closed r9 account, payments or settle

[Anonymous]

say a few years back "a friend of mine" had a credit card near its credit limit that he put a stop on until he could get the balance down and than planned to reactivate and continue using. unfortunatly due to some heated conversations with customer service regarding midrates (lowered interest on same service platinum card) and a 60 day past due on an otherwise spotless 10 year multiple credit line record, my account was closed on the credit card issuers side but not put into collections as i promptly resumed monthy payments on the card. now i have been morgage shopping and the account does appear as r9/closed by creditor but as mentioned before i have been making regular monthly payments. my fako score however hasent been climbing as expected and i was wondering if any r9 with active debt would appear as a current months r9, in which case i should do all in my power to eliminate this 10k or so balance immediatly and begin healing my score.. or if it's okay to continue monthly payments through regular card services as i have been and pay it off within a year or so. thanks

[haulingthescoreup]

Hi, welcome to the forums!

If you could, please unentangle me --what's r9? Is that the code for closed by lender (issuer, whatever)?

If it's just closed by lender, it doesn't affect your score in any way. If it indicates closed with some sort of problem, it might.

And although I understand the temptation to check on FAKO's in hopes that they might show what's going on with the real thing, they often don't.

[Anonymous]

From processing auto loans I can tell you R9/I9 are about as bad as it can get. It is just a loan code for a bad account. This is usually coded for charged off or closed due to nonpayment accounts.

Forgot to add R9 is a revolving code and I9 is an installment code.

Message Edited by okstatefan5945 on 12-09-2009 09:57 PM

[Anonymous]

ya so any ideas here? the ticker on when it falls off the report doesent start till debts paid this i know. but any benefit otherwise straining to pay off now rather than over a year or so? 

[AndySoCal]

If the 9 in R9 is the current mannor of payment from the bureau, The nine means collection or charge off. to confirm ask the customer service where you received the credit report as to what the 9 means.