Students + with NO source of income can now apply for CC....

[smee123]

 And when you call recon they should understand that this is a new thing?

[Miracle]

And when you call recon they should understand that this is a new thing?

IME,  reps don't always know updated information, but you can always ask them to verify, and they will see it is indeed true.

[CountValentine]

Stay-at-home partners, students, or folks without a conventional source of income can now apply for credit cards (& the sign-up bonus) again!

Just list your income as “maintenance” income or in the “other” category on the credit card application as long as you can use it to pay back your debt.

The CARD Act [https://www.govtrack.us/congress/bills/111/hr627/text] required banks to evaluate borrowers based on their own income instead of household income or income from others.

This unfortunately meant that stay-at-home partners, students – or anyone who relied on someone else for their income – were having trouble getting their own credit cards and the sign-up bonus and perks that come along with credit cards.

But this rule from the Consumer Financial Protection Bureau (CFPB) has amended the CARD Act.

The new rule says that banks can consider any “income or assets to which consumers have a reasonable expectation of access.”

Awesome news

Link?

[Dr Moose]

Link?

The CARD Act https://www.govtrack.us/congress/bills/111/hr627/text

[Penguin711]

What if your only source of income is your wife's and she is paid off the books...

[CountValentine]

@Dr Moose or anyone. Link to the change in the card act the OP is talking about.

[sky121]

What would someone write under employer when applying?

[myb821]

@Dr Moose or anyone. Link to the change in the card act the OP is talking about.

http://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final-rule.pdf

[Galitzyaner]

It's a serious crime

Oooh, אַזא צדיק, מיט אַ מאָל.
I'm getting scared!
Have some room for me in your basement?!

http://www.northjersey.com/news/Former_Passaic_cop_turned_mob_enforcer_admits_lying_about_income_on_loan_application.html

Yeah, bring a case from a crazy mobster convict already charged with who knows what else.

"Mazzola, who once boasted on a wiretap that he opened a victim’s head “like a cantaloupe,” was sentenced to 12½ years in prison in 1999 for assaulting a debtor in a Passaic store as part of a plot to collect an $80,000 loan-sharking debt."

[Shmulyg]

Yeah, bring a case from a crazy mobster convict already charged with who knows what else.

"Mazzola, who once boasted on a wiretap that he opened a victim’s head “like a cantaloupe,” was sentenced to 12½ years in prison in 1999 for assaulting a debtor in a Passaic store as part of a plot to collect an $80,000 loan-sharking debt."

+1
I don't think they ever prosecuted anyone for solely lying on a CC application.

[sky121]

What would someone write under employer when applying?

Bump - Anyone?

[Miracle]

Bump - Anyone?

Chase Asks for Your Employer

You could interpret this multiple ways:

You could list employed and then list your family under “Employer”
Or you could list self-employed and then list “Childcare” or “Domestic Care” or something similar
You could also list “Other” and list “Jones Family”
Or you could list unemployed

[rj95]

I am 18 and live at home. Can I list my parents income?

[shmebeble]

I am a studentm have a source of income and have applied and been accepted for every application (except the Ink Bold).
However, if I add my parents income I will obviously receive larger credit lines. If I include some of their income- wont the banks be suspicious that my income went up a lot? Also, if I get FR or A/A I will need to use my parents tax returns?- wont that look weird?

[Dr Moose]

I am a studentm have a source of income and have applied and been accepted for every application (except the Ink Bold).
However, if I add my parents income I will obviously receive larger credit lines. If I include some of their income- wont the banks be suspicious that my income went up a lot? Also, if I get FR or A/A I will need to use my parents tax returns?- wont that look weird?

IINM if you're over 21 you could include your parents income

[shmebeble]

IINM if you're over 21 you could include your parents income

Will add to my income next application cycle- cant I put my families employer under employer section? That is logical.

[rj95]

Why do you have to be 21 to use your parents income? If anything, until 21 makes more sense?

[joey123]

Are there any members on this forum over 21, who have been FR'd after listing their parents income and passed by sending in their parents tax returns?

[freddy]

Just to get this straight your telling me that if i'm less than 21 and i don't have a job there's no way i can get a credit card? (other than a secured card)

[joey123]

Are there any members on this forum over 21, who have been FR'd after listing their parents income and passed by sending in their parents tax returns?

BUMP