Reply
Established Member
bleedingdrylawstudent
Posts: 12
Registered: ‎03-09-2009
0

Possible for "Closed or paid account/zero balance" account to change?

Hi everyone,

 

I had a car lease, turned the car in after the term ended in November 2011. The car had damages and I made arrangements to make monthly payments to the car bank. The damages owed balance was never listed on my credit report (I guess because it wasn't really part of the lease it's more of an after lease thing) and the account was listed as closed on my credit report. 10 months later, I was unable to make the payments, the car bank refused to reduce the $420 monthly payments till I got back on my feet and the account was sent to a non reporting collection agency (I had no idea there were non reporting agencies till I spoke to them). So I have resumed making monthly payments which are still made out to the car bank but are sent to the agency. Is it possible for the car bank to change the current "closed or paid account / zero balance" description where my car lease is listed on my credit reports to open and that the account is now in collections?

 

Any insight into this would be appreciated, I'm really worried about having an account listed as under collections because I'm still in school and rely solely on my own credit for student loan approval. I don't have any family so it's not possible to just pay the existing balance off or ask anyone to co-sign for anything in the future. 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Possible for "Closed or paid account/zero balance" account to change?

I'd continue making the payments and leave the OC alone.  Don't poke the bear.  Hopefully it will just stay that way, I wouldn't be proactive.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}