No Husband. No Credit. The Year Women Could Self Apply
Although credit cards have been around for about 90 years, that’s not what surprised me when I was doing research on the evolution of the credit card industry. And yes, while others are at the gym, catching the latest film, or having a spicy margarita by the sea (I did have one while writing this, by the way), I was studying the history of credit for interest. Back to what surprised me. Did you know that prior to 1974, women were not allowed to self-apply for credit? I know, blows your mind right! It was only in 1974 that women in the United States were legally allowed to apply for credit cards in their own names. Let that sink in.
Fifty years ago, a woman could earn her own salary, manage her household, and not only push out and raise children on her own, but was blocked from borrowing or receiving credit unless a husband or father signed off vouching for her creditworthiness. Some lenders went so far as to count only half of a woman’s income when calculating creditworthiness. Half her paycheck. Half her worth. It sounds absurd now, but it was reality for millions of women.
The Equal Credit Opportunity Act changed that. It outlawed discrimination based on sex or marital status and opened the door for women to access credit cards, mortgages, car loans, and business financing independently. That shift changed everything. It meant women could build credit histories in their own names, start businesses without asking for permission, and buy homes without proving they had a husband waiting in the wings.
Think about what that has meant for the last five decades. Women have become entrepreneurs, homeowners, and leaders of industries because they were finally allowed to control their financial destinies. The ripple effects of that monumental act can be seen everywhere.
And yet, it’s also a reminder of how close in history these restrictions really are. Fifty years is not that long ago. Many of our mothers and grandmothers lived through a time when financial independence wasn’t an option. Before we look forward, let’s take a look at the significant milestones that impacted women’s rights.
Timeline of Women’s Financial Rights in the U.S.
Before 1970s
Pre-1960s: Women in many states couldn’t open bank accounts without a husband or male relative’s permission [Source 1].
1963 – Equal Pay Act: Prohibited wage discrimination based on sex [Source 2].
1960s: Banks often discounted women’s income, assuming they would leave the workforce after marriage or children [Source 1].
1970s
1972 – Title IX: Expanded equality in education [Source 3].
1974 – Equal Credit Opportunity Act (ECOA): Prohibited discrimination based on sex or marital status in lending [Source 4].
1977 – ECOA Amendments: Strengthened protections and enforcement [Source 5].
1980s–1990s
1988 – Women’s Business Ownership Act: Eliminated laws requiring male co-signers for business loans and created programs to support women entrepreneurs [Source 6].
2000s–Today
Women now make up the majority of college graduates [Source 7].
Women account for a growing share of small business owners [Source 8].
Women increasingly control household financial decisions [Source 9].
Persistent pay gaps and wealth disparities remain, especially for women of color [Source 10][Source 11].
Where We Are Today
We have come a long way since 1974, but progress has not been linear. Women now make up the majority of college graduates and are starting businesses at faster rates than men. Women control a growing share of household financial decisions, and more women than ever before hold executive and leadership positions.
Yet disparities remain. The gender pay gap persists, with women earning roughly 82 cents for every dollar earned by men, and the gap is even wider for women of color. The wealth gap is even more striking: women hold significantly less wealth over their lifetimes, in part because of lower wages, fewer promotions, and the burden of unpaid care work.
In some ways, we have also taken steps backward. Attacks on reproductive rights, rising childcare costs, and unequal access to venture capital funding limit the ability of many women to achieve true economic independence. We see a direct government focus to downsize the support to DEI programs, which impacts not just our ability as women to find safe spaces, inclusivity, and support, but also others who have been marginalized due to race, ethnicity, and how one identifies.
These barriers remind us that rights won are not guaranteed; they require vigilance and ongoing advocacy. So, while we are a nation of progress, I see it as our duty to recognize that there are other nations where being a woman with goals, entrepreneurial spirit, and focused independence is still frowned upon.
The picture is mixed: historic progress paired with stubborn disparities. The question is not whether women are capable—they have proven that many times over—but whether the systems around them will finally support equality in full.
It is easy to laugh at how ridiculous it sounds today that women once needed their husband’s or father’s permission to get a credit card. But maybe the better response is to let it fuel us. If that barrier could fall, what else can we dismantle in our time? What possibilities are still waiting for us if we insist on creating them?
The story of financial independence is not just history. It is a call to keep going. I am proud to report that I am the primary cardholder on most of our family credit cards and even get to decide what we are having for dinner once in a while (notice I didn’t say what I am making). That’s progress.
Let’s connect. I want to hear your story of progress or of the barriers you’ve faced.
References
National Women’s History Museum – Banking on Women: https://www.womenshistory.org/articles/banking-women
U.S. Department of Labor – Equal Pay Protections: https://www.dol.gov/agencies/wb/equal-pay-protections
U.S. Department of Education – Title IX Overview: https://www2.ed.gov/about/offices/list/ocr/docs/tix_dis.html
Federal Reserve – Equal Credit Opportunity Act: https://www.federalreserve.gov/consumerscommunities/cra_about.htm
Federal Trade Commission – ECOA Amendments: https://www.ftc.gov/legal-library/browse/statutes/equal-credit-opportunity-act
U.S. Small Business Administration – Women’s Business Ownership Act: https://www.sba.gov/article/2023/oct/03/celebrating-womens-business-ownership-act-35th-anniversary
Pew Research Center – Women are now the majority of U.S. college-educated workforce: https://www.pewresearch.org/short-reads/2019/06/20/women-are-now-the-majority-of-the-u-s-college-educated-workforce/
American Express – State of Women-Owned Businesses Report (2019): https://about.americanexpress.com/all-news/news-details/2019/American-Express-2019-State-of-Women-Owned-Businesses-Report/default.aspx
Harvard Business Review – The Female Economy (2009): https://hbr.org/2009/09/the-female-economy
U.S. Census Bureau – Income and Poverty in the United States: 2022: https://www.census.gov/library/publications/2023/demo/p60-279.html
Urban Institute – The Gender Wealth Gap: https://www.urban.org/research/publication/gender-wealth-gap
