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SAHMs & SAHDs can't get credit cards now?


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Hey y'all...

 

I don't think this is necessarily politically divisive in this forum, and hopefully it won't go that way. But have y'all seen the new thing that as of October 1st, stay at home parents or other caregivers without outside employment/income can't get credit cards?

 

http://www.momsrising.org/blog/denied-stand-up-for-stay-at-home-moms-dads-caregivers/

 

http://www.creditcards.com/credit-card-news/stay-at-home-parent-credit-cards-household-income-1282.php

 

http://www.creditcards.com/credit-card-news/stay_at_home-spouses-credit-card-representatives-letter-1282.php

 

It looks like it's already under review in Congress but it can't hurt to know the situation and/or speak up about it.

 

(FWIW I'm all for the law protecting unemployed young people, college students, etc. from being scammed by the credit card companies... but I don't consider most SAHs to be in that particular situation)

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Yep. AFter all, we must be protected from ourselves. We, collective, are far too stupid to be able to manage our own affairs. As far as college kids go, they need to be able to get a credit card in today's world also. Protection can come in the form of a low charge limit.

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I thought it was always this way. That's why I kept one credit card in my name that I had before I quit my job 11 or so years ago. I started working again recently and got a new card with an incentive program that matches my card use now and dropped that one I had for so long. I was never going to drop it while I wasn't working.

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I heard about that. I have one card that is in my name only (low limit). My other card is one that is in both mine and dh's name (higher limit). I had been thinking of getting rid of the smaller limit one, but now I will just keep it since I probably won't be able to get another one any time soon.

 

(Not that I want another credit card)

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I was able to get a dinky little one two months ago when I first heard about this. The first month they charged me a yearly fee that was hidden in the small print. I called asked them to wave it or else I was cutting up the card (not canceling it just making sure I never used it). They waved the fee. :)

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I tried to get a cc at Target (just to get the 10% off!) a few years ago and they wouldn't approve me, after them asking me if I wanted it :glare:. I thought it was always this way!

 

I distinctly remember my mother not being able to get a cc in the 80's without my father's signature, and she was a SAHM at the time.

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

:iagree: If you don't make money, you shouldn't be able to borrow money.

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I think I started the discussion last time. The problem for me wasn't that they didn't give me one without talking to my husband (who had the job), the problem was that the goober at the other end, snottily said, "Well, you are JUST a home maker." :glare:

 

I spoke to his supervisor the next day and told him in no uncertain terms that I was quite sure my work experience and educational levels far exceeded the man with whom I spoke and I did not appreciate it one bit.

 

He apologized and said that it would be dealt with.

 

BTW: We were getting a Fidelity Credit card that offers 2% back on all purchases. It is an American Express though.

 

Dawn

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I think I started the discussion last time. The problem for me wasn't that they didn't give me one without talking to my husband (who had the job), the problem was that the goober at the other end, snottily said, "Well, you are JUST a home maker." :glare:

 

I had an insurance agent say that to me once. People are just ignorant. There is no way my husband would be where he is in his career without me. :glare: It's a team effort, d&^% it. :D

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

 

:iagree: If you don't make money, you shouldn't be able to borrow money.

This is the type of thinking that has left so many women in dire straights over the history of humanity. Might as well go back to women being second class citizens without a brain in their collective heads.

 

Yes there are some people, both men and women, who don't have a clue as to the proper way to use credit (and money) wisely. But do not close out an entire segment of the population as unworthy just because their jobs are unpaid.

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This is the type of thinking that has left so many women in dire straights over the history of humanity. Might as well go back to women being second class citizens without a brain in their collective heads.

 

Yes there are some people, both men and women, who don't have a clue as to the proper way to use credit (and money) wisely. But do not close out an entire segment of the population as unworthy just because their jobs are unpaid.

 

If they didn't automatically close out the credit of a spouse who has died, but rolled the account over to the remaining spouse, it would be fine to have a card on your husband's account. But when they close out the credit card, it often leaves the remaining spouse in a situation where she has few liquid, easily accessible assets to manage the family, make final arrangements, and so on.

