First and equally important, thanks to you ALL who respond to posts on this forum. This entire process of credit repair is overwhelming and without each of your input, I would be lost in this big maze of FICO b*llsh*t!
I am reviewing my credit report and I see that a mortgage I obtained in 1997 for $81K is still showing as open with Equifax but it shows as closed with TU and EXP. I am using truecredit and it says:
Condition = open (paid), Bal = 0, Type = Line of credit, and pay status = current. The thing is that this account was paid off in April of 2004.
My questions are:
Is it hurting my score to have it open and showing a 0 balance? Obviously so, if this is my lowest score by a huge gap in comparison to TU nad EXP.
If so, what is the best way for me to get it closed but not lose any points? I know that sometimes when you close an account, you lose points and I cannot afford to do this!!!!
If you recommend that I have it report as closed, will it hurt my score by doing so?
What is the best way to get it closed if that is your recommendation. Should I dispute it online with the bureau or should I contact the mortgage company and request an update?
Being an installment loan it is not hurting that it is showing open. It is probabvly not even being calculated depending on when it was last reported. If it is havign it report as closed could actually hurt your score. Sounds weird huh. Depending on how much of an outstanding balance you have on other instalment loans, closing the account could raise the percentage due enough to actually lower your score on having the account updated as closed