Valued Member
Posts: 34
Registered: ‎05-10-2010
Re: What is the appropriate status for a paid/closed installment account?
 Date of last reported update. Condition of account when last updated by creditor or otherwise.
Account NameAccount NumberDate OpenedBalanceDate Reported Date of last reported update.Past DueStatus Condition of account when last updated by creditor or otherwise.Credit Limit
  08/23/2008 $0   08/23/2012  PAYS 31-60 DAYS 

10550 Talbert Ave
Fountain Valley, CA-927086031

Account Number:2008090575XXXX Status:PAYS 31-60 DAYS 
Account Owner:Individual Account. High Credit:$14,300  
Type of Account An installment loan has a fixed number of payments and the same payment due each month, such as a car loan or student loan.:InstallmentCredit Limit: 
Term Duration:60 Months Terms Frequency:Monthly (due every month) 
Date Opened:08/23/2008  Balance:$0  
Date Reported:08/23/2012 Amount Past Due: 
Date of Last Payment:05/2012 Actual Payment Amount:$4,523  
Scheduled Payment Amount:$301  Date of Last Activity:N/A
Date Major Delinquency First Reported: Months Reviewed:45 
Creditor Classification: Activity Designator:Paid and Closed 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:05/2012 Type of Loan:Auto 
Date of First Delinquency:05/2012 
Comments:Fixed rate  
81-Month Payment History
2008       *****


If you look at the above from, there is a "Status" field which is sayingSmiley TongueAYS 31-60 DAYS and there is an activity designator and it lists: Activity DesignatorSmiley Tongueaid and Closed .  The account history table shows there was on 30 day past due in Mar of 2009.  The definition of the status field according to Equifax is: The condition of the account when last updated by creditor or otherwise.  When I closed this account in June and the status changed from Current to PAYS 31-60 DAYS, I got a myFICO alert telling me my score had dropped (>70 points) and when I ran the report it said I had a recent late pay in the last month... I haven't had any kind of late pay in years.... this has to be the cause and if that is the case, I would advise anyone who has an old late on an account to not pay it early because FICO (my other scoring models did not do this) treats it as if you recently were late... I could have just as easily just kept paying the payments for another 2 years and not had this plummet my credit right before my refi....ugh

Starting Score: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Current Score: EQ 767, EX 792 (lender pull), TU 772 (lender pull)
Goal Score: 2 over 760 and one over 800--still looking to get one over 800!

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