“Denied.” This was the latest result of Holly McCall’s credit check when she went to purchase a credit card at Target in the Fall of 2011. She always had a stellar credit score, so she assumed her credit check would turn out successful. Unfortunately,the new credit card rule does not permit stay-at-home moms to receive credit cards—since they do not work a normal, 40-hour work week.
What is the new credit card rule? The Credit Card Act of 2009 contains a number of credit card rules to protect consumers from unfair credit card APR percentages, fines, and so on. The bill also protects young adults under the age of 21 while allowing them to get credit cards if they have a cosigner or have proof of ability to pay off credit card purchases. The same act, while providing these benefits, provides what some have called a “setback” for women: namely, the Regulation Z (Truth In Lending Act, or TILA), which states that individual income, rather than household income will determine whether an individual can either a) receive a new credit card or b) increase the spending amount on an existing credit account.
For the longest time, household income has determined credit for both husband and wife. Married couples could receive credit cards even if the husband’s or wife’s credit score was lacking. The new rule would shut down some married women’s access to credit cards due to their unemployment as stay-at-home moms.
Some consider the new card rule a step back in time for women; however, the rule is fair when you consider equally all of the American consumer public. There are many individuals in the consumer public that cannot get access to credit cards because of their lacking credit score, though they have jobs that pay high-five-figure salaries—a clear sign of their ability to pay back credit card debt. If working-class Americans cannot receive credit cards due to low credit scores (for various reasons), it does not seem fair that stay-at-home moms (who have no means of financial earning) can receive access to them because of their spouse’s credit score and income.
Additionally, allowing stay-at-home moms to receive preferential treatment (due to their husband’s credit scores) over single women who cannot get credit cards due to low income and/or missed or late bill payments (or credit score) is a sign of discrimination. To whom can the single woman turn when she goes to get a credit check? She has no one but herself to claim for her credit card. Her income and credit score are all she has in her favor. Married women, for some time, have been able to claim their husbands in order to get credit cards. In addition, even if married women who are stay-at-home moms no longer have access to credit cards, they can still either a) open a joint account with their husbands or b) receive credit card account authorization consent from their husbands. These are still viable alternatives for married women who are dissatisfied with the new credit card rules.
What are we to make of the idea that this is a “step back for women”? Surprisingly, the new credit card rules are a step forward for women. Prior to the passage of the nineteenth amendment in 1920, granting women the right to vote, women did not have the right to vote on their own, own property on their own, and so forth. It was only in the 1950s that women were even granted the right to serve in the nation’s military. These were political gains for women in the twentieth century, gains that said to the world, “We are women and we are individuals.” It was their individuality that made women fight for these freedoms. The new credit card rules allow women to be individuals when determining their credit fitness—a principle that is in step with the political rights for which women have always aimed.
All of this is to say that stay-at-home moms are not being attacked. Americans recognize the role that stay-at-home moms play in the family and how stay-at-home moms contribute to the family unit. What the new credit card rules are doing is allowing women the opportunity to be individuals and contribute to the fiscal responsibility of the country in light of the economic recession of the past several years. For stay-at-home moms who want to begin working, ODesk is an online job site that allows you to work from the convenience of your own home. When the children are asleep and taking their afternoon nap, you can log on to the site, read emails from your clients, and submit emails and clock in hourly times (for hourly jobs) when you work. The site is easy to use and free of charge. You can take five skills tests and receive up to as many as 20 free applications each week. This will allow you to remain that stay-at-home mom while earning money to aid your husband and contribute to the household income.
We here at bestcreditreports.com always want to always stress the need for an excellent credit score, but we report half the story when we do not stress the need for steady, constant income and its significance in future credit checks. You should always have an impeccable credit score, but you should also have a monthly income that shows you are able to pay for what you borrow. Remember that the “best credit reports” will tell you the truth, even when it stings.
Get more information about credit monitoring, credit monitoring service, credit score monitoring, credit reports Please CLICK HERE
Source: http://www.bestcreditreports.com/blog/
What is the new credit card rule? The Credit Card Act of 2009 contains a number of credit card rules to protect consumers from unfair credit card APR percentages, fines, and so on. The bill also protects young adults under the age of 21 while allowing them to get credit cards if they have a cosigner or have proof of ability to pay off credit card purchases. The same act, while providing these benefits, provides what some have called a “setback” for women: namely, the Regulation Z (Truth In Lending Act, or TILA), which states that individual income, rather than household income will determine whether an individual can either a) receive a new credit card or b) increase the spending amount on an existing credit account.
For the longest time, household income has determined credit for both husband and wife. Married couples could receive credit cards even if the husband’s or wife’s credit score was lacking. The new rule would shut down some married women’s access to credit cards due to their unemployment as stay-at-home moms.
Some consider the new card rule a step back in time for women; however, the rule is fair when you consider equally all of the American consumer public. There are many individuals in the consumer public that cannot get access to credit cards because of their lacking credit score, though they have jobs that pay high-five-figure salaries—a clear sign of their ability to pay back credit card debt. If working-class Americans cannot receive credit cards due to low credit scores (for various reasons), it does not seem fair that stay-at-home moms (who have no means of financial earning) can receive access to them because of their spouse’s credit score and income.
Additionally, allowing stay-at-home moms to receive preferential treatment (due to their husband’s credit scores) over single women who cannot get credit cards due to low income and/or missed or late bill payments (or credit score) is a sign of discrimination. To whom can the single woman turn when she goes to get a credit check? She has no one but herself to claim for her credit card. Her income and credit score are all she has in her favor. Married women, for some time, have been able to claim their husbands in order to get credit cards. In addition, even if married women who are stay-at-home moms no longer have access to credit cards, they can still either a) open a joint account with their husbands or b) receive credit card account authorization consent from their husbands. These are still viable alternatives for married women who are dissatisfied with the new credit card rules.
What are we to make of the idea that this is a “step back for women”? Surprisingly, the new credit card rules are a step forward for women. Prior to the passage of the nineteenth amendment in 1920, granting women the right to vote, women did not have the right to vote on their own, own property on their own, and so forth. It was only in the 1950s that women were even granted the right to serve in the nation’s military. These were political gains for women in the twentieth century, gains that said to the world, “We are women and we are individuals.” It was their individuality that made women fight for these freedoms. The new credit card rules allow women to be individuals when determining their credit fitness—a principle that is in step with the political rights for which women have always aimed.
All of this is to say that stay-at-home moms are not being attacked. Americans recognize the role that stay-at-home moms play in the family and how stay-at-home moms contribute to the family unit. What the new credit card rules are doing is allowing women the opportunity to be individuals and contribute to the fiscal responsibility of the country in light of the economic recession of the past several years. For stay-at-home moms who want to begin working, ODesk is an online job site that allows you to work from the convenience of your own home. When the children are asleep and taking their afternoon nap, you can log on to the site, read emails from your clients, and submit emails and clock in hourly times (for hourly jobs) when you work. The site is easy to use and free of charge. You can take five skills tests and receive up to as many as 20 free applications each week. This will allow you to remain that stay-at-home mom while earning money to aid your husband and contribute to the household income.
We here at bestcreditreports.com always want to always stress the need for an excellent credit score, but we report half the story when we do not stress the need for steady, constant income and its significance in future credit checks. You should always have an impeccable credit score, but you should also have a monthly income that shows you are able to pay for what you borrow. Remember that the “best credit reports” will tell you the truth, even when it stings.
Get more information about credit monitoring, credit monitoring service, credit score monitoring, credit reports Please CLICK HERE
Source: http://www.bestcreditreports.com/blog/
