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Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: denied cc

Like we said earlier - you shouldn't apply for anything until that balance is paid down. You have a high risk of being denied or given small credit lines right now, regardless of whichever cards you apply for.

Be patient!

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Frequent Contributor
Dubious
Posts: 271
Registered: ‎02-10-2013
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Re: denied cc

[ Edited ]

jmeaby wrote:
She but she is refinancing her house first then paying it down when its paid down is when I will get off of the account. Someone told me if I get off now it will look bad on my credit report if I get off while it has a high balance.

I dont think this is true. Once you get removed as an AU, the account should disappear from your reports (or not update anymore at the very least), and if it doesn't you can dispute it with the CRAs. 

 

ETA: When it's paid down it wont even make sense to remove yourself, because at that point the account will help you with age while now it's hurting you.

Member
jmeaby
Posts: 13
Registered: ‎10-14-2012
0

Re: denied cc

So maybe this is a dumb question but for my card with a 1200 limit is it better not use it or just use it for gas and pay it off? I hope my question makes sense.
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
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Re: denied cc

Not a dumb question at all. What you are describing is how to show the utilization on your card. You'll need to read up a little on utilization first, and because I've already written about it numerous times, I will just link you to a few very good posts (consolidated through one post):

http://ficoforums.myfico.com/t5/Credit-Cards/Best-ratio-of-balance-for-multiple-cards/m-p/1898337#M5...

But at the end of the day, use that card however you want, but pay it off BEFORE the statement cuts. Not before the due date, but WAY before the due date. With your mom's card reporting a balance, you would ideally want your card to report a $0 balance. And therefore, you should always want your amount due to be $0.

Read into utilization and pay down to $0 before your statement cuts and you should see a very small score increase. Pay down your mom's card to $0 (or remove yourself as an AU) and see your score jump up most likely.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Member
jmeaby
Posts: 13
Registered: ‎10-14-2012
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Re: denied cc

so what if i get off of my moms card before she pays it down. will that look like i am responsible for that money but stop paying? or would it just go away? even though it is my longest acct im thinking getting off might not be a bad idea just not sure

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HiLine
Posts: 2,851
Registered: ‎10-19-2012
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Re: denied cc


jmeaby wrote:

so what if i get off of my moms card before she pays it down. will that look like i am responsible for that money but stop paying? or would it just go away? even though it is my longest acct im thinking getting off might not be a bad idea just not sure


AFAIK, once you are removed as an AU there will be no traces left of the original account on your credit profile. 

Contributor
ElCamino
Posts: 208
Registered: ‎03-20-2013
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Re: denied cc


jmeaby wrote:
She but she is refinancing her house first then paying it down when its paid down is when I will get off of the account. Someone told me if I get off now it will look bad on my credit report if I get off while it has a high balance.

This isn't the same someone that is helpng her refi her house with maxed out credit, is it?



Amex BCE: $16.5k, Discover It: $5k, Chase Freedom Visa: $10k, Fidelity Amex: $7.5k, PenFed Cash Rewards Visa: $3.5k, CapOne Union Plus MC: $4.5k, Barclays Upromise MC: $5k, BoA Cash Rewards 123 MC: $1.5k
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: denied cc

I've never been an AU myself, but my understanding of the process is what HiLine said. Removing yourself should remove the account from your report entirely. But once again, you will have to wait for the bureaus to update because things rarely happen instantaneously in the credit world.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Member
jmeaby
Posts: 13
Registered: ‎10-14-2012
0

Re: denied cc

what is refi a house?

Moderator
09Lexie
Posts: 24,923
Registered: ‎09-13-2012
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Re: denied cc


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