New credit card rules for stay-at-home parents
Syracuse (WSYR-TV) -- If you’re a stay-at-home parent who’s having a hard time getting a credit card, there may soon be help.
The Consumer Financial Protection Bureau is expected to propose a rule in the coming months to make it easier for people without personal income to qualify for credit cards.
Right now, the law requires credit card issuers to consider applicants’ individual income instead of household income when making lending decisions, making it harder for stay-at-home parents to get their own credit cards despite their credit.
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