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ViktoriaS November 25, 2011 at 12:54pm
If everything said in this story is totally accurate, then this is an idiotic regulation.It was stated in the clip that only individual EARNED income could be considered when applying for credit. This would preclude dividend & interest income(which aren't considered earned income)from being used by a bank to determine if someone is credit worthy, nevertheless they leave us no credit check loans.That could lead to the absurd situation of Sam Walton's widow being denied a Visa card by a bank (despite the fact she's worth many BILLIONS of dollars and could quite possibly afford to buy the entire bank outright) because her massive income is all from passive investments.This new law obviously needs some fine tuning.
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