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old installment loan

Date: Sat, 03/11/2006 - 08:29

Submitted by anonymous
on Sat, 03/11/2006 - 08:29

Posts: 202330 Credits: [Donate]

Total Replies: 10


In 1988 I had an installment loan for$200.00 through my checking account and went through rough times and was unable to pay. I never closed the account and never paid. The account shows up on one of my credit reports as "open". If I write them to close my account, would this open a "can of worms" and damage my credit. If not, am I able to close the account and ask them to stop reporting? Last report was 1996. The account was reported since 1993. I am looking to purchase a home and do not want something this small to mess up my chances.My credit is currently great.


What was the loan for and what state do you live in?This may be past the SOL,if they have not gotten a judgement on this loan.If your credit is good right now and you only owe $200,you might want to pay this off,by first sending a validation letter to this lender,and once you receive this,agree to paid and have them update your credit report to paid as agreed.


lrhall41

Submitted by twokidtwocat on Sat, 03/11/2006 - 08:50

( Posts: 602 | Credits: )


This was a line of credit for my checking account in SC. I now live in VA. I have read that sometimes, doing the right thing does the wrong thing to your credit.


lrhall41

Submitted by on Sat, 03/11/2006 - 09:31

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I have what may seem like a dumb question but I want to make sure I understand what you are saying. Is this account reported as a positive or a negative account? It seems as if you are saying it is under the accounts in good standing. Just want to get clarification :)

~Mary


lrhall41

Submitted by Mary on Sat, 03/11/2006 - 10:57

( Posts: 1344 | Credits: )


They are reporting it as in good standing, however, I thought sure I owed them money and the last reporting date was on 5/1996, therefore it is past the 7.5 years of reporting negative information. Recent Balance:$0/ paid as of 05/1996. I am confused why it is still on my report. It seems that it is an old account and they would have closed it.


lrhall41

Submitted by on Sat, 03/11/2006 - 11:19

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Are you sure that you owe money?? I'm pretty sure that if you owed money, they would let you know about it. Since the account is still open, it is still reporting I guess. If you are thinking of buying a home, I wouldn't touch it until after you buy. If it is reporting in good standing, it is not hurting your credit score. After you purchase a home, you can deal with it then. That is just what I would suggest!

~Mary


lrhall41

Submitted by Mary on Sat, 03/11/2006 - 11:23

( Posts: 1344 | Credits: )


Buying house 3 years from now. Thank you both for your help! Just want to ensure everything is good to go and planning well in advance.


lrhall41

Submitted by on Sat, 03/11/2006 - 12:03

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chanje,

Are you sure that the company is still in business? They have not updated your file for a long time and they are ignorant with their service as well.

It seems that the item is not hurting your score anyway; however, you can dispute it with credit bureaus if you wish to remove it. I don't think it will give you much trouble. If your lender wakes up, they will not get any legal ground to collect it as the account is past SOL.

Any other views from other members?


lrhall41

Submitted by stanley on Mon, 03/13/2006 - 08:35

( Posts: 1639 | Credits: )