- Posts: 1
- Joined: Sat Aug 11, 2012 6:05 pm
- Location: San Diego, CA
Hey guys. I'm a 22-year-old college student with good credit. However, like most people my age, I actually don't know anything about credit.
I started four years ago with a 'student' credit card from US Bank. The credit limit is only $300, and I've never had a late payment. However, somewhere along the line someone told me I'm supposed to carry a balance and that'll be good for my credit. So I didn't even bother paying it off until yesterday when I realized my high utilization was a bad thing. Makes sense now...
Anyway, I've had a $15K secured personal loan, never missed a payment in two years. I also have had a $10K auto loan, never missed a payment.
According to Discover (I applied for a More card), my credit score was 735. I was approved for the More card with a $2500 limit.
Unfortunately, the Discover card was the last card I applied for. I applied for one with Chase (freedom), and also one with AmEx (AmEx Blue) after being denied by Chase. I was very surprised (being a credit noob) that I was denied. Finally I got approved for the Discover.
Anyway, now I'm worried I've severely negatively affected my score with the 3 hard credit inquiries. Only the Discover has shown up on my credit report and it's been a few weeks. Am I in for it? What steps should I take from this point to repair the damage, and how long might it take to repair my score?
Also, will the fact that I've paid off a credit card that had high utilization AND opened up a new $2500 line possibly balance things out? I also will be paying off the personal loan and car loan this month, but getting a new car loan. Thanks!