What's wrong with our current credit system.

[ekatiel]

I just applied for an airline miles credit card that was offering me a significant amount of free miles. The email was sent directly to me, so only I (and not my husband-- our family's sole bread winner) could apply for the card. We've got really good credit, so I went ahead and applied anyways. There's a law now that you can't use household income when applying (which really irks me, but that's another thread), so when asked my personal income, we told the truth, and said ZERO. I was approved for the card with NO income. And THAT's what's wrong with our current credit system. (Not that I'm complaining b/c we get a couple of free flights now!). --Katie

 

[a1tinkfans]

so you are complaining about the system that you just took advantage of??


Let me ponder that a while .... yeah, you got what you wanted ...and now you complain about the "system" ??? too funny...

Glad you got what you wanted (free flights) I think

happens to be a great card by the way....and no DISrespect, truly.... but your "point" is kinda lost on me

 

[ekatiel]

No disrespect felt. I just find it amusing that they will still give you a credit card with ZERO income. Maybe they know I have a sugar daddy . --Katie

 

[a1tinkfans]

No disrespect felt. I just find it amusing that they will still give you a credit card with ZERO income. Maybe they know I have a sugar daddy . --Katie

 

[ceecee]

Our credit score is very high, we have excellent credit. When I tried to apply for a card (for rewards) I was turned down! I work 12 hours a week and so my annual income was only 12,000 so it seems I personally have no credit since I have been married 22 years I guess what I had before no longer counts either.

 

[wdw4rfam]

I just applied for an airline miles credit card that was offering me a significant amount of free miles. The email was sent directly to me, so only I (and not my husband-- our family's sole bread winner) could apply for the card. We've got really good credit, so I went ahead and applied anyways. There's a law now that you can't use household income when applying (which really irks me, but that's another thread), so when asked my personal income, we told the truth, and said ZERO. I was approved for the card with NO income. And THAT's what's wrong with our current credit system. (Not that I'm complaining b/c we get a couple of free flights now!). --Katie

Same here. I was at Sears and they gave me the apply and save 15% speech- so I figured I'd call their bluff. I applied and also put Zero. Came back with a $1500 credit line???? Really?? So as there IS a law stating you cant use household income on an application......I guess there is no law against the companies USING household income as an assumption!!!

 

[DawnM]

I was actually rejected for a CC recently for being "just a homemaker." Those were the words of the man on the phone.

The next day his manager called to find out why I didn't get a card. I explained to him in no uncertain terms that I did NOT appreciate being called "just a home maker." I went on to explain that I do NOT make homes, that I most likely had more education and professional work experience than that idiot who had spoken to me yesterday had, and that I expected further training for those who can't word things more appropriately.

I got an apology and the card.

It was for Fidelity American Express.

Dawn

 

[*pixie*dust*]

Same here. I was at Sears and they gave me the apply and save 15% speech- so I figured I'd call their bluff. I applied and also put Zero. Came back with a $1500 credit line???? Really?? So as there IS a law stating you cant use household income on an application......I guess there is no law against the companies USING household income as an assumption!!!

The law is that if a person is 21 or younger they can't extend credit without a source of income. Over 21 is ok, according the the regulation. It was put in place to keep companies from putting college kids into debt with no way to pay.

 

[mrsklamc]

This new law about household income is why I didn't apply for the Southwest Visa and score the free flights. It asked for my income and our house payment. Well, my income wouldn't cover our house payment if I had to pay for much else, and I wasn't sure what they would do even though we have excellent credit.

 

[ekatiel]

This new law about household income is why I didn't apply for the Southwest Visa and score the free flights. It asked for my income and our house payment. Well, my income wouldn't cover our house payment if I had to pay for much else, and I wasn't sure what they would do even though we have excellent credit.

You probably would have gotten approved! The card I applied for was the Continental card, but I'm guessing they use similar methods for approval. I was also asked our house payment. I wonder if they use the house payment to get a ballpark figure for household income, since they can't ask for that anymore. --Katie

 

[Jeff_G]

I was actually rejected for a CC recently for being "just a homemaker." Those were the words of the man on the phone.

The next day his manager called to find out why I didn't get a card. I explained to him in no uncertain terms that I did NOT appreciate being called "just a home maker." I went on to explain that I do NOT make homes, that I most likely had more education and professional work experience than that idiot who had spoken to me yesterday had, and that I expected further training for those who can't word things more appropriately.

I got an apology and the card.

It was for Fidelity American Express.

Dawn

Why would you want to do business with a company that will treat you that way? I would have accepted the apology and taken my business elsewhere.

 

[DawnM]

Well, the peon who said it to me was not management. Management called and apologized.

And because I can't find another CC to give me 2% back on each and every purchase.

Dawn

Why would you want to do business with a company that will treat you that way? I would have accepted the apology and taken my business elsewhere.

 

[Bildmouse]

I applied for a Loft credit card just to get the benefits associated with it - planned on paying it off after each purchase-

Got denied

Why

They can't confirm my address - where I have lived for the past 35 years!!!!

They want a utility bill to confirm - well guess what - they are all in DH's name because that's how things were done 35 years ago!!!!

So no Loft card for me!

But obtaining a Disney CC in my name was not a problem-

 

[hsmamato2]

I know what you mean in the same boat here,love all the perks associated with my awesome credit score, but I have no job! (technically speaking....income-wise)
I thought the same thing as you OP,why would you give ME great finance rates on this new car? I can't pay you back!