Homemaker and denied credit

[Kuntry Klucker]

I am sure that most everyone know about the CARD Act of 2009 that made it hard for college students
to use their parents income on applications, but also make it impossible for stay at home moms to get credit as well.

I had heard that the CFPB was going to overturn that to allow homemakers to get credit cards.

Anyway, I have perfect credit and was denied a credit card today. Has anyone heard if the CFPB has
make changes to the credit card law?

Just wondering.

 

[hemet dennis]

I am sure that most everyone know about the CARD Act of 2009 that made it hard for college students
to use their parents income on applications, but also make it impossible for stay at home moms to get credit as well.

I had heard that the CFPB was going to overturn that to allow homemakers to get credit cards.

Anyway, I have perfect credit and was denied a credit card today. Has anyone heard if the CFPB has
make changes to the credit card law?

Just wondering.

Why don't you ask them ?

http://www.consumerfinance.gov/contact-us/

 

[Kuntry Klucker]

Why don't you ask them ?

http://www.consumerfinance.gov/contact-us/

LOL!! thanks for the link.

 

[newfoundland]

Is credit a sound financial idea if a person doesn't have an income?

 

[Kuntry Klucker]

Is credit a sound financial idea if a person doesn't have an income?

In most cases no. but as a homemaker my income is my husbands income. I may stay home
but because I am here it allows him to make more money. Thus if I use the household income
I should qualify for credit. But since the new CARD Act in 2009, those of us who can support
a credit card cannot qualify.

I know that it is a sticky subject, but it is just unfair in my situation.

 

[Mattemma]

I would just try another card company. I am sure one will approve you. I had cards before marriage. I don't use them anymore other than getting gas.Dh likes to get credit cards.I think overall they are bad to have. Good credit? Ha! They always say you get better deals with excellent credit,but we have found that not to be true.Just another scam by our corporate run government.

 

[Kuntry Klucker]

I would just try another card company. I am sure one will approve you. I had cards before marriage. I don't use them anymore other than getting gas.Dh likes to get credit cards.I think overall they are bad to have. Good credit? Ha! They always say you get better deals with excellent credit,but we have found that not to be true.Just another scam by our corporate run government.

I always thought that good credit was a must have too.

No, I have not tried any other credit card co yet. I don't think
I will be approved due to the fact I am a stay at home mom.
That is okay, I will just save for things the old fashioned way.

Did make me mad at first. But when I got over the shock of being
denied I am feeling better now. I was never denied before I was a homemaker
but now that I am not working getting denials is just hard to grasp.

Oh, well. Just had to vent I guess.

 

[Kilsharion]

Consider this....

Being in a community property state, my husband (a stay at home) gets his credit based on my income because the state sees my income as his. When I purchase something, it is not just mine - it is ours. When I bought the house, even though my husband contributed nary a dime - it is half his. If we were to divorce, he would be owed 50% the price of the home. So, I'd have to "buy him out" or sell the home and give him 50% of the proceeds. If my husband owes the IRS for something (kinda hard to do when you don't make anything; but, still...), I would be obligated to pay it...since we file jointly. And, I can be garnished for his debt. Which makes me really glad that he's anti-loans/credit/debt of any sort. I would come very close to committing homicide if I came home one day to find a bill from a new CC.

However, there are tons of states in which communal property is not a law. Let's imagine you lived in such a state (I know, TN is a community property state - but, work with me, here)...If you were in one of those non-community property states, your husband would not be bound to your financial obligations. His money would not considered yours to do with as you will. If he supported you and gave it to you and paid your debts, that'd be because he wanted to - not because he had to. Instead, you would have to jointly apply for the card so he would then be fiscally obligated to any debt you accrued. In this instance - jointly applying - he is saying that he is committed to paying the debt, regardless of whether you are married or not. Since, in that instance, you aren't bound by the common law legislation, this commitment is something that financial institutions seriously prefer.

Since so many states aren't bound by community property laws, and since you could move to such a state at any time, I can't say I blame them for hesitating to give a homemaker their own card without any assurances of repayment.

I'm not trying to cause offense - as I said, my husband is a stay at home, and I value and cherish all he provides me because of it. I don't know what I'd do without him, honestly. However, playing Devil's advocate - it does make sense why they'd hesitate.

 

[Kuntry Klucker]

Consider this....

Being in a community property state, my husband (a stay at home) gets his credit based on my income because the state sees my income as his. When I purchase something, it is not just mine - it is ours. When I bought the house, even though my husband contributed nary a dime - it is half his. If we were to divorce, he would be owed 50% the price of the home. So, I'd have to "buy him out" or sell the home and give him 50% of the proceeds. If my husband owes the IRS for something (kinda hard to do when you don't make anything; but, still...), I would be obligated to pay it...since we file jointly. And, I can be garnished for his debt. Which makes me really glad that he's anti-loans/credit/debt of any sort. I would come very close to committing homicide if I came home one day to find a bill from a new CC.

However, there are tons of states in which communal property is not a law. Let's imagine you lived in such a state (I know, TN is a community property state - but, work with me, here)...If you were in one of those non-community property states, your husband would not be bound to your financial obligations. His money would not considered yours to do with as you will. If he supported you and gave it to you and paid your debts, that'd be because he wanted to - not because he had to. Instead, you would have to jointly apply for the card so he would then be fiscally obligated to any debt you accrued. In this instance - jointly applying - he is saying that he is committed to paying the debt, regardless of whether you are married or not. Since, in that instance, you aren't bound by the common law legislation, this commitment is something that financial institutions seriously prefer.

Since so many states aren't bound by community property laws, and since you could move to such a state at any time, I can't say I blame them for hesitating to give a homemaker their own card without any assurances of repayment.

I'm not trying to cause offense - as I said, my husband is a stay at home, and I value and cherish all he provides me because of it. I don't know what I'd do without him, honestly. However, playing Devil's advocate - it does make sense why they'd hesitate.

Hi, thanks for your post. You brought up a very good point. I did not think of that when I applied. I was shocked that I was denied the reason
being that I am a homemaker. After I got over the shock, I can see where they are coming from. Yes, it kind of stung being treated as an economic child
having to ask his permission to have him sign of a card for me. But on the other hand, we make more than enough for me to have an account of my own
independent of him. He values me being home, and what it does for our family, just as you said about your husband.

 

[Kilsharion]

I can understand, completely. I'd have flipped if I was told the same thing. After a spell of serious grumps, I'd have done the same as you and realized what was what.

I love your signature, btw.

As my husband says every morning as we have our coffee and watch the chickens go nuts for their morning 'run free' time....who needs anything else?