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Established Contributor
thelethargicage
Posts: 654
Registered: ‎09-19-2012
0

Are HELOC's considered "revolving" accounts?

I've had a HELOC with Wells Fargo since 2007 and currently I owe 23K on it.  I'm trying to decide whether I should pay off my wife's car or pay down the HELOC, but I'm not sure if the balance/limit ratio on the HELOC counts against my revolving utilization?  Anyone know?


"The family who apps together files for bankruptcy together." - Dave Ramsey
Super Contributor
MidnightVoice
Posts: 8,157
Registered: ‎03-25-2007
0

Re: Are HELOC's considered "revolving" accounts?

For me, EX called it a Credit Card and the others called it a mortgage.  Made my EX score 20-30 points lower than the others, because of this particular CC was nearly maxed out.

 

When I gor rid of it EX went up

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator
09Lexie
Posts: 26,345
Registered: ‎09-13-2012
0

Re: Are HELOC's considered "revolving" accounts?

It should be considered an installment loan/real estate at least that's how mine reported (GMAC and Chase).

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