Should I risk poking the sleeping bear?

[delaney1]

I have fico scores ranging from 691-698 with 24% utilization...2 credit card accounts, 4 mortgage accounts showing on TU, the same on equifax along with a car loan. I have a large collection from a broken lease after DH lost his job in 2012. The statute of limitations for lawsuits for this runs out Aug 2017. We were contacted once concerning this collection back in Aug 2012. Nothing since.

I applied for a credit card back in 2015 before knowing that collection agencies monitor your credit report to see if you appear collectable. Fortunately, no adverse action came from that. So, starting in the fall and through early next year all of those mortgage accounts and the car loan will fall off my report, leaving me with only 2 accounts. I'm assuming this is going to kill my score. I'd planned to apply for 3 cards after the statute of limitations ran out to get a few more accounts to add DH as an AU to because his credit is in the toilet(one judgement we're paying on and then one more after that to take care of). DH has about 14 accounts on his files, including being an AU on my cards, not sure how many are going to fall off because of aging out.

So, this is all in preparation for hopefully getting a mortgage in 2018. I'm thinking I shouldn't chance it. I absolutely do not want the collection threatening to sue us after silence from them all this time. Thoughts?

[creditguy]

You may want to move to his to the rebuilding credit section, it may get you more pertinent responses.

[Anonymous]

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@delaney1 wrote:

I have fico scores ranging from 691-698 with 24% utilization...2 credit card accounts, 4 mortgage accounts showing on TU, the same on equifax along with a car loan. I have a large collection from a broken lease after DH lost his job in 2012. The statute of limitations for lawsuits for this runs out Aug 2017. We were contacted once concerning this collection back in Aug 2012. Nothing since.

I applied for a credit card back in 2015 before knowing that collection agencies monitor your credit report to see if you appear collectable. Fortunately, no adverse action came from that. So, starting in the fall and through early next year all of those mortgage accounts and the car loan will fall off my report, leaving me with only 2 accounts. I'm assuming this is going to kill my score. I'd planned to apply for 3 cards after the statute of limitations ran out to get a few more accounts to add DH as an AU to because his credit is in the toilet(one judgement we're paying on and then one more after that to take care of). DH has about 14 accounts on his files, including being an AU on my cards, not sure how many are going to fall off because of aging out.

So, this is all in preparation for hopefully getting a mortgage in 2018. I'm thinking I shouldn't chance it. I absolutely do not want the collection threatening to sue us after silence from them all this time. Thoughts?

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All of your mortgage and car loan accounts will be over 10 years old?

I'm not sure that by applying and getting a credit card is going to be the determining factor whether they sue you or not.  I would think if they're going to sue they'll do it before the SoL runs outs regardless of your credit cards.  Are you sure they are periodically SPing your reports?

[delaney1]

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@Anonymous wrote:

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@delaney1 wrote:

I have fico scores ranging from 691-698 with 24% utilization...2 credit card accounts, 4 mortgage accounts showing on TU, the same on equifax along with a car loan. I have a large collection from a broken lease after DH lost his job in 2012. The statute of limitations for lawsuits for this runs out Aug 2017. We were contacted once concerning this collection back in Aug 2012. Nothing since.

I applied for a credit card back in 2015 before knowing that collection agencies monitor your credit report to see if you appear collectable. Fortunately, no adverse action came from that. So, starting in the fall and through early next year all of those mortgage accounts and the car loan will fall off my report, leaving me with only 2 accounts. I'm assuming this is going to kill my score. I'd planned to apply for 3 cards after the statute of limitations ran out to get a few more accounts to add DH as an AU to because his credit is in the toilet(one judgement we're paying on and then one more after that to take care of). DH has about 14 accounts on his files, including being an AU on my cards, not sure how many are going to fall off because of aging out.

So, this is all in preparation for hopefully getting a mortgage in 2018. I'm thinking I shouldn't chance it. I absolutely do not want the collection threatening to sue us after silence from them all this time. Thoughts?

---

All of your mortgage and car loan accounts will be over 10 years old?

I'm not sure that by applying and getting a credit card is going to be the determining factor whether they sue you or not.  I would think if they're going to sue they'll do it before the SoL runs outs regardless of your credit cards.  Are you sure they are periodically SPing your reports?

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Yes, these were investment properties that we sold nearly 10 years ago. When I pull my free credit report, what do I look for to see if they are SPing me?

[Anonymous]

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@delaney1 wrote:

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@Anonymous wrote:

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@delaney1 wrote:

I have fico scores ranging from 691-698 with 24% utilization...2 credit card accounts, 4 mortgage accounts showing on TU, the same on equifax along with a car loan. I have a large collection from a broken lease after DH lost his job in 2012. The statute of limitations for lawsuits for this runs out Aug 2017. We were contacted once concerning this collection back in Aug 2012. Nothing since.

I applied for a credit card back in 2015 before knowing that collection agencies monitor your credit report to see if you appear collectable. Fortunately, no adverse action came from that. So, starting in the fall and through early next year all of those mortgage accounts and the car loan will fall off my report, leaving me with only 2 accounts. I'm assuming this is going to kill my score. I'd planned to apply for 3 cards after the statute of limitations ran out to get a few more accounts to add DH as an AU to because his credit is in the toilet(one judgement we're paying on and then one more after that to take care of). DH has about 14 accounts on his files, including being an AU on my cards, not sure how many are going to fall off because of aging out.

So, this is all in preparation for hopefully getting a mortgage in 2018. I'm thinking I shouldn't chance it. I absolutely do not want the collection threatening to sue us after silence from them all this time. Thoughts?

---

All of your mortgage and car loan accounts will be over 10 years old?

I'm not sure that by applying and getting a credit card is going to be the determining factor whether they sue you or not.  I would think if they're going to sue they'll do it before the SoL runs outs regardless of your credit cards.  Are you sure they are periodically SPing your reports?

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Yes, these were investment properties that we sold nearly 10 years ago. When I pull my free credit report, what do I look for to see if they are SPing me?

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If you're looking at a report from the free annual report site that you can get yearly, you'll see a section under inquiries that says something to the effect that 'these inquiries do not affect your score and are only visibile by you'.  Typically they are listed right under the hard inquiries that other creditors can see and can affect your score.  If you pull your reports from almost anywhere else (like MyFico) you won't see SPs at all.

[delaney1]

Thanks!