Does The New CardAct Law Discriminate Against Stay At Home Parents?

stressed out money
stressed out money

Have you read about the CardACT legislation that went into effect, October 1, 2011?  If not, read up here: The Federal Reserve's rule told credit card companies that they no longer can consider household income when assessing the creditworthiness of an individual who applies for his or her own card. Under the rule, only an individual's own salary or other income -- rather than combined household income -- can be considered. One major effect of the new regulation: Stay-at-home moms (or dads) without significant outside income no longer will be able to open their own credit card accounts -- and establish their own credit histories to build their credit scores. Compliance with the rule became mandatory Oct. 1, 2011. Read more: During the first few months that the new law went into … [Read more...]

Changing Student Loan Practices Due to Market Turmoil

Some of you may remember my post about Sallie Mae No Longer Consolidating Student Loans. [The following was provided by Mark Kantrowitz and expanded by NASFAA.] Updated List Of Lenders Changing Loan Practices In the wake of the subprime mortgage market turmoil and lender subsidy cuts by Congress, student loan providers are modifying their business practices to adapt to a changing market. This following is a list of lenders who have changed their practices due to the recent changes. This list is a work in progress and NASFAA will continue to update it as we receive and verify information. If you have heard of lenders changing their practices and you don't see them on this list or see any inaccurate information on this list, please notify NASFAA by emailing web@nasfaa.org. … [Read more...]