SAHM, credit access and the Fed

[wellyes]

Interesting article just linked from Brain, Child magazine's FB page:

Why SAHM are mad at the Fed (http://today.msnbc.msn.com/id/41784394/ns/today-money/)

Short version - the Fed wants to prevent predatory credit practices by allowing companies to only consider individual, rather than household, income when issuing credit. Well intentioned legislation, but the unintended ramifications for SAHP could be ugly.

[SpaceGal]

I've been a SAHM for 6 years now and this is the main thing I feared for my credit. Luckily, I have one or two credit cards in my own name from before I was married and what not...but that's not even the point...it's just so frustrating. I may seem like I am babbling...but yeah I have no direct income...so does that make me unable to take care of my credit card bills. Ugh...oh well just a big old mess. Looks like I best hope that everything is happy and rosy, if not I'l be stuck with no credit or cash cuz the government will say sorry lady you're out of luck...go beg for money at the corner.

[katydid1971]

I have more cards in my name than DH has in his so when we refi'd recently I had a better credit score than he did (by just a few points ;)) But I don't have any income that's my own right now. I don't think this will be a big problem for me personally but I can see it being a problem for others. So many good ideas have bed consequences. :nodno:

[kijip]

Scary thing is that the top comments with a lot of likes are pretty much all supportive of the idea that stay at home spouses should need the working spouse to co-sign.

Also, how the heck would be be determined in community property states where all income is joint?