The Federal Reserve now requires credit card issuers to consider individual income from applicants instead of household income.
After nearly five years managing her family's finances, Holly McCall, a 34-year old stay-at-home mother of two from Vienna, Va., never thought she would have trouble getting a credit card.
She makes the majority of family purchases, has an excellent credit score and has been approved for several cards in the past. But when McCall applied for a Target (TGT) card last fall, she was denied.
She blames that denial on a recent Card Act rule.
The law was passed in 2009 to protect consumers from unfair and deceptive credit card practices. But some stay-at-home parents argue that a Card Act rule that took effect last October has made it harder for them to get approved for credit cards.
Aiming to protect consumers from racking up too much debt, the Federal Reserve now requires credit card issuers to consider individual income from applicants instead of household income.
Read more: Daily Finance