I’ve reading on a few articles the Credit Card Act goes into effect on Feb. 22, and it seems like Credit Card companies will take a closer look at your household income on your applications.
From the article:
“We’re headed down the road where if you can’t verify your income, you can’t get a credit card,” says John Ulzheimer, president of consumer education for Credit.com, a card-comparison Web site
CC companies are doing everything in their power to cut your credit limit. On one hand, I don’t think people who is not credit “worthiness” should get credit. This prevents people from buying things they cannot afford. On the other hand, this is how CC companies make money by people borrowing money and paying interest each month.
Another good thread to read on ” Database of YOUR Salary Information, Article in the AJC About Equifax”
ARE YOU ON FILE?
• To find out if The Work Number’s database includes information about your employment history and to review that information, call The Work Number’s customer service department at 1-800-367-2884. The Work Number also takes consumer complaints at this number.
• To find out more about The Work Number, go to www.theworknumber.com.
• To file an official complaint about any consumer reporting agency or data broker, contact the Federal Trade Commission at www.ftc.gov or 1-877-FTC-HELP (877-382-4357).
Personally, I can think of a few ways to evaluating one credit “worthiness”: Proof of income, assets, credit history, and records of debt repayment. Approving or denying an CC application shouldn’t be based on income alone.
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