Established Contributor
Posts: 707
Registered: ‎09-19-2012

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?

$12K ~ 10/2004
$15K ~ 01/2004
$10K ~ 12/2014
$8.5K ~ 01/2014
$10K ~ 10/2013
$10K ~ 10/2014
$10K ~ 10/2013
$15K ~ 05/2014
$15K ~ 10/2014
Super Contributor
Posts: 8,161
Registered: ‎03-25-2007

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
Posts: 26,609
Registered: ‎09-13-2012

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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