Return To Section Contents
<<<Previous Page | Next Page>>>
Page1 |Page2 |Page3 |Page4 |Page5 |Page6 |Page7 |Page8 |Page9 |Page10 |Page11 |Page12 |Page13 |Page14 |Page15 |Page16 |Page17 |
-- You can choose to use your first name and maiden name
(Mary Smith); your first name and husband's last name
(Mary Jones); or a combined last name (Mary Smith-Jones).
-- If you're creditworthy, a creditor may not ask your
husband to cosign your account, with certain exceptions
when property rights are involved.
-- Creditors may not ask for information about your husband
or ex-husband when you apply for your own credit based on
your own income--unless that income is alimony, child
support, or separate maintenance payments from your spouse
or former spouse.
This last rule, of course, does not apply if your husband
is going to use your account or be responsible for paying your
debts on the account, or if you live in a community property
state. (Community property states are: Arizona, California,
Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and
Wisconsin.)
Change in Marital Status. Married women have sometimes
faced severe hardships when cut off from credit after their
husbands died. Single women have had accounts closed when they
married, and married women have had accounts closed after a
divorce. The law says that creditors may not make you reapply
for credit just because you marry or become widowed or
divorced. Nor may they close your account or change the terms
of your account on these grounds. There must be some sign that
your creditworthiness has changed. For example, creditors may
ask you to reapply if you relied on your ex-husband's income to
get credit in the first place.
Setting up your own account protects you by giving you
your own history of how you handle debt, to rely on if your
financial situation changes because you are widowed or
divorced. If you're getting married and plan to take your
husband's surname, write to your creditors and tell them if you
want to keep a separate account.
If You're Turned Down
Remember, your gender or race may not be used to
discourage you from applying for a loan. And creditors may not
hold up or otherwise delay your application on those grounds.
Under the Equal Credit Opportunity Act, you must be notified
within 30 days after your application has been completed
whether your loan has been approved or not. If credit is
denied, this notice must be in writing and it must explain the
specific reasons why you were denied credit or tell you of your
right to ask for an explanation. You have the same rights if an
account you have had is closed.
If you are denied credit, be sure to find out why.
Remember, you may have to ask the creditors for this
explanation. It may be that the creditor thinks you have
requested more money than you can repay on your income. It may
be that you have not been employed or lived long enough in the
community. You can discuss terms with the creditor and ways to
improve your creditworthiness. The next chapter explains how to
improve your ability to get credit.
If you think you have been discriminated against, cite the
law to the lender. If the lender still says no without a
satisfactory explanation, you may contact a Federal enforcement
agency for assistance or bring legal action as described in the
last chapter of this handbook.
CREDIT HISTORIES AND RECORDS
Building Up a Good Record
On your first attempt to get credit, you may face a common
frustration: sometimes it seems you have to already have credit
to get credit. Some creditors will look only at your salary and
job and the other financial information you put on your
application. But most also want to know about your track record
in handling credit--how reliably you've repaid past debts. They
turn to the records kept by credit bureaus or credit reporting
agencies whose business is to collect and store information
about borrowers that is routinely supplied by many lenders.
These records include the amount of credit you
<<<Previous Page | Next Page>>>
Page1 |Page2 |Page3 |Page4 |Page5 |Page6 |Page7 |Page8 |Page9 |Page10 |Page11 |Page12 |Page13 |Page14 |Page15 |Page16 |Page17 |
|
|