Stay at home mom credit churning capabiliities?

Discussion in 'General Discussion | Miles/Points' started by zshanlon, Jan 26, 2012.  |  Print Topic

  1. zshanlon

    zshanlon Silver Member

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    My wife is a stay at home mom. Last year I got 2 CCs in her name but they always come with really low credit limits since she has no measurable income. How much of a churn do you think she would be able to do? 2 CCs each quarter? 3?
     
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  2. particlemn

    particlemn Silver Member

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    My wife whom is currently working full time as a stay at home mom has applied for about 2 each quarter over the last year. many applications still say household income and they usually give her large limit cards
     
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  3. tondoleo
    Original Member

    tondoleo Gold Member

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    Your question raises questions.

    1. Do you both have excellent credit scores?

    2. Do you only apply for cards that ask for total household income versus total income?

    3. Are you applying for a home mortgage or refinance in the near future? An auto or boat loan?

    You do not want to damage your or your wife's ability to get credit.

    I am sure fellow MPers will chime in to help you with information to make a good decision for you and your wife.
     
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  4. deant
    Original Member

    deant Milepoint Guide

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    I believe that all credit card applications now really want individual income - but they don't specifically state it. They just say "income". This is due to the "new" credit card laws.

    That being said, my wife always puts down household income. Rationale is that we live in a community property state and so everything belongs to both of us.
     
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  5. sharris503

    sharris503 Silver Member

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    I don't live in a community property state and my wife is a stay at home mom. @zshanlon, what are you writing down in the income line? For instance I would love to have my wife apply for the two Citi AA cards but it asks what is your salary? She has no salary. Are you just putting in household income? One thought I have had is put $0.00 in the salary section and then put household income in the "other income" box. Not sure I would do that for the two AA cards however, because my guess is putting your income that way will require an explanation.
     
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  6. tondoleo
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    tondoleo Gold Member

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    You may be better off with Amex and certain Chase cards which ask for household income.
     
  7. DealsRock

    DealsRock Silver Member

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    I've been looking for applications which ask for "household income". Since last fall we have only noticed one from Chase which, of course, we applied for.

    zshanlon & particlmn - did you apply as a "homemaker" (or similar) and with no income successfully?

    Please share any specific app links that ask for "household income" with nice sign-on bonuses!
     
  8. TheTravelAbstract

    TheTravelAbstract Silver Member

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    Does she do anything entrepreneurial? Sell crafts or use eBay?

    If she has a small business you could use that income.
     
  9. Hello,

    We are actually building a startup that addresses churning. We are doing it at a Startup Weekend (a bunch of people on different teams build businesses that sometimes go on to be real companies).

    We only have a landing page where you can enter an email address to be notified when we launch, but we will be launching soon (so please drop in your email so we can show there's a market for this).

    It's at signup.pointsflyer.com
     
  10. deant
    Original Member

    deant Milepoint Guide

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    Welcome PointsFlyer 2012.

    I would suspect that with all the SPAM out there that very few people will give a real email without seeing some content or you providing some potential content here. However, from what you posted, it sounds like you are just looking at the possibility of building a site (possibly as part of a university class?) and seeing if there is any interest. Is this correct?
     
  11. Hey deant,

    You're correct, partly. We are building out the site's front- and back-ends right now (across the table from me are two engineers, a pile of hot pockets, and the remains of a twelve pack of coca cola). This isn't spam, and Launchrock is a relatively new but widely used platform for measuring interest in ideas pre-launch. They don't spam, and we have absolutely no idea how to monetize spam, so we won't do that either :p .

    Anyways, Startup Weekend isn't attached to a school, but the idea is similar in terms of how it's run.

    Thanks for your interest and response!

    Mike & the team @ PointsFlyer
     
  12. sargenet
    Original Member

    sargenet Silver Member

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    I have not worked since 2004. But I did have excellent credit when I stopped working. From 2004-2010 I might have received a card every 3 years. Am Ex is all I think I applied for. First Costco AM Ex..then SPG, then Hilton, now back to SPG...

    In the last 18 months I have received Chase Sapphire Preferred, Chase Hyatt, Chase United, Chase Continental, Chase Southwest, Chase Freedom. I did have to close some to get others from Chase. Now I am sticking with Sapphire Preferred and Freedom.

    I also got the Citibank AA and Citibank Hilton. I have an Alaska Airlines and Hawaiian Airlines card.

    I got the Capital One Venture card.

    I picked up the Am Ex Hilton and a Gold Card...and on Friday I was approved for the SPG card again.

    Hmmm... I think that is it. I got denied once in the fall for the US Airways card because of too many inquiries. I have listed myself as a homemaker on all applications. I think most places had a spot for income for household also on the applications.

    My credit score is around 750 right now. I would say it was 790ish 18 months ago. We picked up a mortgage in the summer of 2009 so I didn't start to apply for cards until a few months later...

    Never once have I been denied for a card for being a homemaker....

    I am done with cards for a long time! Have a plan to stick with Am Ex SPG, Sapphire and Freedom.
     
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  13. PanAm
    Original Member

    PanAm Silver Member

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    My stay at home wife hasn't had any problems, for some reason she's usually getting higher credit limits than me (though mine are way more than I can use anyway). I recall everything she's applied, even last month, asking for either "household income" or just "income" without any adjective. She puts down our combined income. Now she does have a small photography business - just getting started but she has made a little bit of income so she does legitimately contribute to the household total.

    It's hard to tell, a lot of things can factor in to the decision. Even if it's a low CL, if your main interest is the sign-on bonus then I wouldn't get too worried. Use Creditkarma or one of the other free credit score services - it wont' give you a true FICO but is close enough to see if you're OK.

    The best bet in any case is being strategic as to which cards and banks to hit with each app-o-rama. Look on creditboards.com or is it .net, to see which credit bureau gets pulled for applicants in your area, for each particular bank. We tend to be conservative and space things out 3-4 months and normally only a couple cards each time - more than that and we find it harder to meet spend thresholds for us.
     
  14. particlemn

    particlemn Silver Member

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    my wife always lists homemaker and lists out total income, never had a question come up. I have always found home maker to be an odd name since she does not work in construction.
     
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