Two quick questions:CC increase; cosigned card

Joesh · ‎05-21-2012

Hey everyone first post in here. I bet my first question could be answered from a sticky or something but since I had a more unique second question I thought I would just ask it here.

Going to be asking for CLI on my CCs within next few weeks. What should my dialogue be? I'm assuming it's probably going to be hard pulls on all of them. How should I respond when they ask why I want the CLI? Truthfully I just want to up them to boost my credit score and help get credit utilization lower.

An aside: I've been consigned on a CC with my mom for almost 10 years, and my 2nd oldest card is 2 years old (I'm 23). My mom keeps a balance of like 17k on the card (it has about a 26k limit) I'm consigned on, although I have never used it myself. So overall my CC usage is like 42% due to this single card, wheres as usage combined on my other 5 cards is about 5-10%. Do you think this card is helping me more than it is hurting me? It's good because it bumps up my overall credit and makes my avg card length up from 9 months to over 2 years, but its bad in that it screws up my utilization %. Usually when I call to ask for CLI or signup for a card I get asked about the card - but I think most people see that I am cosigned on it and that it was opened when I was 12 years old and realize I don't use the card myself.

Creditaddict · ‎05-21-2012

@Joesh wrote:
Hey everyone first post in here. I bet my first question could be answered from a sticky or something but since I had a more unique second question I thought I would just ask it here.

Going to be asking for CLI on my CCs within next few weeks. What should my dialogue be? I'm assuming it's probably going to be hard pulls on all of them. How should I respond when they ask why I want the CLI? Truthfully I just want to up them to boost my credit score and help get credit utilization lower.

An aside: I've been consigned on a CC with my mom for almost 10 years, and my 2nd oldest card is 2 years old (I'm 23). My mom keeps a balance of like 17k on the card (it has about a 26k limit) I'm consigned on, although I have never used it myself. So overall my CC usage is like 42% due to this single card, wheres as usage combined on my other 5 cards is about 5-10%. Do you think this card is helping me more than it is hurting me? It's good because it bumps up my overall credit and makes my avg card length up from 9 months to over 2 years, but its bad in that it screws up my utilization %. Usually when I call to ask for CLI or signup for a card I get asked about the card - but I think most people see that I am cosigned on it and that it was opened when I was 12 years old and realize I don't use the card myself.

What cards do you currently have?

What is limit and balance?

I think this joint is going to hurt you... Might be one thing to agree you probably didn't use this card when you were 12... if you are joint and not AU... it won't matter if your mom stopped paying the card... you would still be required too.

Joesh · ‎05-21-2012

From Credit Karma

Card / Limit / Balance / Best guess at Age

Citi Forward / 5500 / 400 / 1-1.5yr [paid off in full every month]

Bank of America Cash Rewards / 1000 / 0 / 0.5yr [paid off in full every month]

Barclays NFL Reward Card / 2000 / 0 / 0.25yr [paid off in full every month]

Chase Freedom / 4000 / 0 / 0.5yr [paid off in full every month]

Citi Dividend Mastercard / 4000 / 0.5yr [paid off in full every month]

*Cosigned card w/ mom: AT&T Universal Card / 22700 / 16100 / 9-10 yrs [I'm assuming minimum payments have been made on this card every month - going back as far as at least a year from what I can see on Credit Karma; balance has varied from 6000 to 16000; so the card is never fully paid off]

Addtl info: I'm 23 y.o. grad student; creditkarma score is 734

Update: I'm not entirely sure what the difference is between joint and AU. I know the card appears on my credit report and credit karma, and that is about it. I have a verson of the card in my wallet with my name on it and it has the same # as my mom's CC (again, I have used it maybe once or twice ever back when I didn't have a credit card in emergency type scenarios)

Update2: I was going to ask for CLI on the Forward, Dividend, BoA, and Freedom cards, all of which I have not had a CLI within 6 months on (I got a CLI of 1500 on the Forward card 6 months ago)

Chris123nTx · ‎05-21-2012

My very best guess is that being on moms card hurts hou more than it helps. Utilization is a real biggie and 40% is high. I would not attempt to get credit increases with it that high myself. Depending on what cards you have, a credit line increase request is often, though not always, automated, either online or by phone. If you were declined then you might have to alk to a real person to try to get them to change their minds, but other than that, i would not worry too much about reasons. If you do not have a year overall though, it might give you a bit more of a shot if you wait until you do. All just my opinion for what it is worth.

Creditaddict · ‎05-21-2012

I would start with Citi... it's online and usually instant.

BofA wait until 6 months if not longer, it's going to most likely be HP from what I read these days.

Barclay, I would let it be auto if it happens or maybe wait a year

Chase is going to be HP and i don't read very good things... so might just leave.

Crashem · ‎05-21-2012

Joint account holder = all cosigners are responsible for debt. AU = able to use card but primary account holder is only one responsible for debt. It is much more complicated to unravel a joint account. Card issuer will probably not allow any cosigners to get off of card without closing it down. Ideally, I would separate yourself from your Mom's credit, but the issue is that they will likely have to close the card. Is she keeping a balance on this card or is it just a reported balance but she is PIFing every month. If PIF, maybe you can help her find a better card she can use instead. If she is keeping a balance, maybe she will qualify for a 0% BT card so she can pay it down faster.

As for the effects, a closed account in good standing will stay on your report for 10 years. So it will continue to help your AAoA etc. But do not close this card before you get rid of the balance.

Capital One 1.5% MC/HSBC 15kto20k 8/7/13

LIMITS IN CARD DESCRIPTIONS

Creditaddict · ‎05-21-2012

You can call into the bank and ask if you are AU or Joint. If you are AU you can request to be removed from the account and most likely it will then be deleted off your credit.

Who is this card issued with?

Joesh · ‎05-21-2012

This is the card: http://abrosia.com/2011/att-universal-card/

it's universal rewards, not universal savings. I don't know anything else about it.

Would I be able to call the number on the card to ask if I'm AU or joint? I don't know any passwords or anything for the card obviously.

If I'm AU - you guys suggest I remove myself from the card?

If joint... well I guess I'm just out of luck, my mom isn't very wise when it comes to that so even if I suggested the 0% BT she would probably not do it.

Creditaddict · ‎05-21-2012

@Joesh wrote:
This is the card: http://abrosia.com/2011/att-universal-card/

it's universal rewards, not universal savings. I don't know anything else about it.

If that is still with Citi, then that probably explains your great relationship with your own 2 Citi Cards. I would keep it!!

So again I would say, I would request the CLI on your 2 Citi, then look at rather you want to move on with ore CLI on the other accounts and take on HP.

Crashem · ‎05-21-2012

Well looks like you would need to do the work for the BT card. So this balance is a ongoing thing?

LIMITS IN CARD DESCRIPTIONS