 

One of my friends just had her husband die suddenly-at age 40. She has commented that she's very glad she had gone back to work because she'd never realized just how many things were in her husband's name. Because she HAD the credit card, verifiable income, and work history, she was able to get them transferred over. If she hadn't had that credit record, it would have been much harder for her to deal with it and to care for her two sons.

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

 

So, women who work hard for their families, who help their husband's career along, etc are not deserving of some control over their finances? They don't deserve the protection that credit in their name offers in case of death or divorce?

 

I had an insurance agent say that to me once. People are just ignorant. There is no way my husband would be where he is in his career without me. :glare: It's a team effort, d&^% it. :D

:iagree:

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Hunh. I thought it was always this way. I tried to get a credit card in my name just last year, and I couldn't. I haven't worked in almost 8 years. I have fantastic credit. Still, they wouldn't give me one.

 

We do have one card that's in both my dh's and my name. But dh has one card in just his name, and I can't get one. Makes me mad, to be honest. Not that we NEED one in just my name, but I still should be able to get one; even if it's just got a tiny limit. Back when I was still 17, not even an adult yet, I got one with a low limit. But, I DID have a job then, I guess.

 

I'm just glad dh and I have that one card in both our names. What if (God forbid) he died? I would have to go back to work just to be able to get credit? What if we have planned ahead and have enough life insurance in place so that I didn't HAVE to put the kids in school and go back to work? Then I'm forced to choose between no credit and totally changing how my dh and I had planned and prepared for me to carry on without him? Crazy and absurd, I say.

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This is the type of thinking that has left so many women in dire straights over the history of humanity. Might as well go back to women being second class citizens without a brain in their collective heads.

 

Yes there are some people, both men and women, who don't have a clue as to the proper way to use credit (and money) wisely. But do not close out an entire segment of the population as unworthy just because their jobs are unpaid.

 

It has nothing to do with unworthy. It has to do with the simple fact that if I don't earn an income, I have no means to pay back any money I borrow.

No matter how worthy my unpaid occupation is - I need somebody else to pay my bills. And that somebody else who is, in effect, responsible for my debt, should have that debt in his own name.

It has nothing to do with "second class" or "without a brain". Only with the fact that a person who chooses not to earn an income has to rely on another person to pay her bills.

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So, women who work hard for their families, who help their husband's career along, etc are not deserving of some control over their finances? They don't deserve the protection that credit in their name offers in case of death or divorce?

 

 

 

:iagree: Right on, Mrs. Mungo. Tell it. :D I work HARD to support my dh in his career. Who is doing EVERYTHING ELSE while dh works 60 hours a week to make sure his career is going strong to provide the income for our family? Me, that's who. And lots and lots of other wives. We deserve credit for our dh's income as well.

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It has nothing to do with unworthy. It has to do with the simple fact that if I don't earn an income, I have no means to pay back any money I borrow.

No matter how worthy my unpaid occupation is - I need somebody else to pay my bills. And that somebody else who is, in effect, responsible for my debt, should have that debt in his own name.

 

That is bull because if my dh ran up a bunch of credit card debt, ran off and left me, then they would come after me and anything I had to pay.

 

Eta: in other words, if you are married, then you are both responsible for any and all debt.

 

Fwiw, I have a credit card that is in my name rather than dh's and I haven't worked in 16 years. I pay it with our collective income, just like dh pays for the cards in his name.

Edited by Mrs Mungo
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I work HARD to support my dh in his career. Who is doing EVERYTHING ELSE while dh works 60 hours a week to make sure his career is going strong to provide the income for our family? Me, that's who. And lots and lots of other wives. We deserve credit for our dh's income as well.

 

 

I do support my husband and his career. And it has been our agreement that we share all our income and assets equally. But it does not mean I deserve credit for his income - I do not do his work and I do not have his expertise.

