topic Re: Negative Installment Accounts in General Credit Topics

Negative Installment Accounts

Anonymous — Fri, 21 Apr 2017 18:21:50 GMT

What exactly are negative installment accounts? I don't have any collections on my account but have some negative installment accounts that I'm sure are affecting my score. They are only showing up on MyFico but not other credit sites. Thanks!

Re: Negative Installment Accounts

Anonymous — Fri, 21 Apr 2017 18:34:00 GMT

I believe it refers to the type of financing you would receive from places like furniture stores and such. Have you ever entered into a payment plan for furniture or appliances?

Re: Negative Installment Accounts

RobertEG — Fri, 21 Apr 2017 18:51:04 GMT

Do the accounts have any reported monthly delinquencies?

Negative usually refers to any payment history derogs being reported under payment history, even if the acount is now in good-standing.

Re: Negative Installment Accounts

Anonymous — Fri, 21 Apr 2017 19:12:47 GMT

No I just looked again and they are all student loans. I think they are ones that have been cosolidated.

Re: Negative Installment Accounts

Anonymous — Fri, 21 Apr 2017 19:15:38 GMT

I looked a bit more in depth. They are from around 2010-2011. It had a period of late payment over a couple of months and then it says "Payment Status OK" as of 2011. It's confusing.

Re: Negative Installment Accounts

RobertEG — Fri, 21 Apr 2017 19:26:09 GMT

Then the continued showing of monthly derogs is considered negative, even if the account is currently in good-standing.

Referencing the account generally as "negative" does not determine the scoring impact.

It is the impact of the individual derogs that affects scoring.

Monthly delinquencies that are very old are likely having little scoring impact.

Re: Negative Installment Accounts

Anonymous — Fri, 21 Apr 2017 19:27:44 GMT

Thanks for the feedback guys!

Do closed accounts negatively affect your score?

Re: Negative Installment Accounts

RobertEG — Fri, 21 Apr 2017 19:33:52 GMT

Closing does not remove any derogs reported on the account.

Yes, closed accounts can continue to negatively affect scoring.