Reply
Contributor
gstq34
Posts: 116
Registered: ‎06-08-2013
0

HELOC ratio reports as.....

[ Edited ]

If I get a HELOC of say 30k and it's maxed out does:

 

1) it show like a maxed out CC?

2) factor into util ratios like a CC?

 

Thanks all



Starting Score: 573
Current Score: 764 EX (FAKO)
Goal Score: 760 all 3


Take the myFICO Fitness Challenge
Contributor
gstq34
Posts: 116
Registered: ‎06-08-2013
0

Re: HELOC ratio reports as.....

bump



Starting Score: 573
Current Score: 764 EX (FAKO)
Goal Score: 760 all 3


Take the myFICO Fitness Challenge
Moderator
09Lexie
Posts: 25,939
Registered: ‎09-13-2012
0

Re: HELOC ratio reports as.....

It would depend if it reports as an installment account. If it does then it would count similar to a car loan.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}