Author Topic: Students + with NO source of income can now apply for CC....  (Read 15418 times)

Offline Miracle

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Students + with NO source of income can now apply for CC....
« on: January 09, 2014, 08:20:19 AM »
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 :)

Offline Dr Moose

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Re: Students + with NO source of income can now apply for CC....
« Reply #1 on: January 09, 2014, 08:27:41 AM »
hasnt everyone been doing this already? ;)
Hey there! I am using DansDeals Forums.

Offline raphy781

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Re: Students + with NO source of income can now apply for CC....
« Reply #2 on: January 09, 2014, 08:30:11 AM »
Anyone over the age of 21 was allowed to put down total household income.

Offline PlatinumGuy

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Re: Students + with NO source of income can now apply for CC....
« Reply #3 on: January 09, 2014, 08:30:48 AM »
hasnt everyone been doing this already? ;)
It's a serious crime

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Offline rots5

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Re: Students + with NO source of income can now apply for CC....
« Reply #4 on: January 09, 2014, 08:38:41 AM »
Discover IT
If you have any questions please search and then ask. PM me for detailed help.

Offline SamKey

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Re: Students + with NO source of income can now apply for CC....
« Reply #5 on: January 09, 2014, 08:52:10 AM »
It's a serious crime
Bank tellers encourage it

Offline ckmk47

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Re: Students + with NO source of income can now apply for CC....
« Reply #6 on: January 09, 2014, 09:33:55 AM »
The application asks for 'household income'.  Which is what I always use.

Offline myb821

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Re: Students + with NO source of income can now apply for CC....
« Reply #7 on: January 09, 2014, 10:09:59 AM »
The application asks for 'household income'.  Which is what I always use.
False

Offline Freddie

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Re: Students + with NO source of income can now apply for CC....
« Reply #8 on: January 10, 2014, 11:56:43 AM »
Bottom line.... has the change occurred? Even if the aps haven't been updated, can I now make aps for my wife who has no income and write in the family income?

I know Dan announced this change would be coming (at the DDS CLE) but is it now official?

Offline Dan

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Re: Students + with NO source of income can now apply for CC....
« Reply #9 on: January 10, 2014, 11:59:24 AM »
can I now make aps for my wife who has no income and write in the family income?
Yes.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline PlatinumGuy

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Offline Freddie

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Re: Students + with NO source of income can now apply for CC....
« Reply #11 on: January 10, 2014, 12:14:26 PM »
Yes.

Mazal Tov! I'll b"n report back on my "wife's" app-o-rama.

BTW, I put "wife" in quotes not because I am like that weird old guy in your building who everyone can hear arguing with his wife at night but nobody has ever seen her. I just wanted to clarify that so nobody should have the wrong ideas. Al kol panim, my "wife" is going on an app-o-rama after shabbos.  ;) ;) ;)

Offline sky121

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Re: Students + with NO source of income can now apply for CC....
« Reply #12 on: January 10, 2014, 12:45:06 PM »
And what about for siblings living at home with no income?
"Not all who wander are lost"

Offline DovtheBear

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Re: Students + with NO source of income can now apply for CC....
« Reply #13 on: January 10, 2014, 12:59:12 PM »
And what about for siblings living at home with no income?
According to the OP, why should they be different?
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Offline sky121

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Re: Students + with NO source of income can now apply for CC....
« Reply #14 on: January 10, 2014, 01:01:04 PM »
According to the OP, why should they be different?

Just asking.
"Not all who wander are lost"