My utility bill shows up as an installment loan on my report. I paid it to $0 and they updated it to paid/closed. I still have service with them, so I am not sure if this will show as open next month or just if I miss a payment?
My question is - if I have this closed installment loan as paid and continue to pay my bill on time - will a mortgage lender just view that as good payment history? Or would they still look at the same 2 year history and not consider that I paid off the "loan"?
Yes, there were late payments when the "loan" was open. But it is now closed and I still have service. Will a mortgage lender accept this as a line of credit still?
No, I accrued a balance with DTE energy.
They have something called a shutoff protection plan.
They give you fixed payments based on 2 things:
- The average amount of your bill for 12 months
- PLUS the amount of what you owe divided by 12 months
So it is an installment loan. It's just that I defaulted on this a couple of times. I let my bill build up a lot and then applied for Michigan's THAW (The heat and warmth fund) aka public assistance. I am low income and recently wanted to BURY my debt with them, so that is how I did it. I was tired of having a bill that was $200 a month (double what it should be). Idk how they think anyone can surivive on $1200 gross income ($1000 net) and $500 in rent, $200 electricity. They are insane.
I have struggled with this company for so long and I'm happy to have that loan show up as closed/paid. Just wish they would have accepted to delete my lates. I actually do have a very good reason for the second consecutive late, as my worker screwed up my assistance by sending payment to the wrong company.
Sorry, just rambling now. DTE has been a pain forever for me. At one point my bill was over $1600. But I've never been shut off! Wish they'd grant some mercy. Should I GO THERE? They wont give out fax info and they weren't very nice on the phone either.
