Could someone please tell me if I have this correct?

[Steelersboy]

That could be, but I'm the only that has been using it since mid April. I can see all charges, payments, and everything!

[fittiger]

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@Steelersboy wrote:

 I would suggest getting your own card, maybe a secured card since you don't already have one of your own; especially if you aren't planning on getting a mortgage until next summer.  If you do go the secured route, find one that offers conversion to a unsecured account after so much time of good ownership.  Having your own credit card on your credit reports would look better and any decrease in score caused by app'ing and having a new account will have gone away by then and maybe even boosted your score as long as you use it responsibly, keep utilization down below 10-15%, etc.

This card already appears on my credit report. My concern is applying for one that only has my name on it. If it wouldn't affect my score negatively, I'd get one.  Lenders can see that you are just using someone else's card.  You are not legally responsible for any debt charged to the card.  This is why you need your own.  It might affect your score negatively temporarily, but if you handle it well, it should improve your current score after 6 months time.  Do you currently have any installment loans on your credit report....open or paid off?  In order for lenders to have faith in you, you need your own credit trade lines to show them you are responsible enough to use credit wisely.  Just having someone's account on your credit report will not be enough to help you get a mortgage loan, in my opinion.  

 Keep the account balance less than 15%, pay in full every month when the statement closes and you will never have to worry about a minimum payment or accrued interest.

Okay, so for example, I get a new card for $500. If I charge $75, pay the $75 before the due date, there would be no minimum payment or interest? And since you say keep it less than 15%....................................I'll just let you explain that part so my other question won't sound too dumb.  Never let the balance on the card go above $75, preferably $50.  If you charge $50 (or 75), pay off the card before you charge any more.  This will keep your credit score in its maximum range based on this factor.

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[SnackTrader]

"I'm reading this article that says some card companies require you to pay all charges in full every month, but come with no finance charges or maximum limits. Perhaps this is what I need?"

You are probably referring to an American Express charge card (Green, Gold, Platinum, there are others). Those may help you, but there are ways to not pay interest every month with other cards too. You are kind of psyching yourself out with all of this. I promise we can help you understand all of this, it will just take more than a few posts. Hang in there! And welcome to the forums!

[Steelersboy]

And you need to learn a lot more about how all of this works.  Some of what you said made my head spin.  no offense.  There are many topics on which I'm quite ignorant too.

Oh, none taken. Any and all advice is welcomed. This is probably the only area of finance that I am still not familar with. 

[Steelersboy]

and you are paying interest on the unpaid balance 

Now it makes sense. That's why I'm probably constantly paying interest. Seems like the balance needs to go on and be paid and that will be that (hopefully). 

So let me ask this: I've read that it is bad for a credit to close an account: what if I get removed from this account and simply open up my own? How would that affect my credit score?

[Steelersboy]

Do you currently have any installment loans on your credit report....open or paid off?

I have installment loans that are currently being paid on. 

If you charge $50 (or 75), pay off the card before you charge any more.  This will keep your credit score in its maximum range based on this factor.

This is making more sense by the minute.

[Steelersboy]

 I promise we can help you understand all of this, it will just take more than a few posts. Hang in there! And welcome to the forums!

Thank you! You all's posts are really helping!

[Steelersboy]

Since another question popped into my mind lol , if I pay off the balance, would that increase my score? This card is on my credit report as well. 

If it would increase it, it would be worth paying off the $299. in my book.

[09Lexie]

Lets try this to make it easier for everyone replying with advice/questions.

List all rev cc with bal and limits; list all installment loans with bal; list all items remaining on your cr; indicate whether or not you are the AU or primary.

[fittiger]

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@09Lexie wrote:
Lets try this to make it easier for everyone replying with advice/questions.

List all rev cc with bal and limits; list all installment loans with bal; list all items remaining on your cr; indicate whether or not you are the AU or primary.

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revolving credit card accounts