I’ve received a couple of notes from readers over the past few months noting that their wives (who didn’t work outside of the home) were being denied credit cards because credit card companies are only considering individual income, not “household” income when determining whether to approve a credit card.
This rule was was an unintended consequence of a law that was designed to protect students and those in their 20s from getting too deep into credit card debt.
Stay-at-home parents looking to get into the whole credit card game received a small bit of good news recently when the head of the Consumer Federal Protection Bureau told a Congressional committee that they would propose a new law in the next month or so to allow stay-at-home spouses to count household income when applying for cards. (NY Times has a bit more detail here.)
This change won’t happen tomorrow, but I hope that by the end of the year stay-at-home parents can start churning again.