If he did not have me, he would not have a family - but he sure would have his job and his income. We choose to divide labor our way - but I feel no sense of entitlement, and certainly I don't deserve credit for anything he accomplishes.

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That is bull because if my dh ran up a bunch of credit card debt, ran off and left me, then they would come after me and anything I had to pay.

 

That depends on the state you live in. In most states, only the person who incurred the debt is liable, NOT the spouse. In the states where the spouse is liable, you can circumvent the rule by entering an agreement to treat debt and income separately.

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Hunh. I thought it was always this way. I tried to get a credit card in my name just last year, and I couldn't. I haven't worked in almost 8 years. I have fantastic credit. Still, they wouldn't give me one.

 

We do have one card that's in both my dh's and my name. But dh has one card in just his name, and I can't get one. Makes me mad, to be honest. Not that we NEED one in just my name, but I still should be able to get one; even if it's just got a tiny limit. Back when I was still 17, not even an adult yet, I got one with a low limit. But, I DID have a job then, I guess.

 

I'm just glad dh and I have that one card in both our names. What if (God forbid) he died? I would have to go back to work just to be able to get credit? What if we have planned ahead and have enough life insurance in place so that I didn't HAVE to put the kids in school and go back to work? Then I'm forced to choose between no credit and totally changing how my dh and I had planned and prepared for me to carry on without him? Crazy and absurd, I say.

Just a thought... Have you checked your credit report lately? It is always a good idea to check it at least once a year to make sure there are no discrepancies on it. While you might think you have excellent credit, your ID could have been stolen and you not know anything about it and your credit trashed.

 

You can check the reports from all 3 CRAs for free at annual credit report dot com

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That is bull because if my dh ran up a bunch of credit card debt, ran off and left me, then they would come after me and anything I had to pay.

 

Eta: in other words, if you are married, then you are both responsible for any and all debt.

 

Not quite - that is only IF you consented to be jointly responsible for the debt. If the debt/credit is only in your DH's name, then it is only his debt legally. Now some companies may want to threaten to go after you for the debt, but legally they can't go to court to get a judgment against you unless the debt is jointly held. There are a couple of states with different laws, but the vast majority are that the person taking the debt is responsible for the debt.

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I do support my husband and his career. And it has been our agreement that we share all our income and assets equally. But it does not mean I deserve credit for his income - I do not do his work and I do not have his expertise.

If he did not have me, he would not have a family - but he sure would have his job and his income. We choose to divide labor our way - but I feel no sense of entitlement, and certainly I don't deserve credit for anything he accomplishes.

I'm sure there is nothing anyone can say that will change your mind.

 

I would just like to point out to anyone else reading this thread that there is a big difference between taking credit for someone else's accomplishments and having financial credit.

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That is bull because if my dh ran up a bunch of credit card debt, ran off and left me, then they would come after me and anything I had to pay.

 

Eta: in other words, if you are married, then you are both responsible for any and all debt.

 

Fwiw, I have a credit card that is in my name rather than dh's and I haven't worked in 16 years. I pay it with our collective income, just like dh pays for the cards in his name.

 

Whether you are responsible for the debt your spouse incurs, depends on the community property laws of your state. If you live in a community property state, such as Texas, you can use household income (including your spouse's income) to apply for credit. That is a double-edged sword, however, because your spouse can apply for credit without your knowledge and you are responsible for all the debt that is incurred. Suppose that your husband has run up $100,000 of credit card debt which you were totally unaware of and you divorce. The judge can say in the property settlement that the ex-husband is supposed to pay that credit card bill. However, if the husband fails to do so, you are still legally obligated to pay the debt. The divorce decree does not overule the agreement that was made by the lender.

 

In one of the articles the OP cited there was a sentence that just left me :confused::

 

 

 

"For a new divorcee with limited ability to get credit independently, this raises the prospect of lots of debt and no way to borrow to pay it off."

 

 

 

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Now some companies may want to threaten to go after you for the debt, but legally they can't go to court to get a judgment against you unless the debt is jointly held.

