your question, calling-in to verify income seems to be becoming quite normal (or at least Citi does it), and all the CC's ask for income when you hit the LUV button on their websites.  I think you'd be ok to call in.  Most likely they will ask income and that's it.

eta:  And when they ask for income, tell them your household income.  I doubt they will specify individual.

[andre181]

US Bank gives regular (every six months or so) CLI's so it can't hurt to call them and ask about the offer. The worst they can say is no. Plus if you get it, it will help your util. I very seriously think they would cut your CL or close the account or any other AA.

[Anonymous]

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@andre181 wrote:

US Bank gives regular (every six months or so) CLI's so it can't hurt to call them and ask about the offer. The worst they can say is no. Plus if you get it, it will help your util. I very seriously think they would cut your CL or close the account or any other AA.

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Did you mean to say "very seriously [doubt]"? Because that is my concern, actually.

[jefftca925]

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@andre181 wrote:

US Bank gives regular (every six months or so) CLI's so it can't hurt to call them and ask about the offer. The worst they can say is no. Plus if you get it, it will help your util. I very seriously think they would cut your CL or close the account or any other AA.

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I called today on my FlexPerks Visa account about something unrelated and after my first question was answered I asked the CSR what is the process for requesting a CLI.  She told me that she would ask me some financial questions (income, housing cost) and then would send the request to their "global credit dept." for review and I would "hear something in 7-10 days".  People on this board have claimed that their increases were instant so I find this odd.  Anyone experience this before?