Installment Account

[Anonymous]

Hi All, I have an installment account that is from Ballys fitness. I had no idea that it would show up in my credit history when I applied for membership and agreed to pay it in installments. I went to Ballys and asked them why it appeared on my credit history and also how i can get it off from there. They told me to pay off the account in full and close the account in order to accomplish that. And I did just that. Now after a few weeks of research and asking around I have found out that it still appears as a closed account in my credit history and closing that account has in fact hurt my scores instead of helping it. Please let me know how this has happened and if there are any solutions to revert this back or make a better situation out of this. Thanks much, S

[Anonymous]

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bajracsa wrote:
Hi All, I have an installment account that is from Ballys fitness. I had no idea that it would show up in my credit history when I applied for membership and agreed to pay it in installments. I went to Ballys and asked them why it appeared on my credit history and also how i can get it off from there. They told me to pay off the account in full and close the account in order to accomplish that. And I did just that. Now after a few weeks of research and asking around I have found out that it still appears as a closed account in my credit history and closing that account has in fact hurt my scores instead of helping it. Please let me know how this has happened and if there are any solutions to revert this back or make a better situation out of this. Thanks much, S

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Any installment account can appear on your credit reports as long as the information is accurate.  I willadmit however that this is the first time I ever heard of one (gym mebership) that appeared before it reached a collection status.  I'm not sure why you wanted it removed unless there was a negative history involved.  Unfortunately accurate info is very rarely diputed successfully though you could give it a try.

Message Edited by Brammy on 04-29-2007 12:55 PM

[Tuscani]

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bajracsa wrote:
Hi All, I have an installment account that is from Ballys fitness. I had no idea that it would show up in my credit history when I applied for membership and agreed to pay it in installments. I went to Ballys and asked them why it appeared on my credit history and also how i can get it off from there. They told me to pay off the account in full and close the account in order to accomplish that. And I did just that. Now after a few weeks of research and asking around I have found out that it still appears as a closed account in my credit history and closing that account has in fact hurt my scores instead of helping it. Please let me know how this has happened and if there are any solutions to revert this back or make a better situation out of this. Thanks much, S

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Interesting. This does not sound like a traditional installment account. Generally, a closed installment account does not hurt you as bad as a revolving account. I would not worry about it unless it is reporting as a derogatory.

[Anonymous]

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Tuscani wrote:

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bajracsa wrote:
Hi All, I have an installment account that is from Ballys fitness. I had no idea that it would show up in my credit history when I applied for membership and agreed to pay it in installments. I went to Ballys and asked them why it appeared on my credit history and also how i can get it off from there. They told me to pay off the account in full and close the account in order to accomplish that. And I did just that. Now after a few weeks of research and asking around I have found out that it still appears as a closed account in my credit history and closing that account has in fact hurt my scores instead of helping it. Please let me know how this has happened and if there are any solutions to revert this back or make a better situation out of this. Thanks much, S

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Interesting. This does not sound like a traditional installment account. Generally, a closed installment account does not hurt you as bad as a revolving account. I would not worry about it unless it is reporting as a derogatory.

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I was surprised to see that after paying off my car loan my score took a t hit.  My only remaining installment was a student loan that just came out of deferment balance still high

[Tuscani]

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Brammy wrote:

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Tuscani wrote:

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bajracsa wrote:
Hi All, I have an installment account that is from Ballys fitness. I had no idea that it would show up in my credit history when I applied for membership and agreed to pay it in installments. I went to Ballys and asked them why it appeared on my credit history and also how i can get it off from there. They told me to pay off the account in full and close the account in order to accomplish that. And I did just that. Now after a few weeks of research and asking around I have found out that it still appears as a closed account in my credit history and closing that account has in fact hurt my scores instead of helping it. Please let me know how this has happened and if there are any solutions to revert this back or make a better situation out of this. Thanks much, S

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Interesting. This does not sound like a traditional installment account. Generally, a closed installment account does not hurt you as bad as a revolving account. I would not worry about it unless it is reporting as a derogatory.

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I was surprised to see that after paying off my car loan my score took a t hit.  My only remaining installment was a student loan that just came out of deferment balance still high

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Yea, hard to say. I can only assume it was because you lost age when it closed.

[smallfry]

So paying off a car loan results in a hit to your credit score? That's insane. Maybe this whole game in the pursuit of a higher number is just a way to keep the common folk in debt in perpetuity? I'd rather loan someone money who had NO debt wouldn't you?

[Tuscani]

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smallfry wrote:
So paying off a car loan results in a hit to your credit score? That's insane. Maybe this whole game in the pursuit of a higher number is just a way to keep the common folk in debt in perpetuity? I'd rather loan someone money who had NO debt wouldn't you?

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Not always. It just depends on your overall file. Plus, any points lost should be easily regained over the long term.