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Closed Comenity account posted as "paid loan"

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Anonymous
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Closed Comenity account posted as "paid loan"

I have a old Jared/Comenity account I havent utilized in years and closed it on Friday. I cant figure why my EX would drop 8pts (see my other Experian Post here: No Love from Experian ) other than UTI, yet other increases in UTI (this month and last) show no love from EX either. 

 

Anyway, the FICO alert shows "Comenity, Amount $0.00, Status: Paid Loan"  

 

 

Message 1 of 7
6 REPLIES 6
Sandman771
Valued Contributor

Re: Closed Comenity account posted as "paid loan"

I have a cap one like that as well. crazy

Starting Score: EQ497/TU496/EX 499
Currently: EQ 620 TU 654 EX 627
in the garden since 6/16/2021
Message 2 of 7
SouthJamaica
Mega Contributor

Re: Closed Comenity account posted as "paid loan"


@Anonymous wrote:

I have a old Jared/Comenity account I havent utilized in years and closed it on Friday. I cant figure why my EX would drop 8pts (see my other Experian Post here: No Love from Experian ) other than UTI, yet other increases in UTI (this month and last) show no love from EX either. 

 

Anyway, the FICO alert shows "Comenity, Amount $0.00, Status: Paid Loan"  

 

 


I've seen that many times when a revolving account is closed. I think it's standard.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 685 TU 691 EX 683




Message 3 of 7
Anonymous
Not applicable

Re: Closed Comenity account posted as "paid loan"


@SouthJamaica wrote:

@Anonymous wrote:

I have a old Jared/Comenity account I havent utilized in years and closed it on Friday. I cant figure why my EX would drop 8pts (see my other Experian Post here: No Love from Experian ) other than UTI, yet other increases in UTI (this month and last) show no love from EX either. 

 

Anyway, the FICO alert shows "Comenity, Amount $0.00, Status: Paid Loan"  

 

 


I've seen that many times when a revolving account is closed. I think it's standard.


I wouldn't consider it standard... I have 5 closed revolving accounts and all of them report as closed revolving accounts. I have 7 closed installment loans and none of those were ever revolving accounts.

 

I have no theories as to why closed revolcing accounts would report as a closed installment account.

Message 4 of 7
Anonymous
Not applicable

Re: Closed Comenity account posted as "paid loan"


@Anonymous wrote:

I have a old Jared/Comenity account I havent utilized in years and closed it on Friday. I cant figure why my EX would drop 8pts (see my other Experian Post here: No Love from Experian ) other than UTI, yet other increases in UTI (this month and last) show no love from EX either. 

 

Anyway, the FICO alert shows "Comenity, Amount $0.00, Status: Paid Loan"  

 

 


Depending on the bureau you are looking at it will use "loan" for any type of credit. If you think about it, any type of credit is really a "loan" wether it be installment, revolving, or otherwise, so it makes perfect sense.

 

For example, I believe there is a line on EQ reports that specifically state "loan type" and then say revolving, charge, installment, etc.

 

 

All forms of credit really are different types of loan, so should not be disturbing, though can be surprising.

Message 5 of 7
Anonymous
Not applicable

Re: Closed Comenity account posted as "paid loan"

I didn't call it disturbing, but yes, credit cards, installments, retail cards, mortgages, etc are all "loans", yet they all have different names and report/impact differently. 

I was just curious why EX would label it "paid loan" when for the same account, TU had no point reduction with "all retail card limit decreased" and EQ also had no point reduction with "charge account" and "account closed at consumer request". 

Message 6 of 7
AlanGJP
Established Contributor

Re: Closed Comenity account posted as "paid loan"

Just closed one of mine and it was the same. (Paid Loan)

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Last Updated: 2023/11/09
Message 7 of 7
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