Moms Without Credit Cards
Recently, light has been shed on stay-at-home moms who are unable to obtain credit cards. Though many of these women are living financially secure lifestyles, major credit card companies are denying unemployed people credit cards, regardless of an impressive credit score or past credit card history.
The Card Act Rule that was passed in 2009 seems to be the problem, according to CNN. Though the law was passed in order to protect against dishonest credit card use, it seems to have made getting approved for a credit card more difficult.
The law requires that credit card issuers take into account an applicant’s income and if someone is unemployed, they’re out of luck.
Valley Federal Credit Union in Brownsville and Harlingen can help you if you’re having a similar issue. Give our team a call at (956) 546-3108.