EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
  • Posts: 23369
February 18th, 2019 at 12:45:05 PM permalink
This I did not know. In 2009 a law passed
that lets you lump household income in
with your personal income when applying
for a card. Spouse, partner, anybody in
your household you could show in court
that you could reasonably expect help
from in making payments.

According to an amendment to the CARD Act, borrowers over 21 can list any income to which they have “reasonable expectation of access.” https://www.nerdwallet.com/blog/credit-cards/report-income-credit-card-application/

This means I can include my wife's income
which will considerably boost my credit
limit level. I love CC's, especially the ones
I keep for emergencies and never use.

I wonder if 25 year olds living at home can
use their parents income when applying.
"It's not enough to succeed, your friends must fail." Gore Vidal
AZDuffman
AZDuffman
Joined: Nov 2, 2009
  • Threads: 219
  • Posts: 11086
February 18th, 2019 at 12:58:01 PM permalink
Since it is unsecured credit, income plays a lesser role anyways. Biggest thing for a CC will be your FICO and how much other debt you have. And if you put nonexistent income and get sued for not paying, prepare to possibly get fraud charges.

The 25 year old if a student can easily get a CC.
Tolerance is the virtue of believing in nothing
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
  • Posts: 23369
February 18th, 2019 at 1:05:03 PM permalink
Quote: AZDuffman

Since it is unsecured credit, income plays a lesser role anyways.



But it does play a role. A person who
has a $25K income won't be taken
as seriously as somebody with a
$55K because he's including his wife's
income.
"It's not enough to succeed, your friends must fail." Gore Vidal
TigerWu
TigerWu
Joined: May 23, 2016
  • Threads: 18
  • Posts: 3592
February 18th, 2019 at 1:12:04 PM permalink
Quote: EvenBob

I wonder if 25 year olds living at home can
use their parents income when applying.



Yes. I did that when I was like 22. Would not recommend it. Got myself in a lot of financial trouble... haha...
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
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February 18th, 2019 at 1:30:35 PM permalink
I don't pay attention to changing laws,
I've had CC's for decades. I remember
around 2000 I opened a new bank account
and when I went in a week later, the
manager handed me a $1000 Visa
card he had gotten for me and tied
it to my account for overdraft protection.

That stopped happening after 2008.
In fact, I remember the limit being
cut in half on some of my CC's,
because they were terrified of people
defaulting owing huge amounts.
I went from $50K on a Chase Visa,
down to $22K overnight. My wife
was furious.
"It's not enough to succeed, your friends must fail." Gore Vidal
Steverinos
Steverinos
Joined: Jul 6, 2016
  • Threads: 5
  • Posts: 1420
February 18th, 2019 at 3:24:38 PM permalink
There's an interesting battle heating up between banks and retailers over the interchange fee that rewards cards are collecting. Retailers want the right to negotiate that fee. Because of this higher fee, and the lack of negotiating power retailers have in these networks, retailers are starting to raise their prices to compensate, effectively passing the costs of the rewards to consumers themselves.

The AP credit card bonus game is going to look a lot different in 5 years, if it even exists at all.
TigerWu
TigerWu
Joined: May 23, 2016
  • Threads: 18
  • Posts: 3592
February 18th, 2019 at 3:31:04 PM permalink
Quote: Steverinos

The AP credit card bonus game is going to look a lot different in 5 years, if it even exists at all.



It'll still be around, they'll just jack up the APR since most people don't pay attention to that anyway (or don't care).
AZDuffman
AZDuffman
Joined: Nov 2, 2009
  • Threads: 219
  • Posts: 11086
February 18th, 2019 at 3:51:14 PM permalink
Quote: EvenBob

But it does play a role. A person who
has a $25K income won't be taken
as seriously as somebody with a
$55K because he's including his wife's
income.



It is all "stated income" anyhow. Not really verified.
Tolerance is the virtue of believing in nothing
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
  • Posts: 23369
February 18th, 2019 at 4:02:02 PM permalink
Quote: AZDuffman

It is all "stated income" anyhow. Not really verified.



But if they do verify it in bankruptcy
court, and you make $35K and you
claimed $80K, off to prison you go.
Examples on the net..
"It's not enough to succeed, your friends must fail." Gore Vidal
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
  • Posts: 23369
February 18th, 2019 at 4:03:36 PM permalink
Quote: Steverinos



The AP credit card bonus game is going to look a lot different in 5 years, if it even exists at all.



That will kill my wife. She's puts everything
on her rewards card. I have a couple and
never even use them, I hate stuff like that.
Just like I hate comps.
"It's not enough to succeed, your friends must fail." Gore Vidal

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