 

All credit companies would call, send letters, threaten, turn it over to a debt collector, etc, regardless of the law. They don't have to go to court to threaten and harrass you.

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I'm sure there is nothing anyone can say that will change your mind.

 

I would just like to point out to anyone else reading this thread that there is a big difference between taking credit for someone else's accomplishments and having financial credit.

 

Well, my dh tells people all of the time that part of his success has been due to *my* work. But, the military is an unusual animal in that regard. We are a team.

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Actually, though I don't have an income, I do have money. My dh is active duty military on service for over 20 years. Even if he wanted to divorce me, I would get part of his retirement since we have been married for so long. It isn't a question of a settlement, it is the law. So yes, I should be able to get credit cards in my name. Furthermore, in my household, we treat all money and all debts as community property even if I am living in a state without that. We used part of my inheritance to buy our first car which helped him get to his first duty station and we use his current income to buy my current car now.

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Just a thought... Have you checked your credit report lately? It is always a good idea to check it at least once a year to make sure there are no discrepancies on it. While you might think you have excellent credit, your ID could have been stolen and you not know anything about it and your credit trashed.

 

You can check the reports from all 3 CRAs for free at annual credit report dot com

 

Yes, we do that every 12 months. But it's a good reminder, thanks Chucki.

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Actually, though I don't have an income, I do have money. My dh is active duty military on service for over 20 years. Even if he wanted to divorce me, I would get part of his retirement since we have been married for so long. It isn't a question of a settlement, it is the law. So yes, I should be able to get credit cards in my name. Furthermore, in my household, we treat all money and all debts as community property even if I am living in a state without that. We used part of my inheritance to buy our first car which helped him get to his first duty station and we use his current income to buy my current car now.

 

Good point.

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Well, my dh tells people all of the time that part of his success has been due to *my* work. But, the military is an unusual animal in that regard. We are a team.

:iagree:

 

When this hubbub all came out I had considered having dh cut me a check as salary for the things I do to keep his career afloat so I could have income. (Quicken makes these great LESs) But as I was able to get a card from both Chase and Barclays I'm okay with the status quo.

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Then why the heck does Capital One send me mail EVERY DAY. I will never get their card because the sheer volume of mail is obscene.

:rant:

You can opt out from prescreened offers. Or if you have a Cap One card (or most any major card) you can get all your correspondences electronically. I only hear from them when my statement is cut.

 

 

ETA: Actually it is a good idea to opt out from prescreened offers to help prevent ID theft. Many people do not think to shred the thing when they come in the mail..

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

 

I am appalled by this statement. As someone else has said, nothing on here is going to change your mind, but a non-working spouse does have an income: the working spouse's.

 

For the record, I am not even a non-working spouse. I do work; I do have an income. If I were to put more hours into it, I could make as much or more than my husband. And even I am incensed by this regulation and by the "what difference does it make" attitude. Every time you say that, you devalue the SAHM's role in the family and in society.

 

Terri

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I do support my husband and his career. And it has been our agreement that we share all our income and assets equally. But it does not mean I deserve credit for his income - I do not do his work and I do not have his expertise.

If he did not have me, he would not have a family - but he sure would have his job and his income. We choose to divide labor our way - but I feel no sense of entitlement, and certainly I don't deserve credit for anything he accomplishes.

 

I understand where you are coming from. We don't use credit cards. Although my dh's income (thankfully he's getting one again!) is ours, if he walked away or died it would cease. I would have to go to court for child support of if he died, the income ceases period.

 

I don't know if I'd say credit is a scam, it is privilege, not a right. I maintain my own debit card, but I don't feel entitled to my own credit card because I stay a home. Personally, I don't want to be responsible for any debt, so I probably doesn't enter on my radar.

 

I'm wondering if this is a cultural difference? Do Europeans use credit/debt to the extent that Americans do?

