Could someone please tell me if I have this correct?

[TiggerDat]

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@Steelersboy wrote:

I won't be looking to get a mortage until sometime next summer and rates will probably have gone up (even minimal by then depending on what the Fed does). She also said that once I use all of the available credit, the primary acount holder has to ask for the increase, and they usually gives increases anyway by reviewing accounts periodically if your account is in good standing and payments are made on time. So I guess when my available credit is $0.00, I would no longer have a minimum payment?

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With Capone a limit increase is randomly done on a random number of accounts, so it could be rare to actually get a limit increase.  Most people have to go through the EO to get a decent limit and as of late it seems that can be a bit random too.  Since you are not applying for the mortgage until next summer you don't want any inquiries or new accounts opened in the last six months.  You do need about a year of reporting on an account for best results, so I would say you should try to get two new accounts as soon as possible.  Capital One is fairly easy to get an account, just try first for one without an AF.  Also GE is pretty good with accounts and the Walmart card comes with a FICO score.  It can be a bit easier with them to get a CLI. 

[Steelersboy]

I am so glad I came on here. I completely get it now. When I went to Sonic and bought a shake and burger and charged 7.68, I wondered why I had to pay interest of 7.00 on it, but it's not on the food, it is on the unpaid balance! I'm going to ask her about it tomorrow!

[oscar_actuary]

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@Steelersboy wrote:

I am so glad I came on here. I completely get it now. When I went to Sonic and bought a shake and burger and charged 7.68, I wondered why I had to pay interest of 7.00 on it, but it's not on the food, it is on the unpaid balance! I'm going to ask her about it tomorrow!

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I sure hope you mean 7%, not $7.00 interest on a $7.68 purchase.  It kind of seems like someone might be collecting more interest from you than you would owe on your portion of the bill - or you are giving misleading examples.

[Steelersboy]

  I sure hope you mean 7%, not $7.00 interest on a $7.68 purchase.t kind of seems like someone might be collecting more interest from you than you would owe on your portion of the bill - or you are giving misleading examples.

When I went to Sonic and bought a shake and burger and charged 7.68, I wondered why I had to pay interest of 7.00 on it, but it's not on the food, it is on the unpaid balance!

That's sort of what I was saying..............

[Steelersboy]

My mother hadn't used the card in a while and had forgotten about the balance. She is paying it tomorrow plus the $21 in interest I paid. I'll probably just let her keep it for gas or something. lol 

[Steelersboy]

Thank you all so very much for all of your help. I know where to come when I need advice!

[SnackTrader]

Once that balance gets paid and updated to the Credit Bureaus (will likely take a few weeks), look into getting your own card. I wasn't joking when I said your report needs improvement. To qualify for a mortgage, most lenders require at least 3 tradelines of 24 months or older that YOU are responsible for. You don't currently meet that criteria. In addition, there is some anecdotal evidence that having 3 or more revolving tradelines (credit cards) will improve your score over a lesser number of those tradelines.

Plus, with better cards comes better rewards and more money into your pocket as long as you use them responsibly.

[Steelersboy]

look into getting your own card

I'm going to respond to an offer I've been receiving. Customer service rep says I'm prequalified. 

[myjourney]

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@Steelersboy wrote:

look into getting your own card

I'm going to respond to an offer I've been receiving. Customer service rep says I'm prequalified. 

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Good luck

[SnackTrader]

Would you like to ask us about it? We can advise you if it is a good card willing to grow with you, and if you are likely to be approved. You have a thin file, so your chances of obtaining prime cards right off the bat are rather low.

Trying to save you from wasted inquiries. Feel free to start a new thread or reply through this one.