Toyota Credit Paid but showing open

[Anonymous]

Hey Fellow FICO psychos, I have a question. I had a Toyota Auto Loan and paid it off about 2 yrs ago. TransUnion say paid and closed. Equifax says open (paid). Then it says Unknown- credit Extension,review or collection. Could this lower my fico score showing open?   

[sl]

Do you have any lates on this account?  If not, leave alone as it could help your credit and utilization.

[Anonymous]

Yes I co signed for a ex girl friend and have some late payments plus 2  90 lates. I got the car from her and paid it off. So I did not have to worry about it anymore. Account opened 11/99 and paid it off in 04. Thank You

[sl]

I don't think it will hurt your score more than it has now.

I would dispute the fact if it still says you have a balance owing.

Also, I would wroite a GW letter to Toyota explaining the situation and when you found out the car loan was in default, you took over payments and made all payments on time.  That should count for something.

[Anonymous]

Hey Thanks, I will try a GW letter. I will let you know what happens.

[sl]

Good luck and keep us posted.

In your letter, accept responsibility of being a co-signer, but also show how pro-active you were when you found out there was an issue.

[pmdevin]

Hi, I was wondering if you have an address for Toyota financial, I want to send a gw to them.

Thanks

[Anonymous]

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ficosicko wrote:

Hey Fellow FICO psychos, I have a question. I had a Toyota Auto Loan and paid it off about 2 yrs ago. TransUnion say paid and closed. Equifax says open (paid). Then it says Unknown- credit Extension,review or collection. Could this lower my fico score showing open?   

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with it showing open...the derogs will fall in the 7-7.5 years...that should leave a good TL until it shows closed or if open until forever.

If you send a GW  they might remove it BUT they might also remove all of it. I would just leave it alone.

Remember as time goes by  it means less. It has been 2 years now so it isn't hurting very much