Reply
Established Member
Posts: 13
Registered: ‎02-28-2010
0

Will it help?

[ Edited ]

I have two revolving accounts. One is a credit card and the other is a line of credit. Both accounts have been closed, and I made special agreements to pay them in a fixed amount monthly. Both accounts get reported on the credit bureaus as revolving. Is there any chance to ask the creditor to report those as installments since they are being paid in fixed payments each month and the credit lines have been closed? If so, will I see improvements in my credit score and report? Thanks.

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Will it help?


eduardofabian1 wrote:

I have two revolving accounts. One is a credit card and the other is a line of credit. Both accounts have been closed, and I made special agreements to pay them in a fixed amount monthly. Both accounts get reported on the credit bureaus as revolving. Is there any chance to ask the creditor to report those as installments since they are being paid in fixed payments each month and the credit lines have been closed? If so, will I see improvements in my credit score and report? Thanks.


You can try but it's not likely they'll entertain that. If these are your only two TLs, then you'd likely see a significant FICO score drop anyway due to the loss in util and loss of mix.

Established Member
Posts: 13
Registered: ‎02-28-2010
0

Re: Will it help?

The accounts are colsed and they do not have available credit. They are paid exactly as regular loans, fixed payment every month. I do think it will help since I have another revolving accounts in good standing.

New Contributor
Posts: 72
Registered: ‎11-20-2009
0

Re: Will it help?

If the account is CLOSED I'm not sure how they would show any future reporting.

EQ: 680, TU 665, EX 615 (FAKO)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Will it help?

[ Edited ]

 

Closed revolving accounts, even if they carry a balance, still factor into your mix of credit. So, your revolving CC, despite being closed, still factors as a revolving. Once the balance reaches $0, then it is removed from your mix. So, if this is your only CC, and if switched to an installment (which I don't think is possible) you would lose quite a few points. Why? Your util takes a hit from being scored as x% to no percentage and since revolving are favored over installment TLs per FICO, you'd take a hit due to the missing mix.

 

Established Member
Posts: 13
Registered: ‎02-28-2010
0

Re: Will it help?

I just called and the answer was no. They say that the nature of the credit line is revolving so it will keep informing that way. How can the big banks that recently got the little push from the government so they can help the consumer be so uptight?

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
0

Re: Will it help?


eduardofabian1 wrote:

I have two revolving accounts. One is a credit card and the other is a line of credit. Both accounts have been closed, and I made special agreements to pay them in a fixed amount monthly. Both accounts get reported on the credit bureaus as revolving. Is there any chance to ask the creditor to report those as installments since they are being paid in fixed payments each month and the credit lines have been closed? If so, will I see improvements in my credit score and report? Thanks.


 

I probably wouldn't push my luck.  They could come back and report that the accounts are being paid under a payment plan and that is a derogatory on your credit report.

IAALBNYL
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.