Credit Cards

Stay-at-Home Parents Struggle to Obtain Lines of Credit

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Stay-at-Home Parents Struggle to Obtain Lines of CreditThe Credit Card Accountability, Responsibility and Disclosure Act of 2009 specified that lenders must consider a consumer’s individual income when they apply for a new line of credit, which has left many stay-at-home parents without the ability to get an account in their own name, according to a report from U.S. New and World Report. This can also be troublesome for Americans who are married to military service members fighting overseas, as they cannot get their spouses to co-sign on an application, and may need the account to help make ends meet.

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Other concerns often raised over this particular regulatory quirk is that some people may not be able to maintain their credit properly while married, which can lead to problems getting new accounts following a separation or divorce, the report said.

The Credit CARD Act was originally intended to protect consumers from getting into credit card debt and other financial holes they couldn’t dig themselves out of, but a few oversights may be complicating life for some Americans.

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  • kasara

    This law has hurt many Americans. Being a military wife, I have to make a lot of sacrifices and my personal credit should not be one of them. It’s hard to establish my own idenity and credit with this credit card act. It may help people not overextend themselves but I do not think the benefit of that outweighs the negative impact on stay at home parents. If something were to happen to my husband, I would be left without a way to obtain the credit I need to purchase a home or a car. Everything we have, he has cosigned for due to this new income requirement. My credit score is a little better than his but he can obtain the credit before I can. Something should be done to make this act either non existant or change it to benefit military spouses and stay at home parents. We should be able to obtain credit ourselves and be able to be self sufficent should something happen to our spouses.

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