Understanding my fico score simulator

[Steelersfan904]

So I am playing around with myfico score simulator and under pay down the balances on all your credit cards and I see this

See how your FICO® Score may change if you pay down the balances on all your Revolving/Open Accounts, including:

• Credit cards
• Department store cards
• Oil company cards
• Open lines of credit

You currently have a combined Revolving/Open Account balance of $4,083.00.

Now when I check my credit report, the balance that is showing is matching a student loan that I am in rehab for but it shows as this:

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

May, 2012

Jul, 2007

Jul, 2007

$4,083

Open Account

Individual

Miscellaneous

Descriptions [?]

• Collection account
• Student loan

So why is it showing as an open account but then under comments it says collection account? I am extremely confused by this and is FICO treating this as an open line of credit?

[Steelersfan904]

Any answers?

[RobertEG]

Isnt it "open" based on your rehab?

[AndySoCal]

Open account in the way it is being used here does not refer to the account is open or closed/ An open acocunt is an account type.  Open account refers to an acocunt where the balance is due in full each month. AMEX charge card is an example of an open account type. I have also heard the open account type referred to as a single payment account.  Collection acocunts fall into the open account catagory a collection agency ususally wants a single payment for the whole balance. The account status says collection account. I would presume after the rehab of stdent loan is complete the Open account will change back to Installment account.

[Steelersfan904]

Oh okay that makes sense, I was wondering how FICO deemed it as an open balance on line a credit card or a line of credit. If I am not mistaken by what the guy told me once I am done with the rehab program that TL will be deleted and if somebody picks up my loan they will backdate it (hopefully) to when the original loan was opened.