G5052 Posted July 21, 2011 Share Posted July 21, 2011 I've always worked part-time, and many of my local mom friends have side businesses and/or part-time jobs because it is an expensive area and some of us figure that we'll have to go back to full-time employment at some point. So we have earned income. That said, the majority of us would be below the poverty line if just our income counted. So I'm guessing that credit for even those of us who work will be limited. Right? If DH's income doesn't count, my wages aren't much to talk about. Sigh. It just gets worse. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted July 21, 2011 Share Posted July 21, 2011 I've always worked part-time, and many of my local mom friends have side businesses and/or part-time jobs because it is an expensive area and some of us figure that we'll have to go back to full-time employment at some point. So we have earned income. That said, the majority of us would be below the poverty line if just our income counted. So I'm guessing that credit for even those of us who work will be limited. Right? If DH's income doesn't count, my wages aren't much to talk about. Sigh. It just gets worse. No. That's a GOOD thing. The LAST thing those on poverty wages/low incomes need is credit debt. Quote Link to comment Share on other sites More sharing options...
G5052 Posted July 21, 2011 Share Posted July 21, 2011 No. That's a GOOD thing. The LAST thing those on poverty wages/low incomes need is credit debt. My point is that this change also affects couples where one earns significantly more than the other. The one with lower wages won't have access to as much credit even if they pool their wages into one pot in terms of paying the bills. The reality is that my credit cards get used more because I make the majority of the household purchases even though my income is quite a bit less than DH's. Not that I advocate using credit cards beyond your means, but has the potential of changing the picture even for those of us who work. Quote Link to comment Share on other sites More sharing options...
Joker Posted July 21, 2011 Share Posted July 21, 2011 I'm surprised so many here have had trouble getting a cc without their dh's signature. I have two in my name only. I've had one about 7 yrs and the other for about 3 yrs. I haven't worked in 12 years but had no trouble getting them in my name. Dh isn't on them at all. We wanted to make sure I kept up a credit history and it seemed pretty easy. Quote Link to comment Share on other sites More sharing options...
plansrme Posted July 21, 2011 Share Posted July 21, 2011 These are the thoughts that popped into my head: 1. I understand why the companies would not want to issue credit to a person without his/her own income. I get it. It still doesn't feel "fair". My DH is able to have the kind of job he has because I am always available to care for our children so he can work overtime or be on call as often as he needs to. If he didn't have my 100% availability then his freedom to do that would be limited and it would affect what kind of position he could take. Add it to the list of things about life that are not fair. Companies DO WANT TO ISSUE YOU CREDIT, and plenty would have done so in the past (or will do so before August 1). This federal regulation will prevent them from doing so as of August 1. No, it's not fair, but it is not the bank's or store's fault. It's your federal government's fault. Terri Quote Link to comment Share on other sites More sharing options...
plansrme Posted July 21, 2011 Share Posted July 21, 2011 What about having some of the bills in your name. I haven't worked in years either, but half the bills are in my name because I'm the one that sets everything up. That counts towards a credit score as well, right? Depending upon what bills they are, they may or may not count towards your credit score, but they don't give you income, and that is what this regulation targets. You could have a credit score of 47 million and not get a credit if you don't have any income. Terri Quote Link to comment Share on other sites More sharing options...
Lolly Posted July 21, 2011 Share Posted July 21, 2011 I'm surprised so many here have had trouble getting a cc without their dh's signature. I have two in my name only. I've had one about 7 yrs and the other for about 3 yrs. I haven't worked in 12 years but had no trouble getting them in my name. Dh isn't on them at all. We wanted to make sure I kept up a credit history and it seemed pretty easy. This is/has changed. I had no problems in the past either. This past spring, I attempted to open a new account and was denied because I ahve no income. Didn't have any in the past either; just dh's. I was told it was due to these new regulations. Me, I consider dh and I to be a legal single unit. What is mine is his and his is mine. We are one person with two bodies. Quote Link to comment Share on other sites More sharing options...
mommaduck Posted July 21, 2011 Share Posted July 21, 2011 This is/has changed. I had no problems in the past either. This past spring, I attempted to open a new account and was denied because I ahve no income. Didn't have any in the past either; just dh's. I was told it was due to these new regulations. Me, I consider dh and I to be a legal single unit. What is mine is his and his is mine. We are one person with two bodies. The bank wouldn't let me open a new account WITH my husband. Instead, they had to open it with his name and then add my name on. And I have other accounts with other banks and no problems. This was for a regular checking account. Quote Link to comment Share on other sites More sharing options...
Renee in NC Posted July 21, 2011 Share Posted July 21, 2011 No. That's a GOOD thing. The LAST thing those on poverty wages/low incomes need is credit debt. AMEN to that!!!!!:tongue_smilie: Quote Link to comment Share on other sites More sharing options...
Maverick_Mom Posted July 21, 2011 Share Posted July 21, 2011 (edited) Never mind. ;) (Never post when you're hungry.) Edited July 21, 2011 by Maverick_Mom Quote Link to comment Share on other sites More sharing options...
mommaduck Posted July 21, 2011 Share Posted July 21, 2011 I've always worked part-time, and many of my local mom friends have side businesses and/or part-time jobs because it is an expensive area and some of us figure that we'll have to go back to full-time employment at some point. So we have earned income. That said, the majority of us would be below the poverty line if just our income counted. So I'm guessing that credit for even those of us who work will be limited. Right? If DH's income doesn't count, my wages aren't much to talk about. Sigh. It just gets worse. Even my side businesses weren't able to help me get a job. I was treated at one place as though I had just tossed it on there for kicks. In reality, I think the guy just didn't want a woman with kids working for him. Most of the places I had worked at 15-20yrs ago either no longer exist or had high turn over rates and would not remember me (though I might be in a file somewhere). He said he was going to claim that I didn't have proof of experience :lol: The man had highschoolers waitressing! Quote Link to comment Share on other sites More sharing options...
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