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Posted in Auto Loans
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Question By
ifispinfast

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Current/Closed Status vs. Paid / Paid in full
Hello,
I apologize in advance if this is a dumb question....


I have an old auto loan account. Here are the details for it:

Last Reported Oct 31, 2011

Account Type Automobile

Account Status Closed

Opened Date May 09, 2009

Closed Date Oct 31, 2011

Term 72 Months

Monthly Payment $318

Balance $0

Highest Balance $15,168

Payment Status Current

Worst Payment Status Current

Date of Last Payment Oct 31, 2011

Amount Past Due $0

Times 30/60/90 Days Late 0/0/0

Remarks Closed


This is showing up on my report in the "accounts with remarks" section along with other accounts that were disputed, or charged off etc... Basically it is in bad company.


I'm wondering if the fact that it is showing as current and closed and not paid in full might have any negative affect on my credit? Or does the fact that it's closed make it insignificant to my credit....


Can someone please explain why it would say current instead of paid in full and why "closed" was added as a remark that somehow flagged the account, and what I could possibly do to use this paid in full loan to improve my credit- if anything.


Thanks!

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The fact that it has a zero balance and nothing due shows it is paid in full.  This is a good account for you, so don't sweat it.

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