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Lawsuit with Midland Funding LLC / Large Credit Spike / Road Ahead
Last November I was served by a processor server about an old debt that Midland Funding LLC bought up for pennies on the dollars. I knew they had slipped when then filed the paperwork because the debt had reached the statue of limitations.

In actuality, I had several old debts that Midland bought up - acquired after a mandatory 2 year hiatus. I knew if I paid the debts off it would restart the clock, so I was patiently waiting for them to fall off my credit report - but Midland kept updating.

An attorney out of Nashville took my case and worked with Midlands attorneys. At the end of the day, we received 2,000 dollars from Midland - 1K for my attorney and 1K for little ol' me. Part of the agreement was Midland had to clean up all entries it had reported on my credit - and there were a lot. I had positive accounts as well such as a mortgage that was paid off and a car loan that was paid - never any late payments, but the bulk was negative due to credit cards not being payed as a result of situation explained above.

Well this week I checked my credit and my score shot up as follows;

754 Equifax
754 Transunion
757 Experian

Since I was only an authorized user on one card and all three agencies were reporting that I did not have enough revolving accounts, I decided for that I would apply for cards.

I ended up with the following;

5,000 CL: Rewards Visa
3,000 CL: PayPal Extras Master Card
3,500 CL: Discover IT
9,500 CL: Citi Double Cash
9,000 CL: Chase

I know I am going to take a hit for all the hard pulls, but I thought this would be the best move for an overall high credit score in a few years. I am sure all the new accounts will probably have a negative impact as well - anyone have any thoughts on how much the 5 new accounts are going to hurt my score? There was a total of 6 pulls - US bank denied me for a Kroger 123 Rewards card.

Repeating myself, but I was just an authorized user on my wife's card, so I really needed to add some accounts - and the old age saying goes, "no time like the present". Maybe 5 was too many. However, after doing a lot of reading it seemed the average number of revolving accounts were a lot more than 5 for a good portion of the population. Thanks in advance for any insight or advice.

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