Cordray: Change Credit Card Rules for Stay-at-Home Parents

For years, credit card restrictions have discriminated against stay-at-home parents who do not bring in enough income to get approved, even if their spouse has sufficient income. The Consumer Financial Protection Bureau is hoping to change that.

CFPB Director Richard Cordray announced last week that they would be proposing a new rule where credit card eligibility would be based on household income instead of individual income. If the rule is put into place, more stay-at-home parents with strong credit would be eligible for credit cards.

At My Credit Specialist, we are very excited about this change. It is unfair for a stay-at-home spouse to be denied for a credit card, even if they have stellar credit and their spouse brings in enough income. Besides, it is important for both spouses to have a strong credit history if they ever need a loan of any kind in the future. Using a credit card responsibly and paying it off is the easiest way to build a credit history. Hopefully this rule will be put into place and more Americans will have access to credit.

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