Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
dlampkin1229

0 Contributions
0 People Helped
Should i open more credit cards to help fix my bad history of paying on time ?
Im 23 yrs old and my credit score is currently 686 (Credit Karma), i have 7 late payments on my credit history which brings my % of on time payments down to 89%. Apparently I should aim to be at least at 98%. At the moment I only have 2 lines of credit, a credit card that i have had for nearly 3 years that has a $800 limit and my car payments, which i will finish paying off before the end of the year. So for me to get my payments on time % up to 98 it will take me around 8 years if i dont add any additional credit lines. So i was thinking it would be best to get a new credit card once every 6 months or once every year in order for me build my credit up in the long term. Is this a logical plan? I really damaged my credit with late payments and im trying my best to fix the damage. My credit was in the 500's at one point but i have paid my bills on time for a little over a year now with no missed payments so it has increased a little to 686 but i want to eventually be able to get to 750. Thanks in advance

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
935 Contributions
131 People Helped

Your past due payments would roll off your credit report in 7 years, thus, by the time you earned it, it would have rolled of natually.   If you added as many as 4 new cards to your account, it would still take about 4-5 years for the % you are looking for to be achieved.  The late payments would still be on your report and for some creditors, the damage has been done.   Many will look to your previous 2 years history of on time payments and overlook those that occured prior to that point.   The impact of securing additional cards to speed the % of on time would end up hurting you with larger score crops.  Consider the hard inquiry (4-5 points) for each as well as (20-30) drops for the new accounts.   You would still be looking to a quick drop of about 100 points, although you can recover from this in about a year as long as you made timely payments on all of them.   Personally, I  would focus on my timely payments as opposed to increasing the chanch of failing to properly manage more cards.

Top Contributor

Reply by
faidros

935 Contributions
131 People Helped

typo: Chanch : Chance   (CK: An edit feature would nice.)

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.