General Credit Topics

[TexMontana]

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"?

[motoracer]

was the account CO?

[Cory]

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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"?

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BUMP

Will someone answer this questions please, as I would like to know also.

[Timothy]

Yes there is a difference.

I would contact the CO and ask them to update the status.

If they refuse- refute the "status"

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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"?

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[so_confused]

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.

[Boswd]

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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"?

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More info is needed.  Was it closed by you or by the creditor?   Was it a charge off?  A collection?

Help us to help you

[TexMontana]

The accounts were paid-in-full collections.

[Timothy]

If they were CA's

Try a GW letter

Paid CA's are no better for your score than unpaid CA's.

[Boswd]

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.

[TexMontana]

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!