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

[AmberHeartsDisney]

Did you ever have anything in your own name? If you have NO credit score I think it could be hard. You should maybe get a secure one at first.

 

[ColoradoK]

I have had credit in my own name in the past, yes. And duh, I don't know why I didn't think of it but I got my first cards in college when I had no real income then either.

And that is a GREAT point about "the unthinkable". EVERYTHING is in my husband's name...the mortgage, the title of the house, both our cars. My name isn't even mentioned. We both know this isn't wise but also haven't bothered to change it yet. Least I can do is get my own darn Disney Visa. LOL

 

[pintamino]

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.

You're only liable for $50, but you may still have to do paperwork, make phone calls, etc to get the rest of the charges revoked -- which would be more if somebody, say, stole your card and ran up $50k than if $5k, kwim?

 

[39CINDERELLA]

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!

This really infuriates me! A SAHM/SAHF is a working individual! She/He earns that money too that their spouse brings home. Just another way to say if you choose to RAISE your OWN children, you are not worthy.

 

[tlbwriter]

This really infuriates me! A SAHM/SAHF is a working individual! She/He earns that money too that their spouse brings home. Just another way to say if you choose to RAISE your OWN children, you are not worthy.

Um, no, not from the bank's point of view. While you may be doing something valuable, it's not something that generates an income, and that's what they care about. Why should they be eager to loan money to someone who has no means of their own to pay it back?

 

[si-am]

This really infuriates me! A SAHM/SAHF is a working individual! She/He earns that money too that their spouse brings home. Just another way to say if you choose to RAISE your OWN children, you are not worthy.

I don't really see why this should be so infuriating, honestly.

If you are content to let your husband earn the money for the family, then why would it be different to share a credit card with him too?

 

[39CINDERELLA]

Um, no, not from the bank's point of view. While you may be doing something valuable, it's not something that generates an income, and that's what they care about. Why should they be eager to loan money to someone who has no means of their own to pay it back?

I am not arguing the banks pov. just stating how unfair.


from the report....One major effect of the new regulation: Stay-at-home moms (or dads) without significant outside income no longer will be able to open their own credit card accounts -- and establish their own credit histories to build their credit scores. Compliance with the rule is mandatory by Oct. 1, 2011, though credit card companies can begin operating under it immediately.

"From an economic standpoint, this is a whopper," said Manisha Thakor, founder of the Women's Financial Literacy Initiative, a financial fellow at Wellesley College and a Houston-based financial analyst. "Not only will be harder to build a credit score, but this ruling is tantamount to assigning a zero dollar value to the work stay-at-home parents do day in and day out to keep households running."

Read more: http://www.creditcards.com/credit-c...cards-household-income-1282.php#ixzz1ICKZx81T
Compare credit cards here - CreditCards.com



If the couple should divorce, the one without cards in own name, no income are being discriminated against. How is that person to get on their feet if not allowed to use household income anymore? (Prior to divorce of course)

FWIW...I am a SAHM with my own income, and cc's in my name.

 

[39CINDERELLA]

I don't really see why this should be so infuriating, honestly.

If you are content to let your husband earn the money for the family, then why would it be different to share a credit card with him too?

I do share cc with Dh, and have my own
we each still have our own identities

 

[fortwildernessishome]

Havent read the whole thread, but was just going to say that I have been a SAHM for 18 years now. I have three credit cards in my name and just applied for and received the Southwest credit card last weekend. No problem at all and very easy. Of course our credit rating is about as perfect as you can get, but just wanted to let you know that I have never had a problem. Good luck!!

 

[tlbwriter]

If the couple should divorce, the one without cards in own name, no income are being discriminated against. How is that person to get on their feet if not allowed to use household income anymore? (Prior to divorce of course)

Well, I don't find it discriminatory to decline to loan money to someone who has no income. Honestly, it seems pretty basic to me. It's just one of those trade-offs that people will have to take into consideration when deciding whether or not to get a paying job.

 

[ColoradoK]

Well, I don't find it discriminatory to decline to loan money to someone who has no income. Honestly, it seems pretty basic to me. It's just one of those trade-offs that people will have to take into consideration when deciding whether or not to get a paying job.

