TLDR: Unemployment caused credit score to tank to 460 because of late payments. I want to improve my payment history. What if I get 3-5 secured credit cards at once, and pay them all on time, would this be a good way to offset the late payment damages my score took?
Is getting multiple secured credit cards at once a good way to improve payment history?
byu/GHOSTBOYSWIFT inCreditCards
Posted by GHOSTBOYSWIFT
2 Comments
A couple secured cards can help, but 3 to 5 at once is usually overdoing it. What really fixes things is on time payments over time,1 or 2 used lightly and paid perfectly does most of the work and opening too many at once can slow things down early.
No. Late payment marks do not go away because of on-time payments, they go away after 7 years.
Putting aside the fact that you are unlikely to be approved for multiple secured cards in quick succession, attempting to apply for multiple cards is likely to be seen as bust out risk.