First Credit Card

[Anonymous]

Yesterday (1/8/15) I officially removed myself as an authorized user from my fathers account,

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Sorry, completely missed this part Petrovius has given you good advice

[Anonymous]

Thanks for the really detailed answer. I didn't mention that I have 15 accounts in my credit history, 11 still open. Which also help keep my AAoA up. (Student loans from beginning in 2004 that have been in repayment since 2009). Do you think that will help offset the hit of losing the other credit card?

Again, thanks to everyone for the help. These forums are proving to be very helpful.

[Anonymous]

get something revolving on there before that AU goes away

Installments help, but not nearly as much as revolvers do.

[Anonymous]

Just wanted to let you know, I took your advice Petrovius, and went down to my bank today. I applied for their Visa rewards card (1.25% cash back) and was approved with a credit limit of $13,000 at 15.99% after the first 6 months. I was surprised the limit was so high as I only plan to use it for a few hundred per month. So I think I'll just use my new card for a while before applying for another one. I was starting to panic a bit after everyone agreed removing myself as AU was a mistake so thanks for all of the help!

[Anonymous]

Lol that should do the trick. Nice starting limit, yikes.

[NRB525]

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@Anonymous wrote:
Just wanted to let you know, I took your advice Petrovius, and went down to my bank today. I applied for their Visa rewards card (1.25% cash back) and was approved with a credit limit of $13,000 at 15.99% after the first 6 months. I was surprised the limit was so high as I only plan to use it for a few hundred per month. So I think I'll just use my new card for a while before applying for another one. I was starting to panic a bit after everyone agreed removing myself as AU was a mistake so thanks for all of the help!

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App for the AMEX. Now.

Your credit report may not update right away, and with the results from the bank, its a good chance you will get a decent limit, and likely the basic card you want, from AMEX.

Today. This is what people refer to as a "mini spree". your credit report looks good for now, might not look so good... who knows when.

App today. you may get a denial, but oh well.

Good luck!

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:
Just wanted to let you know, I took your advice Petrovius, and went down to my bank today. I applied for their Visa rewards card (1.25% cash back) and was approved with a credit limit of $13,000 at 15.99% after the first 6 months. I was surprised the limit was so high as I only plan to use it for a few hundred per month. So I think I'll just use my new card for a while before applying for another one. I was starting to panic a bit after everyone agreed removing myself as AU was a mistake so thanks for all of the help!

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App for the AMEX. Now.

Your credit report may not update right away, and with the results from the bank, its a good chance you will get a decent limit, and likely the basic card you want, from AMEX.

Today. This is what people refer to as a "mini spree". your credit report looks good for now, might not look so good... who knows when.

App today. you may get a denial, but oh well.

Good luck!

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I agree. A $13K CL right out of the gate screams opportunity is knocking.

[csryang]

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@NRB525 wrote:

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@Anonymous wrote:
Just wanted to let you know, I took your advice Petrovius, and went down to my bank today. I applied for their Visa rewards card (1.25% cash back) and was approved with a credit limit of $13,000 at 15.99% after the first 6 months. I was surprised the limit was so high as I only plan to use it for a few hundred per month. So I think I'll just use my new card for a while before applying for another one. I was starting to panic a bit after everyone agreed removing myself as AU was a mistake so thanks for all of the help!

---

App for the AMEX. Now.

Your credit report may not update right away, and with the results from the bank, its a good chance you will get a decent limit, and likely the basic card you want, from AMEX.

Today. This is what people refer to as a "mini spree". your credit report looks good for now, might not look so good... who knows when.

App today. you may get a denial, but oh well.

Good luck!

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Totally agree with what he says. App now or soon for a mini app spree. I wanted to post the same thing and he beat me to it.

Reomoving yourself as an AU on a good account is a BIG mistake, apping for a random credit card at local bank is probably a small mistake if its sole purpose is for credit building. This is because your removal of AU might not reflect on your credit report till couple days or months later. And it's highly likely that the tradeline is still reporting now since you got a high credit limit on this card that you just applied. You should definitely try to use this chance to app for all the good cards (2-3?) that you want. 

See the following link - general concensus is that tradeline will probably not be removed till the credit card's next closing date becaise that's when it's reporting. However, it might be earlier or later depending on the bank who issued the credit card:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/How-long-does-removal-as-authorized-user-take-to-drop-off-my/td-p/3015194

http://ficoforums.myfico.com/t5/General-Credit-Topics/Being-removed-as-an-quot-Authorized-User-quot/td-p/1647056

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Authorized-Users-how-long-does-it-take-to-show/td-p/669157

[Anonymous]

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@Anonymous wrote:
Just wanted to let you know, I took your advice Petrovius, and went down to my bank today. I applied for their Visa rewards card (1.25% cash back) and was approved with a credit limit of $13,000 at 15.99% after the first 6 months. I was surprised the limit was so high as I only plan to use it for a few hundred per month. So I think I'll just use my new card for a while before applying for another one. I was starting to panic a bit after everyone agreed removing myself as AU was a mistake so thanks for all of the help!

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1.25% with that limit is fantastic. Congrats on the new card!

My advice was made under the assumption that you only had the one line of credit, which you were an AU on. As you mentioned, that is not the case, which mitigates the affects of removing yourself as AU from your father's account. Given that you have so many other accounts, it may actually be a positive, since you removed a large utilization factor. 

The reason why people are urging you to apply for lots of cards right now is because HPs (hard pulls) are time based. They start decreasing in effect after six months and drop off your report entirely after two years. Therefore, if you do a bunch at once, they all drop off at once, rather than one every month or two. This gives you more of a score bump at the six month, one year, and two year marks. However, a couple of days isn't going to make much difference, since they go on your account immediately upon applying. 

Given your great limit, I would scope out a couple more cards that you think would be beneficial for you. If you like cash back cards, the Sallie Mae card is very popular around here. Chase AARP is great for eating out. Chase Freedom and Discover IT are both good quarterly revolver cards. None of them have annual fees, so what you see is what you get in terms of rewards. If you would prefer the simplicity of just having one card, your current card is a great place to start. There are some that are better (Cap1 QS and Citi Double Cash), but you have a good limit with a decent return with your 1.25% card. 

Good luck, congrats on the new card, and let us know if you have any further questions!

[Anonymous]

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@Anonymous wrote:
Just wanted to let you know, I took your advice Petrovius, and went down to my bank today. I applied for their Visa rewards card (1.25% cash back) and was approved with a credit limit of $13,000 at 15.99% after the first 6 months. I was surprised the limit was so high as I only plan to use it for a few hundred per month. So I think I'll just use my new card for a while before applying for another one. I was starting to panic a bit after everyone agreed removing myself as AU was a mistake so thanks for all of the help!

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Congrats dude. That's prime. Like others have said, drop an app for the AMEX BCE (or whatever you want) now. You'll get a good member since date and in 61 days (maybe even less) you can triple the initial limit they give you. After a few months, you can probably shoot for a good quarterly bonus card (Discover It, Chase Freedom, etc.) or a decent travel card if you want. Best of luck.