Do you ever have trouble with Banks etc because you're a SAHM?

[CharlisMummy]

DH and I went to a bank on the weekend as we wanted to change our credit card over to get a better interest rate.

Anyway, the guy was entering in all our details and he asked me about my work. I told him I was a SAHM. "Ohhhh....right....ok...um..." and he entered in 'unemployed'.

He then went on to say he couldn't approve us and to come back when I got a job!!

Now, I can see where he's coming from but we just wanted to transfer our account over to them, with a smaller limit than we have now. DH makes good money and I wouldn't be a SAHM if we couldn't afford it. We have a mortgage which we've had for 5 years with no missed/late payments. He did a credit check while we were there.

He made us an appointment to speak to someone else on Friday to try and get us to switch our Home Loan over to them too!!

grrr...does this happen to anyone else?

[Nomsie]

Hasn't happened to me, but I was just thinking you should have told him you were something like a "Domestic Engineer" or "Primary Caregiver to genetic offspring" or something to confuse him into thinking it was a paid job! :)

[headoverfeet]

CEO Domestic Duties is my job title :D

Actually yes I do have the same problem because to banks SAHM are a liability (all we do is spend the money, not make it) my favourite is the telemarketers who try and sell you income insurance though :footinmouth:.

[Ange&Seth]

Grrr!! I'd be telling them to get stuffed! Why would you give them your money for the home loan if they won't help you out with a credit card? Definitely no the way to be getting MY business anyway.

[jag5000]

I've had that - it really gets to me

when DH and I were applying for a credit card I was doing all the ringing around for rates etc, as I'm the one who manages the money, and was told by EVERYONE that I couldn't get a card - we couldn't even get joint cards! the card had to be in HIS name with a secondary card on his account for me!

that really p***ed me off! it shouldn't be a big deal but I hate that OUR credit card is actually HIS

[missie_mack]

I guess the problem is that giving a credit card to a person without an income of their own could be seen as irresponsible and of course if something happened and you didn't make payments they would have no way of recovering the debt....

Ive been a SAHM for going on 2 years and TBH Ive never tried to apply for credit under my name during this time because of the above.....

[jag5000]

I didn't want a credit card of my own tho' - just a joint one with DH. I just felt like such a second class citizen to have to get him to apply and give me a second card. I couldn't even fill out the application (although I did, at home, and he just signed it and took it to the bank)

like I said, it shouldn't matter to me, we still have a card - I don't know why it erks me so much.. maybe that's a job for a shrink? independence issues maybe? LOL

[subaruforestermum]

I know how you feel... We were told we wouldnt be able to get a house loan because I was only casual worker, mostly SAHM....

Found a new broker and got a loan, no problems....

BUT in that loan we got a credit card, the mortgage is in both name, yet the credit card can only be in 1 name as the primary card holder...I'm not even allowed to make enquiries about it, because I'm the secondary card holder...

We also tried to get a loan from a smaller bank, not a large amount, before we got the house, and we were rejected, even though the interest was lower, which would make the repayments lower, which would have been less than we were already paying....and yet they said no....

Its stupid....if I have access to DF's accounts and can use the credit card, why cant I ring up and talk to them about the credit card, my name is on too.....:rolleyes: Very frustrating....

[CharlisMummy]

Glad I'm not the only one!

Its so frustrating, we wanted to swap the card over because their intrest rate is almost half what we have at the moment and there's no interest for 9 months on the balance you transfer over so we could pay it off heaps quicker :rolleyes:

Maybe I'll just apply online and just put DH's name and get a 2nd card for me.

I don't think we'll be swapping the mortgage over either, I don't want to be with a stack of different banks!

Its funny, when we got our home loan and credit card our combined income was less than what DH makes now because he was still an apprentice. But now because I'm a SAHM....:hair:

[ThomasMum]

Anyway, the guy was entering in all our details and he asked me about my work. I told him I was a SAHM. "Ohhhh....right....ok...um..." and he entered in 'unemployed'.



Thats terrible, maybe you should change your bank! Thats very unprofessional...they do realise that without you/customer they wont be making any money eh?

Btw I have never had any problem with the bank.

[Threadkiller]

I havent had that happen to me yet, but i usualy get females serving me at banks, maybe thats why

[RedPanda]

It is pretty rude of him, but I guess for the bank's purposes (of knowing your income), unemployed means not earning money. I am a SAHM, and haven't yet had that problem, but I'm sure it's coming!!

I refuse to use fluffy names to describe what I do. If the word "mum" doesn't mean much to some random clerk, that's his/her problem. I'm happy with what I do, and I think making up fancy terms for mums feeds the idea that the job needs jazzing up. It doesn't. Being a mum is an important job, it just doesn't have a high wage!