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Posts: 9
Registered: ‎04-18-2015
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Incorrect Collection Effect on my cards

[ Edited ]

Hi everyone,

I'm almost at the 2 yr mark in terms of credit history and things are going great for me. I have probably too many cards and will cut them down sometime in the future.

Amex BCE - 2000 CL (08/2016)
BofA Cash - 4500 CL (04/2015)
Cap One QS - 4400 CL (04/2015)
Citi TYP - 2300 CL (04/2015)
Citi AA - 3700 CL (08/2016)
Discover Student - 1100 CL (they don't want to increase my CL sadly) (01/2016)
Walmart - 6000 CL (02/2016)
Amazon - 6000 CL (11/2016)

I'm pretty much gardening last used a HP to increase my BofA went from 2100 to 4500. But I'm really worried because a collection popped up on my credit report. The collection is from the apartment building my parents live in/home when I'm not at college and because Dad and I have the same name it's definitely his since I'm not on any rental agreement or anything related to the apartment. I've already disputed it with all 3 bureaus and they opened up the 30 day investigation but I'm really worried how this is gonna affect my cards.

I was at TU - 723, EX - 714, EQ - 718 (<10% util) but now my scores dropped significantly to TU - 669, EX - 647, EQ - 650.
I'm worried they'll do an account review and drop my CLs and I was also coming up on the date for a 3x for Amex.

Any suggestions or do I just wait it out?

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Moderator
Posts: 7,703
Registered: ‎06-20-2015
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Re: Incorrect Collection Effect on my cards


Whartonworthy wrote:

Hi everyone,

I'm almost at the 2 yr mark in terms of credit history and things are going great for me. I have probably too many cards and will cut them down sometime in the future.

Amex BCE - 2000 CL (08/2016)
BofA Cash - 4500 CL (04/2015)
Cap One QS - 4400 CL (04/2015)
Citi TYP - 2300 CL (04/2015)
Citi AA - 3700 CL (08/2016)
Discover Student - 1100 CL (they don't want to increase my CL sadly) (01/2016)
Walmart - 6000 CL (02/2016)
Amazon - 6000 CL (11/2016)

I'm pretty much gardening last used a HP to increase my BofA went from 2100 to 4500. But I'm really worried because a collection popped up on my credit report. The collection is from the apartment building my parents live in/home when I'm not at college and because Dad and I have the same name it's definitely his since I'm not on any rental agreement or anything related to the apartment. I've already disputed it with all 3 bureaus and they opened up the 30 day investigation but I'm really worried how this is gonna affect my cards.

I was at TU - 723, EX - 714, EQ - 718 (<10% util) but now my scores dropped significantly to TU - 669, EX - 647, EQ - 650.
I'm worried they'll do an account review and drop my CLs and I was also coming up on the date for a 3x for Amex.

Any suggestions or do I just wait it out?


I had something similar happen just last fall.  Smiley Frustrated

 

You might get various opinions on this, but IMO it's best to just hang on and let the system work... most likely it will be resolved quickly since it should be clear that the collection doesn't belong to you. 

 

This is one of the few times where I would not proactively reach out to creditors... while some banks might do an AR and notice the change, others will not, and it doesn't help matters to bring the situation to their attention.  If you find yourself in an AA situation you can then reach out to them of course, but unless your utilization is high you'll probably be fine.

 

In my case I would have been eligible for a CLI from Citi during the time of the investigation, and I had to try again a few weeks later once it was resolved (I did get the CLI) so there were no long-term effects.

 

Good luck, and let us know how it goes! Smiley Happy

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