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Derog VS Closed/Paid

Established Contributor

Derog VS Closed/Paid

I have a couple of older items on my CRs. On TU and EQ, the account condition is reported as "Closed/Paid" with a $0 balance. On EX, they are noted "Derogatory" with the same $0 balance. And my EX score is by far my lowest. DO I need to take action on this? Is there a difference between "Closed/Paid" and "Derogatory"?
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 1 of 10
9 REPLIES
Valued Member

Re: Derog VS Closed/Paid

was the account CO?
Message 2 of 10
Established Contributor

Re: Derog VS Closed/Paid



TexMontana wrote:
I have a couple of older items on my CRs. On TU and EQ, the account condition is reported as "Closed/Paid" with a $0 balance. On EX, they are noted "Derogatory" with the same $0 balance. And my EX score is by far my lowest. DO I need to take action on this? Is there a difference between "Closed/Paid" and "Derogatory"?



BUMP
 
Will someone answer this questions please, as I would like to know also.
American Express Blue Cash Everyday; American Express Everyday; Barclay's AAdvantage Aviator World Elite MasterCard; Citi Thank You Premier World Elite MasterCard; Citi Double Cash; Navy Federal cashRewards Visa Signature Card.
Message 3 of 10
Moderator Emeritus

Re: Derog VS Closed/Paid

Yes there is a difference.
I would contact the CO and ask them to update the status.
If they refuse- refute the "status"

TexMontana wrote:
I have a couple of older items on my CRs. On TU and EQ, the account condition is reported as "Closed/Paid" with a $0 balance. On EX, they are noted "Derogatory" with the same $0 balance. And my EX score is by far my lowest. DO I need to take action on this? Is there a difference between "Closed/Paid" and "Derogatory"?



Message 4 of 10
Established Contributor

Re: Derog VS Closed/Paid

have another question...On a paid mortgage...if one CRA is reporting on the condition line-closed and one is reporting transferd and the last is reporting closed(paid) and the loan was really closed(paid) could this affect my scores?
 
And does a 30 day late on a closed mortgage acct. in oct/03 have any current impact on ones CR's?
 
sorry for all the questions tonight...just really been looking at all three CR's more careful and there are alot of minor diff.
9/18/08 TU=707 EQ=706 EX=702
Message 5 of 10
Valued Contributor

Re: Derog VS Closed/Paid



TexMontana wrote:
I have a couple of older items on my CRs. On TU and EQ, the account condition is reported as "Closed/Paid" with a $0 balance. On EX, they are noted "Derogatory" with the same $0 balance. And my EX score is by far my lowest. DO I need to take action on this? Is there a difference between "Closed/Paid" and "Derogatory"?


More info is needed.  Was it closed by you or by the creditor?   Was it a charge off?  A collection?
 
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Message 6 of 10
Established Contributor

Re: Derog VS Closed/Paid

The accounts were paid-in-full collections.
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 7 of 10
Moderator Emeritus

Re: Derog VS Closed/Paid

If they were CA's
Try a GW letter
 
Paid CA's are no better for your score than unpaid CA's.
Message 8 of 10
Valued Contributor

Re: Derog VS Closed/Paid

technically any collection is going to be regarded as a derog.    You can dispute is as paid, to get the paid next to it though, but even a paid collection isn't going to change the derog status of the account.
Message 9 of 10
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Established Contributor

Re: Derog VS Closed/Paid

Thanks~
I did send GW letters earlier this week. Two collections, each under $100. We'll keep our fingers crossed that the GW gods look favorably upon me!
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 10 of 10