I agree, I don't find it discriminatory either...which is why I asked if the credit card companies were that "foolish" to give me my own.

 

[cseca]

I think it's rather discriminatory. When you're a SAHM/F you are being paid by your spouse in a sense. Just because there's no W2 or 1099 attached to the pay doesn't mean it's not a job.

And instead of lumping SAHM/F with a jobless mass the regulation should say make the credit worthiness review based on past history (if any) and put a max limit on the credit. And credit increases should be given until sufficient data is collected based on each card.

But then again, I understand the need for tighter regulation. Just irks me that people with great ratings will still get shafted later on in getting credit because of other peoples who bungled their credit. Just because people have a job with W2 doesn't mean they are smart enough to to manage credit cards and vice versa.

 

[tlbwriter]

I think it's rather discriminatory. When you're a SAHM/F you are being paid by your spouse in a sense.

But not in the sense that will allow you to pay your bills in case of death or divorce or simply a spouse deciding they don't want to pay "your" bills any more.

Just because there's no W2 or 1099 attached to the pay doesn't mean it's not a job.

True, but there are a lot of important roles that don't produce income.

 

[Lily & Giny's Mom]

I have my own Disney VISA card and I am a SAHD.L&G'sDad.

 

[cseca]

But not in the sense that will allow you to pay your bills in case of death or divorce or simply a spouse deciding they don't want to pay "your" bills any more.



True, but there are a lot of important roles that don't produce income.

I agree that SAHM/F is a higher risk than classic working people, but who says that someone won't lay off or fire a working person tomorrow. Like I said, I know it's a higher risk but the risk should be assessed differently and not completely lumped into a no credit pile. That's all... And chances are a responsible SAHM/F is still less risky then a new college graduate with a new job and lots of student loans.

But we're just beating a dead horse since we can't change anything. I was just agreeing with a PP on the discrimination comment.

Oh and I have to say that I applied for a charge card a year ago maybe after I became a SAHM and was accepted. Not a huge limit at all but they still gave it to me.

 

[ColoradoK]

I don't need a high limit at all...just want my first purchase for a $200 gift card.

 

[Donnainnj]

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?

I am a SAHM and have two credit cards in my name, one has DH as a card holder. Those two cards are our highest credit lines.
Donna

 

[tlbwriter]

But we're just beating a dead horse since we can't change anything. I was just agreeing with a PP on the discrimination comment.

And the problem I have is with the word "discrimination." Discrimination means to deny something based on their category rather than their individual traits. Refusing to offer credit to persons of a certain race or religion is discrimination. Refusing to offer credit to those who don't have a college degree is discrimination. Refusing to offer credit to those who have no income of their own to pay it back is a business decision. I can certainly see why people would be unhappy about this policy, but I don't think it's right to call it "discrimination."

So, yeah, agree to disagree.

 

[ancestry]

I think it's rather discriminatory. When you're a SAHM/F you are being paid by your spouse in a sense. Just because there's no W2 or 1099 attached to the pay doesn't mean it's not a job.

I just don't agree. When a couple splits up or gets divorced (which happens quite frequently even if the couple doesn't expect it) or if the wage earning spouse dies, or if the wage earning spouse doesn't want to pay the other person's bills anymore (which I have seen happen) then how is the SAHM or SAHF supposed to pay the credit card bills that are in her/his name only?

Banks offering credit to people who don't have the secure and long term means to repay the money is a huge crisis/problem in this country -- whether it be with credit cards or mortgages.

If you want your own personal line of credit then you should have your own personal income that supports and justifies that line of credit. If you want credit based on a spouse's income then you should get a *joint* credit card where both parties are equally responsible for repayment and the responsibility doesn't go away if the couple breaks up.

People who do not have an income of their own should not be given credit. It just makes NO common sense to extend an individual a line of credit when that individual doesn't have their own income to repay it.

 

[Dashzap]

People who do not have an income of their own should not be given credit. It just makes NO common sense to extend an individual a line of credit when that individual doesn't have their own income to repay it.

There are people with no income who have money to pay bills.