Could someone please tell me if I have this correct?

[SnackTrader]

My personal opinion is that I wouldn't pay anything that isn't your responsibility. I don't know who the primary account holder on that card is, but if you don't have a LEGAL responsibility for that debt, then I would pay what you owe, and then remove yourself from the account. The account would stop showing up on your credit report though, which is why getting another card will give you much more credit freedom.

It helps you to have that account reporting until you get your own account though, even with that balance. Since having existing revolving credit on your account is better than not having any. So, you should try for your own account (if you want it) before removing yourself from that account.

[kimmiller112]

I'm kind of confused by this.  Are you an authorized user (meaning did someone add you on to their account) or is this a joint account?  What relationship does this person have to you?  Are you the person making the purchases and then making the monthly payments or is someone else making the purchases and does that person make any of the payments?

Assuming that you are the one doing the purchases (or at least some of them) and making the payments, you may want to just make a payment of all but $20 a day or two prior to the next due date so that a small amount will report to the CRAs.  The reporting date is usually 2-3 days after the due date, so don't use the card again until after that.  Once that has reported, pay the remainder off so that you are done with finance charges, then, you probably want to get one or two of your own cards, which you will most likely need before going for a mortgage, but make sure you do this at least 6 months prior to apping for the mortgage.  Once that happens, you may want to consider removing yourself as an authorized user from this card (unless this whole situation works out) and make sure that you take care of the new cards.  Just keep in mind that anytime you make a purchase and don't pay it in full by the due date (you do have a grace period but forget about that so that you aren't confused), you will have to pay interest every month, along with at least the minimum payment until it is paid in full.  Also, keep in mind that ideally, you want all but one credit card to report at 0 every month and the one card that does report should report less than 10 % of your total amount of credit available, which is your utilization.  When you app for cards, do research to see if you have a chance of even getting it so that you don't waste inquiries (for example, there are cards that automatically start you out at $5000 but you will be declined for it if your only other card has a $500 limit).  

[Steelersboy]

 Are you an authorized user (meaning did someone add you on to their account) or is this a joint account?

My mother added me to her account at my request. 

you may want to just make a payment of all but $20 a day or two prior to the next due date so that a small amount will report to the CRAs.

I will probably do this.

 Once that has reported, pay the remainder off so that you are done with finance charges, then, you probably want to get one or two of your own cards, which you will most likely need before going for a mortgage, but make sure you do this at least 6 months prior to apping for the mortgage.

got it

[Steelersboy]

Credit card- $500 limit, $299 balance- secondary holder

car note- $16,000- secondary holder

student loan- $20,000- primary holder

All three are on my credit report.

Will paying off the balance increase/improve my score? If so, how long would that take to take effect?

[Steelersboy]

My personal opinion is that I wouldn't pay anything that isn't your responsibility.

Since I asked to be on the card, I think I took the responsibilty as well. But if it helps my score, I'm more than willing to pay it. 

Something else just entered my mind: since I would be removing myself from the card, but the account is still open, that might not affect my score negatively?

[Steelersboy]

I think I found the answer to one of my questions.

http://myfico.custhelp.com/app/answers/detail/a_id/71/kw/removed%20credit%20card%20account

It looks like it would affect my score if I removed myself from the card. 

[09Lexie]

What's hurting your CS is the high util. Never let a cc report a balance more than 10% for optimal scoring ESP if you only have one.

[SnackTrader]

Yes, it would affect your credit. That's the idea of getting your own account before removing yourself, your score will take a short-term hit, but will recover pretty quickly. Then you won't be paying additional interest, thereby helping your wallet.

Believe me, having your own account is a lot better than just having an "authorized user" based on how it is reported to the bureaus. And the interest charges you are paying that aren't actually your responsibility as well as the utilization hit that your score is taking aren't worth it.

If you get your own account, manage the utilization properly (utilization is a significant portion of your score), and pay in full - you will save money and improve your credit score in just a matter of months.

[SnackTrader]

I should add - you will not qualify for a mortgage given your current credit report.

I'm not necessarily saying that you are looking for a mortgage, but since you seem worried about your credit score, I should probably point that out. Many things in life aren't just about score, but also about what is on your report to get to that score.

[Steelersboy]

What would I do to improve my report specifically?