I have a positive tradeline for an old mortgage that has since been paid in full. This account is closed and settled, however, it is listed as open on the 3 credit reports. How does this open status affect my score? Should I leave it as is, or try to get the status correctly changed to closed? I am hesitant to do that as I don't want to risk deletion.
A mortgage showing as open??? If it was a credit card, keep it open - reason is because they go by what your debt is based to your credit available. So if you have a $1000 limit, $100 balance, you have 90% available, however, if it's closed - then your balance goes against you. But if the card is open, then the lenders panic because you have the potential to over-extend yourself. Don't you like how credit scores work GT
Yes, it is a mortgage. It's listed as an installment loan, original amount $93,000, 180 month terms. But the current monthly payment and current balance is $0. It seems odd to me too.
LEAVE IT...The RISK in loosing the account is too high... The only way I would do anything about it, is if I had a letter from the MORTGAGE company saying all the information needed to RE-INSERT IT... LOAN START XX/XX ORIGINAL $XXX,XXX PAID/NEVER LATE 30 YEAR FHA MORTGAGE AND A PROMISE THAT THEY WOULD PUT BACK IF THE CRA'S REMOVED IT...
I would leave it also... When my mortgage got transfered and it reported as transfered never late my score dropped... Kev
