What did Dodd Frank do to make things worse?
It turned most of the underwriting to be done by DC and the paperwork put most small banks out of business. It was a complete boondoggle.
Pray America woke
Well for one thing, it’s made my life a complete living hell.
I have excellent credit and our household depends on my husbands income. I work some outside the home, but all of my income goes to a 403b for retirement.
I have always been able to obtain credit based on my score and our household income. However, after Dodd-Frank passed, that came to a screeching halt. I was told that credit cards could no longer take into account household income,only individual. This was in 2011, so it may have been amended. It really ticked me off and made me aware of the vulnerability of women who need to build credit and may be in family situations where they need to have access to gaining independence (husband having an affair, abuse, etc...).