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memlydarling

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Improving credit after closed card by opening a second card
I had a rarely-used credit card closed after I screwed up the auto-payment and it went unpaid for six months (yes, I am now being more diligent about checking to make sure payments have gone through!). The problem is it was my oldest card (6 years), and I've only had my other credit card for one year. Would opening a second card and paying it fully each month, as I do with my primary card, help increase my credit score by increasing the number of on-time payments I make? Is there anything else I can do to help improve my score besides continue making regular payments and wait for the missed payments to drop off? I just have the one credit card that I pay in full every month -- no loans, mortgage, etc.

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You should have 3 credit cards and 1 installment loan for credit building, just make sure that the lenders report to all three credit bureaus. Do some reading on how to properly use a credit card for the best score potential.

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