{"id":9220,"date":"2020-10-23T09:00:14","date_gmt":"2020-10-23T16:00:14","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=9220"},"modified":"2022-04-19T22:32:23","modified_gmt":"2022-04-20T05:32:23","slug":"banks-vs-stay-at-home-spouses-do-we-really-need-to-pick-sides","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/banks-vs-stay-at-home-spouses-do-we-really-need-to-pick-sides\/","title":{"rendered":"Banks vs. stay-at-home spouses: Do we really need to pick sides?"},"content":{"rendered":"<p>We all know how important good credit is. Credit card terms, loan rates, housing availability, vehicle leasing eligibility, and gainful employment all depend on your credit score to varying extents. Furthermore, we understand that our country was founded on the ideals of equality, meritocracy, and leaving no one behind. It\u2019s therefore impossible to justify preventing stay-at-home spouses from accessing credit and building the credit standing necessary to thrive in the unfortunate event of divorce or the death of a loved one.<br \/>\nThe thing is, our country is also built upon a strong banking system, the health of which is critical to the world economy. It\u2019s therefore also impossible to justify making regulatory changes that stand to weaken the financial viability of banks.<br \/>\nSo, uh, how can we even contemplate adopting the rule recently proposed by the <a href=\"http:\/\/www.consumerfinance.gov\/\">Consumer Financial Protection Bureau<\/a> that would allow credit card applicants to disclose their significant other\u2019s income even when applying individually?<br \/>\nAllow me to explain the flaws in this plan:<\/p>\n<ul>\n<li><strong>It would make it impossible for banks to accurately account for risk: <\/strong>The crux of the issue is that credit card issuers won\u2019t be able to tell how much of an applicant\u2019s stated income is actually available to pay for a new credit line. Much or all of it could already be spoken for due to debts owed by the applicant\u2019s spouse. For example, an applicant that lists $75,000 in income and $25,000 in debt could be a great candidate if most of the income is theirs to use, but they could also represent a huge risk if they don\u2019t have any independent income and their spouse\u2019s $75,000 is completely depleted given current debt obligations and discretionary expenses. You just don\u2019t know.<\/li>\n<li><strong>Credit card terms would shift towards average: <\/strong>When banks don\u2019t know which applicant deserves a 15 percent interest rate versus a 5 percent rate, for example, they start giving everyone 10 percent rates. In other words, we\u2019d be creating an unfair system where consumers who deserve worse rates get better rates and vice versa.<\/li>\n<li><strong style=\"font-size: 1.21429rem;\">Defaults and bankruptcies would increase: <\/strong><span style=\"font-size: 1.21429rem;\"><span style=\"font-size: 1.21429rem;\"><span style=\"font-size: 1.21429rem;\">Given the clouded underwriting process, banks will inevitably approve consumers who can\u2019t afford new debt for high credit lines. History shows that these consumers will overspend, become inundated with interest, and ultimately start missing payments. Their own credit standing will decline as a result, and they will face a tougher road to getting approved for credit in the future.<\/span><\/span><\/span><\/li>\n<li><strong>Banks will weaken: <\/strong>When cardholders default on their obligations, banks don\u2019t get paid back. It\u2019s not just the credit they\u2019ve extended that they\u2019re losing either. They\u2019ve also spent money servicing each defaulted account and engaging in collection efforts. In other words, the CFPB\u2019s proposed rule would cost banks a lot of money, and the result would be less attractive product terms and higher fees for everyone else.<\/li>\n<\/ul>\n<p>The CFPB\u2019s proposal would be somewhat understandable if there was no other way to provide stay-at-home spouses with an avenue to credit building. But there is. In fact, there are probably numerous solutions that would be preferable to the CFPB\u2019s plan, and here is what I propose:<\/p>\n<ul>\n<li><strong>Step One:<\/strong> Maintain the current independent income system \u2013 The current system, implemented by the <a href=\"http:\/\/en.wikipedia.org\/wiki\/Credit_CARD_Act_of_2009\">Credit Card Act of 2009<\/a>, requires credit card applicants to display an independent ability to pay with either ongoing income or assets.<\/li>\n<li><strong>Step Two: <\/strong>Require that all credit card issuers offer joint applications \u2013 <a href=\"http:\/\/www.cardhub.com\/edu\/what-you-need-to-know-about-joint-credit-card-accounts\/\">Joint credit card applications <\/a>enable two parties to apply for a shared account, for which they both garner full credit building benefits and liability for debt. The critical difference between joint accounts and the type of shared-income application system that the CFPB has proposed is both parties are required to list their income and debt. In other words, issuers would make better approval decisions and no one would be excluded from certain credit card offers just because they\u2019re a stay-at-home spouse.<\/li>\n<li><strong>Step Three: <\/strong>Waive income verification rules for secured credit cards \u2013 In order to <a href=\"http:\/\/www.cardhub.com\/credit-cards\/secured\/\">get a secured credit card<\/a>, you have to place a refundable security deposit, usually of at least $200. The amount of your deposit serves as your credit line, ensuring that you won\u2019t overspend and that issuers will get paid back. In other words, there\u2019s no reason to also verify that a secured card applicant has an ongoing independent income stream. By waiving the income requirement for this card segment, any stay-at-home spouse with at least $200 saved up will be able to build credit under their own name.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>We all know how important good credit is. Credit card terms, loan rates, housing availability, vehicle leasing eligibility, and gainful employment all depend on your credit score to varying extents. Furthermore, we understand that our country was founded on the ideals of equality, meritocracy, and leaving no one behind. It\u2019s therefore impossible to justify preventing stay-at-home spouses from accessing credit and building the credit standing necessary to thrive in the unfortunate event of divorce or the death of a loved one. The thing is, our country is also built upon a strong banking system, the health of which is critical [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":50859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[169,58,170,171,172],"class_list":["post-9220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-bank-accounts","tag-banking","tag-credit-history","tag-credit-repair","tag-credit-score","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks vs. stay-at-home spouses: Do we really need to pick sides?<\/title>\n<meta name=\"description\" content=\"Have an opinion a proposed rule that would allow credit card applicants to disclose their significant other\u2019s income? 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