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Tincrow

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Question About On Time Payments?
Okay so this may be a dumb question, but are on time payments calculated per institution/account, or is it a monthly thing?

So I have two credit cards and two loans. If I pay all four on time every month, does that count as four on time payments, or just one on time overall for the month? The reason I ask is I have a few missed payments that I'm trying to minimize by making a lot of on time payments, and I'm debating opening a couple secured loans just for the the additional on time payments... but I haven't been seeing the on time payments showing up in my credit score. So far I've just been seeing one on time payment over and over.

Any help would be greatly appreciated.

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You would have four accounts and each would have its own account number, and possibly different due dates.  You would have to make sure each payment had all the necessary information so it could be correctly reported.  Once a payment is late, it stays late on the credit report for 7 years, then falls off.  No amount of extra payments will change that.  Please take advantage of the credit education provided here and read the articles so you can learn how credit works and how to build your score. I did and now enjoy the benefits  

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To answer your question, you get credit for 4 payments as they are 4 accounts.   They take all of your on time payments and divide by the total of all payments ever due/paid and this is how they get the compuation.   Its difficult to determine how long it would take to increase your percent without knowing the payments and the ones made on time.   If you opened 2 new accounts, you could probably see a slight increase in this compuation after 3-4 months, however after that point, the 4 accounts and the 6 accounts wouldn't make a difference.   Do you really want to take two hard hits and lower your average of age of accounts (estimate 20-30 point drop) just to see that slight increase?  Not to mention the annual fees as most secured come with a fee.   Two more accounts to manage and possibly miss a payment on.   I'd stick with the four accounts you have and continue to make your ontime payments.  The damage of the reported late ones has already been done and nothing can erase that except for time.

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You have to ask  if they will be reporting to the credit agencies.  Some do, some don't.  Credit Karma does not have Experien on here.  Have you checked your experien score?  Call the creditors that are not reporting and ask them why they aren't.

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