College Student Increase Scores - Advice Please

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Joined: Tue Jul 01, 2014 8:05 pm
Location: Philadelphia, PA

College Student Increase Scores - Advice Please

Postby pastudent » Tue Jul 01, 2014 8:13 pm

A little background, I am 22, graduating in December. I have had a discover card for almost 2 years now, have paid on time 100% of the time, try to keep my utilization down but they started me at 750 and I charge most things, let it hit statement, then pay off.

When I made some large purchases (vacation, electronics) it made my utilization a little high.

Since I have had the discover card they have brought be unto 1750 credit limit and I have had a Barclays Arrival card since February (got it when the bonus was 40,000 points) and I have shifted most of my spending to this card. The limit on this card has just raised to 3350, after a hard inquiry :( .

Total is about 5000 now open, I have 0 student loans, and no other reporting entities. I have asked discover if they will raise my limit but they will only do it with a hard inquiry (and probably only for another 750).

My FICO off both of the statements dropped to 685 from 715 due to high utilization this past month (moved into a new place, paid rent, and my paycheck didn't come in time to pay it off without it going to statement).

I am looking to get an auto loan in November/December time frame and am trying to ensure I have enough to show a good score but not waste inquires that are useless. I am thinking of maybe opening another card with a good bonus but no annual fee (or change to the no fee version if it is waived) to increase my avail credit. My gross income ends up being about 40k.

Is it worth it to get another card now or just stay with what I have. If so what card would I qualify for and be worth it?

TLDR: Already have 2 cards for 5000, utilization is high with big purchases, pay off 100% on time. Scores at about 685 this second, utilization will drop to about 10% in the next 5 days. Want an auto loan for about 18K in 5 months. Worth it to open new card, if so what?


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