Installment Loan TL Question

[Anonymous]

Hi all,

I've been lurking here for a few weeks now and getting sooo much great information! I have so many questions so there may be a couple of posts to come. Like many others here, I'm trying to rebuild my credit. I pulled my CCT for the $1 trial and I pulled my credit reports from annualcreditreport.com last night. The question that I have is regarding some installment loans that I have that I saw on my credit reports.

One loan is through my CU and I've gotten some loan increases in the past. They are tied to my bank account. I've had to change account numbers and the accounts are showing "Current: Paid or Paying as Agreed" but the notes say "Closed". I also have a loan through a local, small finance company. When I was in a pinch I would "renew" it, get some cash back and start paying again from the original balance. I've done that A LOT and there are so many entries from doing that. The remarks say "Acct Closed to Refinance; Closed". There aren't any dates showing when they would come off my credit report, Can I dispute with the CRA sto have them removed from my credit report? Could that raise my scores at all? Or lower them?

Thanks in advance for your help! 

[Anonymous]

Why do you want to delete them?

[Anonymous]

Deleting them in hopes of raising my credit score and cleaning up my credit report.

[Anonymous]

It doesn't look like there's anything negative about them, though, unless there were some late payments?

[RonM21]

Welcome to the forums. Those closed accounts are not really causing harm to your reports. Plus they were all closed in favor of a new agreement. It is the same as having a CC and then the lender upgrades it to a new card. I wouldn't worry about it too much.

[Anonymous]

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@Anonymous wrote:

Hi all,

I've been lurking here for a few weeks now and getting sooo much great information! I have so many questions so there may be a couple of posts to come. Like many others here, I'm trying to rebuild my credit. I pulled my CCT for the $1 trial and I pulled my credit reports from annualcreditreport.com last night. The question that I have is regarding some installment loans that I have that I saw on my credit reports.

One loan is through my CU and I've gotten some loan increases in the past. They are tied to my bank account. I've had to change account numbers and the accounts are showing "Current: Paid or Paying as Agreed" but the notes say "Closed". I also have a loan through a local, small finance company. When I was in a pinch I would "renew" it, get some cash back and start paying again from the original balance. I've done that A LOT and there are so many entries from doing that. The remarks say "Acct Closed to Refinance; Closed". There aren't any dates showing when they would come off my credit report, Can I dispute with the CRA sto have them removed from my credit report? Could that raise my scores at all? Or lower them?

Thanks in advance for your help! 

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What would you dispute if the information is accurate. Disputing them would only require the creditor to correct any errors in reporting of the accounts not deletion of them.

[Anonymous]

If you managed to get the finance company accounts off your reports you'll actually be harming yourself by lowering your AAoA. Trust me on this. When I started my rebuild in September I had a finance company on 2 of my reports (my only good item) but they aged off and I had to start the whole 6 month of activity to get a score again. My AAoA went from a bit over ten years then to 8 months now.

[RobertEG]

While I would generally agree with others and leave the prior reportings alone, you do have legit reasons for wanting removal of showing of repeated use of small loans.

it could be viewed, partcularly if the lendor is a consumer finance company, as a need to take out less desirable credit.

It is certainly with some merit.

If you decide to pursue their deletion, I would contact the creditor and request that they report deletion of the accounts.

Deletion may be viewed by them as desireable, in that it removes an need to maintain the accounts or any possibility of any future disputes or queries.

[Anonymous]

RM21, I hadn't thought of it that way. I think I'll leave them there and work on some of the other baddies. I appreciate the feedback from everyone!