Originally Posted by
kleintalk
It was a personal card. Below I've quoted the new rule. Companies don't have to comply until Oct. 1, but obviously some have begun.
"The Federal Reserve on March 18 told credit card companies that they no longer can consider household income when assessing the creditworthiness of an individual who applies for his or her own card. Under the rule, only an individual's own salary or other income -- rather than combined household income -- can be considered.
One major effect of the new regulation: Stay-at-home moms (or dads) without significant outside income no longer will be able to open their own credit card accounts -- and establish their own credit histories to build their credit scores. Compliance with the rule is mandatory by Oct. 1, 2011, though credit card companies can begin operating under it immediately."
From creditcards.com
Yikes. I just assumed the credit card companies would avoid adhering to that rule until the last possible moment.
I wonder what political pressure was behind that particular piece of legislation. Seems to me that, long term, it's only going to cause more problems than it solves.