topic Re: Help on my next move in Credit Cards

Help on my next move

kwinks — Sun, 13 Jan 2013 10:16:57 GMT

Hello everyone!

i want to say thank you in advance for all your helpful comments. I look up to you guys

I have a couple of things I need help with.

First, I am currently an authorized user on my mother's Macy's revolving card (not visa or anything) and she has gone over her credit limit, I really want to be removed from the card because of this....however I am afraid it will hurt my credit score because of the history. It says that I have had credit with this for over 7 years ( even though I'm only 20)

my other credit cards are as followed capital one secured card- limit of 200 opened 1 year and 11 months, chase freedom- 3000 limit, opened 11 months, Bank of America-500 limit 11 months, and nordstroms- 750 limit Opened 6 months ago. mycreditinform says my aaoa is 1 year and 9 months. Will removing myself from my mother's card lower my score? I think that her card is hurting me more than helping because it shows that I am over my cl....but I don't know that as a fact... any ideas?

I am asking all of this because once my 2 inquiries from chase and bank of america cc's fall off next month I want to apply for Amex blue cash preferred and/or chase sapphire preferred. And That brings me to my next dilemma....do I have any chance of even being approved for these two cards? I am afraid that because I don't have a cc with a cl more than 5000 I won't be approved for csp and Amex just seems soo scary to me lol I don't know to think. Would chase consider me at all? I also bank with them, which is why I believe I was given a relatively good cl on the freedom....But that isn't a fact or anything.

Also which card is better? Or should I apply for both. I want the csp because it has no foreign transaction fees and I go to Costa Rica at least once a year. And I wanted the bcp because of the 6% on groceries. personal experience greatly appreciated...

a little more about my credit. I pay each card in full every month....most of my charges being on the freedom. I recently leased a new car in July. I make around 35000 a year, guessing conservatively. Mycreditinform says my scores is currently 695 however this site is usually 25 ish points lower that my true fico scores...from what I've seen in the past....however credit karma also says my score is 679.

so to sum it all up

1. Will being removed from my mom's Macy's card help or hurt me?

2. Do I have any chance being approved for bcp or csp?

3. Should I apply for both or just one Of the two cards....and if one, which would you suggest?

thanks sooooo much guys

Re: Help on my next move

visorboy1974 — Sun, 13 Jan 2013 12:30:20 GMT

@kwinks wrote:
so to sum it all up
1. Will being removed from my mom's Macy's card help or hurt me?
2. Do I have any chance being approved for bcp or csp?
3. Should I apply for both or just one Of the two cards....and if one, which would you suggest?

thanks sooooo much guys

Your AAoA isn't that high to begin with. Taking yoursefl off your mom's card won't impact it all that much. You'll go from 1 yr, 9 months to something like a 1 yr.

I can only answer #1. I think it can only help you...you never want to be associated with a card that's over the limit.

Re: Help on my next move

Anonymous — Sun, 13 Jan 2013 13:10:29 GMT

so to sum it all up
1. Will being removed from my mom's Macy's card help or hurt me?
2. Do I have any chance being approved for bcp or csp?
3. Should I apply for both or just one Of the two cards....and if one, which would you suggest?

thanks sooooo much guys

Hello,

1. You probably signed on with your mom as a minor around age 13 or 14? I think getting out would definitely help. If you get yourself off the account and you have to recon for a card you can explain that it was a joint account that your mom charged up and that's why your no longer on it.

2. I would think you'd have a better chance with the bcp

3. I'm sure some others here would have a better idea of what might qualify for each of them, but I would think probably do the bcp for now - get out that joint account with your mom first though

good luck

Re: Help on my next move

kwinks — Sun, 13 Jan 2013 16:09:07 GMT

Thanks so much for the advice....do you think it would still remain on my credit report even if I was only an authorized user?

Re: Help on my next move

mirachi — Sun, 13 Jan 2013 16:15:07 GMT

Not sure how much weight Chase put into my other factors but income-wise you are good enough for CSP (well technically I'm really basing on their CS but more research suggests that the requirements for both are the same).