Credit card options for stay at home parents - ABC 33/40 - Birmingham News, Weather, Sports

Credit card options for stay at home parents

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Help could soon be on the way for stay-at-home parents being denied credit cards because they don't have their own income.  The Consumer Financial Protection Bureau is expected to propose a rule in the coming months to make it easier for people without personal income to qualify for credit cards. The agency's director announced the plan last week during a congressional hearing. 

Currently, the law requires credit card issuers to consider applicants' individual income instead of household income when making lending decisions.  That means a lot of stay-at-home parents have a hard time getting their own credit card, even if they have perfect credit.  

The new proposed rule is expected to be proposed before Congress reconvenes in November.  

 

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