Watch your Wallet with Alan Akina - Stay-at-home parents can get credit card

25 Nov 2013 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Watch your Wallet with Alan Akina - Stay-at-home parents can get credit card" (uploaded 2013-11-25). The excerpt is a short filmed segment/conversation with multiple speakers: an anchor/host, Alan Akina (who presents the piece), and others who introduce and close the segment. Alan explains a consumer-finance update — the CFPB’s change allowing third-party/shared household income to be considered for stay-at-home spouses applying for credit cards (revising aspects of the 2009 Credit Card Act) and notes card issuers have six months to implement the change.

Well, getting and using credit is important to many of us, but for those who stay at home, earning that credit is often hard to do.
Alan Akina shows us how that has changed.
Good morning, gang. Are you a stay-at-home spouse and have had problems in the past getting a credit card? Well, if you're like the 16 million other stay-at-home spouses with no income struggling to qualify for a credit card, there is hope. Now, this is what happened. Prior to 2009, credit card issuers could use use shared household income to determine the borrower's ability to pay. But when the 2009 Credit Card Act went into effect, the feds required each spouse to now show some income. Now, of course, this made it impossible for most to get a credit card. So recently, the Consumer Financial Protection Bureau made some changes to the 2009 Credit Card Act and is now allowing a third-party income to be considered for the applicant. Now, this should make it much easier for you to now get access to credit. Now, you may need to be a little patient as credit card companies have 6 months to implement the change. For Wake Up Today, I'm Alan Akina. See you on Monday.
Thank you, Alan.