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American Express Blue Card Save on Interest Rate. |
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GOLD Visa Gold Card, Secured Visa Card, no turn downs. For Damage Credits. |
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Chase Platinum Credit Card
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Even though today's women had made an impact in economical and occupational gains, many still face financial difficulties and are unable to obtain credit in their own name. It is extremely hard for a full-time homemaker to get her own credit because she is not making any income. If a woman wants to take out a loan, creditors often asked her to find a husband to cosign for a loan. A lot of time, they asked details about a woman's childbearing plans and might even cancel the credit as soon as she married. With all these unfair treatments, a 1974, Congress passed the Equal Credit Opportunity Act to stop discrimination against women and minorities. The Act prevents discrimination against application on the basis of race, color, religion, sex, national origin, age or marital status. This Act guarantees that a creditor will be fair when viewing the application from woman and minorities. The Act also provide the followings to protect women being discriminated:
- Own name:
you can’t be asked to get a spouse or another person to cosign just because you are married or female if you are qualified for a loan. The only time they can ask information about your husband if a) he will be using the account, b) joint account for you and your husband, c) using his income to qualify for the loan, d) you are using alimony or child support as income, e) you live in a community property state. By law, you can have the accounts under your own name.
- Fair consideration to your income: say your source of income is from alimony, child support or from public assistance, the creditors can not reject you unless you reply on alimony as a major portion of your income and your ex-husband has a history of failing to pay support.
- Cannot take your card away: if you are continuing to qualify the loan, creditors can not take the cards away just because you are married, divorce or widowed. If the creditors have information to believe that you can not handle the accounts on your own, they may require you to reapply and your account can not be closed or frozen during the reapplication period.
- Personal life: for unsecured loan such as credit cards, or personal loans, you do not have to indicate your gender or marital status on an application. If this is secured loan, you will be asking whether you are married, unmarried or separated. The only time you must reveal your gender is when you are applying a home mortgage.
