How to apply for a credit card if I am a stay at home mom?

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misterno
Posts: 353
Joined: Sat Mar 08, 2014 7:55 am

How to apply for a credit card if I am a stay at home mom?

Post by misterno » Sun Jun 18, 2017 8:04 am

I applied to a few credit cards in the past and I had to choose unemployed for one of the questions and maybe I was always denied.

I currently have credit cards and score is around 750 but they keep denying because I am unemployed.

Maybe is this because I have 2 late payments in 2016 which I do no remember how it happened. I saw it on Equifax report.

What is the work around?

awval999
Posts: 1048
Joined: Fri Apr 08, 2011 10:17 pm

Re: How to apply for a credit card if I am a stay at home mom?

Post by awval999 » Sun Jun 18, 2017 8:07 am

http://files.consumerfinance.gov/f/2013 ... l-rule.pdf

You are able to use household income under the CARD act.
Instead of picking "unemployed" pick "other".

delamer
Posts: 3240
Joined: Tue Feb 08, 2011 6:13 pm

Re: How to apply for a credit card if I am a stay at home mom?

Post by delamer » Sun Jun 18, 2017 6:34 pm

Are you looking for a work around for the late payments or being unemployed, in terms of getting a credit card?

Is there some reason that you don't want to apply for a card jointly with your husband?

tjaden
Posts: 54
Joined: Mon Nov 24, 2008 2:44 pm

Re: How to apply for a credit card if I am a stay at home mom?

Post by tjaden » Sun Jun 18, 2017 6:44 pm

In our situation, declaring household income was sufficient with my wife as the primary cardholder. We did that a while ago on our 'primary-use' card. Now, she has a better FICO than I do. :happy

jjface
Posts: 2462
Joined: Thu Mar 19, 2015 6:18 pm

Re: How to apply for a credit card if I am a stay at home mom?

Post by jjface » Sun Jun 18, 2017 7:16 pm

We just declare household income and have no problems getting approved. My wife has better credit than I do as well. You can also be an authorized user on your husband's if that is acceptable to both of you.

takeshi
Posts: 1122
Joined: Thu Oct 03, 2013 10:02 pm

Re: How to apply for a credit card if I am a stay at home mom?

Post by takeshi » Mon Jun 19, 2017 7:50 am

misterno wrote:How to apply for a credit card if I am a stay at home mom?
+1 to comments above about using household income and selecting "other".
misterno wrote:Maybe is this because I have 2 late payments in 2016 which I do no remember how it happened. I saw it on Equifax report.
You need to address these if you can. Late payments have a significant impact on your credit score and how likely creditors are to approve you as well as the credit limits, APR's and others terms that you stand to qualify for. You need to review reports with all 3 of the major CRA's -- not just Equifax. You may also want to consider the secondary reporting agencies (e.g. SageStream, ARS, LexisNexis, etc) as many creditors are using them as well.
http://files.consumerfinance.gov/f/2016 ... panies.pdf

Additionally, you need to ensure that all payments going forward on on time. See also (note the biggest slice):
http://www.myfico.com/credit-education/ ... dit-score/
misterno wrote:I currently have credit cards and score is around 750
Which scoring model? Which CRA? Again, there are 3 major CRA's. For most scoring models you have a score with each of the 3 major CRA's. Make sure you're keeping on top of where you stand with all 3 and not just 1.

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