Household Income Applicable Cards

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Wildcat_1
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Household Income Applicable Cards

Postby Wildcat_1 » Sat Aug 10, 2013 1:32 pm

Hi all

I wanted to start a thread around those cards/providers that have now amended their process for the Card Act changes and therefore allow stay at homes to use 'household income' on their application.

As I mentioned in another thread, multiple conversations with AMEX has just gotten me responses like 'we have no information on that at this time' and that household income cannot be used on their apps yet.

So what has been your story so far, can we start a list of those companies that have successfully implemented this change (the law states 6 months from the May timeframe when it was announced).

Thanks all

WC


MemberSince99
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Postby MemberSince99 » Tue Aug 13, 2013 12:32 pm

I read a story on FICO where the poster said they talked with Amex and Amex told them it was fine to use household income.

As long as your tax returns match what you tell them as far as income whether you filed single or jointly, I don't think it will be an issue. Unless they specifically tell you on the application that only your personal income can be used, assume household income is fine.

And for the benefit of those of us (like myself) who love to argue, I do NOT mean for some college student living at home making 4k a year part time to give the parent's household income. I mean from you and your spouse. Money you get your hands on and you can spend. I had to say that otherwise someone is gonna pipe up "Dude I'm living in the rents basement man, so can I put their income since we are all in the same house?". Um, you CAN but you SHOULDN'T. Catch my drift here?

Wildcat_1
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Postby Wildcat_1 » Tue Aug 13, 2013 1:33 pm

99

Yes this would be my spouse, problem is on all of these apps is they ask employed (by who) or self employed and of course you don't know what if anything you should check :)

WC

Midori
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Postby Midori » Tue Aug 13, 2013 1:59 pm

If memory serves, I think I got an application for the Discover it that seemed to have its "income" box phrased very carefully, although I don't remember how they phrased the "employer" box. Discover had been one of the early adopters of the CARD Act the first time around before things became mandatory, so it wouldn't be surprising to hear they had been an early adopter of the latest batch of fixes and modifications.

Have you considered having her open up an account at OSU Credit Union, getting a Visa Value card to establish credit, and by the time she has three to six months' worth of track record with that, she could start looking into the next step up from a starter card and the "employer" deal would no longer be an issue?

dickey1331
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Postby dickey1331 » Tue Aug 13, 2013 2:27 pm

When my wife applied for her AMEX she put unemployed and then our household income and they accepted it.
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Wildcat_1
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Postby Wildcat_1 » Tue Aug 13, 2013 5:52 pm

Thanks all for your feedback. I went ahead and pulled the wife's credit and she is coming in around 740 on Exp/Eq and 720 TU. With that said and the household income thing (remember she is stay at home, no direct income for her) would she qualify for something like a BCP or would there be any other 'good' cards with bonuses right now she may be able to hit with that score ?

Also, having never completed an app regarding this 'other income' financial assets type of info I assume that it will not affect my credit as I will not be co-signing anything she will just be using those assets to show she has access to some income within the house ?

Thanks

WC

Midori
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Postby Midori » Tue Aug 13, 2013 6:21 pm

"Lack of revolving credit" is probably going to be a bigger factor in what she can get than her credit score or SAH status.

I (also a SAH) got rejected for a store card (Lowes) for lack of revolving credit in October '12, even though my scores were north of 800. At the time, I'd been an AU for 10 years (Chase Freedom) and 12 years (BofA WorldPoints), and a joint user on the Freedom for about 2 years.

I got a starter card in October '12 ($39/yr Capital One Platinum); applied for the Citi ThankYou in November, got the card in January; got made a joint user on the WorldPoints in January; and got an AmEx BlueSky in July '13. So once she starts rolling the ball, she can get where she wants to go pretty quickly... being conservative and methodical is better than rushing things, even if it does leave you with a few extra cards that you outgrow. You can cut them loose whenever they no longer serve their purpose.

Wildcat_1
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Postby Wildcat_1 » Tue Aug 13, 2013 6:36 pm

Midori, thanks for your help. Trying to stay away from Cap One at this time time for her so any others you would suggest from AMEX, Chase, Citi that you think might be a good place to start. Also AMEX are stating that you should put $0 for income for her and then claim the rest in financial assets but problem is those financial asset sections seem to be very specific (checking account, savings acoount, investments etc but not just other income :) ).

Thanks again

WC

Midori
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Postby Midori » Tue Aug 13, 2013 7:10 pm

Is there anything keeping her from getting a secured card? Toss $500 or $1k into it for a year, use it, cancel it, and get your money back.

Or there was that OSU Credit Union near you that offers a Visa Value starter card.

As far as Citi, Amex, Chase go specifically... Some people claim the Citi Aadvantage is an easy card to get, but it has a $95/year fee, waived the first year. Some people recommend the Delta Gold Amex as an easy card to get, but it has a $95/year fee, waived the first year. Some people recommend the Chase Amazon card as an easy-to-get card, but there's a review on this site that isn't so enamored of it.

Wildcat_1
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Postby Wildcat_1 » Sun Aug 18, 2013 11:39 pm

Well, we went for it and started with the wife. We thought we would try for the cards we wanted first for her BCP, Freedom (switch up), barclaycard arrival and was not sure what would happen.

Please to say the BCP she was approved for instantly, the Freedom said decision pending but when we'd called the automated line it said approved and gave the credit line (little low but a good start at least). Barclaycard arrival was the hard hitter and came back denial so we are going to call recon on that tomorrow. May try a different card to get to 3 total for her if arrival doesn't go through but not giving up trying yet as was surprised she got this much considering the household income thing.

One question I do have is around BCP. When I read some reviews they talk about adding additional card holders who 'will benefit from the same rewards' can anyone tell me does that mean in essence you are sharing the $6k cap on groceries for example or if you add an additional cardholder they get their own $6k cap ? Based on grocery spend the answer to this question may determine whether I keep one of my app list ore remove and add a different card

Thanks all for the help, onto mine next tomorrow

WC



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