Credit Card Limits for Stay-at-Home Parents
Posted on December 29 2011
According to the website www.creditcards.com, as of October 1st, the Federal Reserve is now limiting the ability of a stay-at-home parent to be approved for a credit card. On a credit card application, when the companies ask for household income, the applicant will now be asked only for their individual income. One could argue that this will make it much more difficult for the parent that stays at home with the kids to effectively run the household, build their own credit history, or even establish and maintain their own independence. There are ways to overcome these obstacles, however. A stay-at-home parent can still be a joint applicant on a credit card. A husband and wife could then still use the total household income, both would receive a card, and both would impact their credit history along the way.
By Nathan Aakre, CPFC®
Certified Credit Counselor
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