New payments to outweigh old bad history

[AspiringDink1991]

So, Im curious, if my line of thinking would have any effect in helping me to dig myself out of this bad credit hole created when I had a near death experience 3 years ago. 

I let about 8 credit card accounts and 1 Conns account go delinquent to the point of charge off. My idea now in order to attempt to wash out the old payment history is to get as many new cards as possible and make monthly payments on them in order to make that bad history less prominent, with every new payment I make it lessens my percentage of missed payments compared to total. I have 2 Unsecured Cards now, and 6 secured cards and MyJewlersClub and Self Lender all reporting monthly as paid in good standing. 

Am i thinking correctly as every month goes by then my percentage of missed payments will go down with time, hoping itll be a bit faster since i've go so many accounts compared to the measly 3 that any credit repair company recommends you to get.

[Jnbmom]

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@AspiringDink1991 wrote:

So, Im curious, if my line of thinking would have any effect in helping me to dig myself out of this bad credit hole created when I had a near death experience 3 years ago. 

I let about 8 credit card accounts and 1 Conns account go delinquent to the point of charge off. My idea now in order to attempt to wash out the old payment history is to get as many new cards as possible and make monthly payments on them in order to make that bad history less prominent, with every new payment I make it lessens my percentage of missed payments compared to total. I have 2 Unsecured Cards now, and 6 secured cards and MyJewlersClub and Self Lender all reporting monthly as paid in good standing. 

Am i thinking correctly as every month goes by then my percentage of missed payments will go down with time, hoping itll be a bit faster since i've go so many accounts compared to the measly 3 that any credit repair company recommends you to get.

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The good is that you are starting your rebuild,  keep paying on time and keep that utilization low. But really there is no need for 6 secured cards, that's crazy.

Unfortunately your baddies are going to continue to hurt your scores, you really can't "wash them away".

[Anonymous]

You can't just 'wash away' bad credit history by taking out new cards.  What I suggest that you do is contact the collection companies for the charged off accounts and see if they will do a PFD.  The only way to 'wash away' the bad credit history is to get the creditor to agree to remove the derogatories from your CRs.  COs (especially unpaid COs) will continue to hurt you no matter how many cards you take out.  Try to pay off the COs and see if the companies will delete them from your report after you pay.  This may take awhile as most companies will not do PFD the first time you ask.  It may take months of requesting PFD and even then a handful of companies (ex CapitalOne) rarely ever do them.

[calyx]

Percentage or ratios of missed/good payments has no relevance on your FICO scores.
It's GOOD that you've started rebuilding.  Keep your tradelines as long as you reasonably can, and keep the information positive.

For your negatives, you'll just have to pay them off - Pay for delete when you can, settling or paying in full otherwise, and wait for them to age off or try to get them goodwill deleted.  Negatives have an affect for the entire 7 (or 7.5) years they're on your record, no matter how many positives you have.

[FireMedic1]

Now that you know it wont make much of a difference until they all fall off. Could you please list the accounts. Credit Line, Balance owed, DoFD. If a collection is tied to the account list the name. Lets see who you'll have any chance of PFD from the collection side.

[AspiringDink1991]

I apologie for such an absurdly late reposonse I'm not familiar with how I go about finding my old posts and this one in particular did not have notifications attached to it for some reason.

Kohls CL $300

$608.27, DoFD 4-17, 3-17 also reported

One Main

$0 balance according to MyFico, DoFD 1-17

Conn's assigned to Midlad but no longer on report and backed down from the lawsuit they filed reporting to Eq and Ex

$2589, DoFD 10-16

Capital One (original not on report) assigned to Portfolio Recovery 10-23-18 reporting to TransUnion and Experian

$2688, DoFD- 

Barclay assigned to Portfolio Recovery 6-27-18 CL $250

$542 (Barclay says a different amount was charged off in the $247.86) DoFD -12-16

4 accounts with Texas Medicine Resources assigned to United Revenue Corp only reporting to Experian

$1402 date assigned 2-26-19

$1402 date assigned 2-26-19

$1113 date assigned 5-29-16

$258 date assigned 2-27-16

Walmart Synchrony CL $1364 has a 30 day late payment 12-15 and 60 day late 1-16 but its paid in full

Here's an updated list of all of my cards Red I plan to Close, Blue I'll be keeping

3-18HomeCredit/Sprint $500 unsecured

11-18 MyJewelersClub $5k CL (closing 10-20)

1-19 Discover $1k secured 

1-19 Commenity $300 unsecured, CLI to $620 1-20

2-19 Applied Bank $200 Secured

2-19 GreenDot Platinum $200 Secured

2-19 GreenDot Primor $200 Secured 

2-19 Open Sky $200 secured

2-19 BBVA $450 secured

8-19 NFCU $500 secured

8-19 NFCU SSL $3k paid down to $233

NEW!!! 2-20 NFCU Cash Rewards $15k (NFCU score 295 (what is this), member since 8-19)

12-18 Self Lender loan of $500 paid off early 9-19, now secured card @$250 (Closing 8-19)

Forgive me I'm still trying to firgure things about this wesite out, learning slowly but steadily

[satio]

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@AspiringDink1991 wrote:

I apologie for such an absurdly late reposonse I'm not familiar with how I go about finding my old posts and this one in particular did not have notifications attached to it for some reason.

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