I'm a SAHM with no income...will they give me my own credit card?

Discussion in 'Budget Board' started by ColoradoK, Mar 30, 2011.

  1. ColoradoK

    ColoradoK Mouseketeer

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    Not really trying to be sneaky...but just curious really. Like the free flight deals or Disney $200 gift card Visa deals, could my hubby apply for one and me apply for a totally different one?
     
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  3. DisneyAndRedSox

    DisneyAndRedSox I still call it a WEDWay PeopleMover!

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    I have had no trouble applying for a card in my name as a SAHM (they ask for total household income). DH and I have separate Disney Visa accounts- I got mine about 2 years before he got his.
     
  4. Disney*Dreamer

    Disney*Dreamer DIS Veteran

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    I have never had any trouble, and like the previous poster, my husband has his own Disney visa, and I have my own. I have been a stay at home mom for 9 years, though I do substitute at my kids school, the income is very little and not dependable.
     
  5. Tinkmom

    Tinkmom DIS Veteran

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    I think the latest credit card laws will make it difficult for you to get a card on your own. Instead of household income, a lender is supposed to look at the individual's income to determine their creditworthiness.

    Apparently the law is mandatory later this year, but I many credit card companies are already making the change. So, if you are going to apply, sooner is definitely better than later. Good luck!

    http://www.creditcards.com/credit-c...parent-credit-cards-household-income-1282.php
     
  6. scrapquitler

    scrapquitler DIS Veteran

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    I've applied and been approved, and I put that I am a SAHM. But it probably depends on your current credit rating score and if you have had a credit card in your name in the past. I've had a credit card in my own name without DH since before we got married (over 20 years ago), that might make a difference.
     
  7. SandrA9810

    SandrA9810 DIS Veteran

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    As long as it's based off of total household income, it doesn't matter which person is actually doing the earning.
     
  8. Swimalie

    Swimalie DIS Veteran

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    I read about this as well. Try for the card now to avoid the new regulations coming in to effect soon.

    I can tell you I just applied for a new USAA Master card a few weeks ago and I'm a stay at home mom. I've had another USAA other Master card for about 20 years so they know my history. I not only got approved but got a huge increase in my credit limit (I was actually happier with the lower limit, though).
     
  9. eliza61

    eliza61 http://www.wdwinfo.com/dis-sponsor/images

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    couldn't tell it by my household. My son is in his 2nd year at Marshall. The boy has gotten 2 visas already with absolutely no job. :furious: the first from bank of America. I actually called them to complain about him not having any freakin income and you know what they said...."we based some of our clients on their future ability"

    And if the kid turns into "boo-boo the bum" who are you going to try to hit up for the money?
     
  10. delmar411

    delmar411 DIS Veteran

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    I haven't found that to be the case. I just got an Airtran Visa this past week since they were offering $25 off a flight if I applied right then. I'm a SAHM so I put in household income. I have more credit cards and credit than DH does.
     
  11. figment3258

    figment3258 DIS Veteran

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    I just applied for one a month so ago and had to problem getting it and it came with a very large credit limit
     
  12. thebeesknees

    thebeesknees DIS Veteran

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    Yup, another SAHM here. Got one last year with no problem. We did it for the air miles. DH was actually kind of annoyed that I got a higher credit limit (with no income) than he ever has!
     
  13. pigletto

    pigletto DIS Veteran

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    I know!! My brother is in med school, you should see the credit limit they offered him. They practically fall all over themselves trying to get him to sign up.
    Yuck.
     
  14. Dashzap

    Dashzap DIS Veteran

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    Just wanted to point out that all SAHM should get their own credit card. If the unthinkable happens, it is good to have your own established credit.
     
  15. Dashzap

    Dashzap DIS Veteran

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    You can call and request a lower limit. I've done this over the years with the credit card I use for online orders. A lower limit will minimize the hassle if the card number gets stolen.
     
  16. jemgumby

    jemgumby DIS Veteran

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    :thumbsup2 So true! I could never imagine being reliant on my DH for credit. I would feel so vulnerable but that is just me.
     
  17. Swimalie

    Swimalie DIS Veteran

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    Cases like this are one of the reasons for the new regulations that will go in to place next year, I believe.
     
  18. Swimalie

    Swimalie DIS Veteran

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    With a credit card, not debit card, I am only liable for $50. The credit limit doesn't matter if the card gets stollen since it's credit only, no debit.
     
  19. kamik86

    kamik86 DIS Veteran

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    The only way you might have a problem is if you have never had credit of your own or you messed your credit up in the past.

    My husband can't get most cards everything is in my name because when he first turned 18 he got a couple cards that he maxed out and couldn't pay and 1 ended up going to collections.
     
  20. Purseval

    Purseval DIS Veteran

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    College students are the most reliable and profitable segment of the credit card market, not because they are good credit risks but because the parents are more likely to bail them out if they get into trouble. It's actually a good idea for your college student to apply because the minute he graduates he's assumed to be on his own and the offers will disappear. So take those cards and put them in a drawer for now rather than canceling them. Or if you want to build up a credit history for him use his cards for recurring charges like your cable bill or phone, things you would be paying anyway. When he graduates and gets an income stream he'll already have a good history of payments.
     
  21. Tinkmom

    Tinkmom DIS Veteran

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    LOL. I like how people answered without bothering to read the link or get the latest info. There is a new law about this, which will make a big difference. Later this year it will be MANDATORY that credit card issuers rely ONLY on the individual's income, NOT the household income. Some CC issuers are already using that info and not allowing stay-at-home spouses or adult children to ride on the income of other members of the household.

    Guess sometimes you get what you pay for when you ask for financial advice on a disney forum. :rotfl:
     

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