Open Installment

CenturyChild · ‎02-24-2014

Wasn't sure the best place to ask this, but i am curious about how a installment is reporting.

When I first started building my credit I started with Fingerhut, and they offered at first a Fresh Start program which was a installment loan.

I made a small purchase around $120 and paid it off.

That been about a year ago and it still shows the installment loan on EQ and TU.

But, On EQ it shows Instamentent paid as agreed, balance 0, CLOSED.

On TU it shows Paid as agree, balance 0, OPEN

My question is if this hurt my TU FICO any at all being open? Should I dispute to have it report closed?

user5387 · ‎02-24-2014

One time I disputed an incorrectly-reporting closed installment loan, and it was deleted entirely.

So you might want to be cautious about doing so.

CenturyChild · ‎02-24-2014

I was actually worried about that very thing.

try to fix it and loose it entirely which Im sure would cause a issue being as its the oldest thing on my report

Anonymous · ‎02-24-2014

@CenturyChild wrote:
Wasn't sure the best place to ask this, but i am curious about how a installment is reporting.

When I first started building my credit I started with Fingerhut, and they offered at first a Fresh Start program which was a installment loan.

I made a small purchase around $120 and paid it off.
That been about a year ago and it still shows the installment loan on EQ and TU.

But, On EQ it shows Instamentent paid as agreed, balance 0, CLOSED.
On TU it shows Paid as agree, balance 0, OPEN

My question is if this hurt my TU FICO any at all being open? Should I dispute to have it report closed?

Either way it is not hurting your score. Open indicates the account is still open to your use, closed indicates it is not.

An open installment is probably helping your score.