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

 

I guess this was my first thought too. I wouldn't 'loan' money to someone who wasn't working. How could they pay it back? :confused:

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I am appalled by this statement. As someone else has said, nothing on here is going to change your mind, but a non-working spouse does have an income: the working spouse's.

 

For the record, I am not even a non-working spouse. I do work; I do have an income. If I were to put more hours into it, I could make as much or more than my husband. And even I am incensed by this regulation and by the "what difference does it make" attitude. Every time you say that, you devalue the SAHM's role in the family and in society.

 

Terri

 

But because the spouse is working you CAN get a credit card but some how, in some way, there would be the understanding that 'spouse' was paying the bill. Without my dh's income, there is no way I could pay a credit card bill. In theory, yes, his $$$ is mine, but from a business standpoint?

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

 

It has nothing to do with unworthy. It has to do with the simple fact that if I don't earn an income, I have no means to pay back any money I borrow.

No matter how worthy my unpaid occupation is - I need somebody else to pay my bills. And that somebody else who is, in effect, responsible for my debt, should have that debt in his own name.

It has nothing to do with "second class" or "without a brain". Only with the fact that a person who chooses not to earn an income has to rely on another person to pay her bills.

 

I do support my husband and his career. And it has been our agreement that we share all our income and assets equally. But it does not mean I deserve credit for his income - I do not do his work and I do not have his expertise.

If he did not have me, he would not have a family - but he sure would have his job and his income. We choose to divide labor our way - but I feel no sense of entitlement, and certainly I don't deserve credit for anything he accomplishes.

 

 

:iagree: DH's job has nothing to do with me. He would make exactly the same amount of money were we to not be married. His income is based on his incredible work ethic and expertise. Now his home life wouldn't be near as awesome without me :D

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I'm wondering if this is a cultural difference? Do Europeans use credit/debt to the extent that Americans do?

 

No. At least not in Germany. Most people do not have credit cards. Store credit is rarer, except for catalog orders. Traditionally, if you want to buy something, you save until you have saved up the money and then buy. Mortgages are much harder to obtain than in the US.

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I am appalled by this statement. As someone else has said, nothing on here is going to change your mind, but a non-working spouse does have an income: the working spouse's.

 

For the record, I am not even a non-working spouse. I do work; I do have an income. If I were to put more hours into it, I could make as much or more than my husband. And even I am incensed by this regulation and by the "what difference does it make" attitude. Every time you say that, you devalue the SAHM's role in the family and in society.

 

Terri

 

I don't think the credit card companies, or the credit industry in general, needs to support or make a commentary on a cooperative/team marriage.

 

If an individual doesn't have an income; they don't have an income for credit purposes. That's reality, and it's one of the realities you accept when you choose to embrace a parent at home lifestyle.

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I don't think the credit card companies, or the credit industry in general, needs to support or make a commentary on a cooperative/team marriage.

 

If an individual doesn't have an income; they don't have an income for credit purposes. That's reality, and it's one of the realities you accept when you choose to embrace a parent at home lifestyle.

 

If we get divorced, he has to pay child support and possibly alimony. As Chris noted, some of us would even get part of his retirement. So, in fact, the laws and courts recognize that what we do has monetary value.

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I am appalled by this statement. As someone else has said, nothing on here is going to change your mind, but a non-working spouse does have an income: the working spouse's.

 

For the record, I am not even a non-working spouse. I do work; I do have an income. If I were to put more hours into it, I could make as much or more than my husband. And even I am incensed by this regulation and by the "what difference does it make" attitude. Every time you say that, you devalue the SAHM's role in the family and in society.

 

Terri

 

You and your husband may treat your income as joint income. However, a lender can't depend on that arrangement in getting paid back. In some states, your spouse's income is legally yours. In other states it is not.

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It makes perfect sense to me that a person with no income can not obtain a credit card. If the person has a spouse with an income, he/she can have a card in the spouses name because it's the spouse who has to pay it. I don't get what the complaining is about.

If anything, it is far too easy to get credit in this country.

 

Agree.

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