Status of Paid verses Closed

[mojo_ny]

I bought a new vehicle This January. Of course my old loan was paid in full. On my report it shows as Closed on some Bureaus and Paid on others. Does this simple status string on my report have any effect on the FICO scoring algorithms?

[guiness56]

A closed account in good standing factors into AAoA for up to 10 years from date closed.  But an installment plays very little into your score even open. 

You could call the CRA that only says paid and see what they say.  I wouldn't dispute it.

[RobertEG]

They are different animals.

Closed reports that the account is no longer available for use by the consumer, regardless of its delinquency or payment status.

Paid reflects the reporting that the account is no longer delinquent.  To distinqish between paid on an open or closed account, the current status will show pays as agreed if the account is still open for use.

FICO scores any prior delinquencies by looking elsewhere in your report for the prior delinquencies themselves.  It does not score based on current status being paid or unpaid, open or closed.  Current status of delinquent or paid is simply a snapshot of its last reported payment status, and thus never shows any prior status.  That is found elsewhere.

I dont see a scoring impact.

[mojo_ny]

So I should not worry about getting these statuses changed? Seems like a creditor looking at my report would be worried about open accounts like they could result in new debt.