32 point drop since Heloc and line of credit added- is this normal?

[Anonymous]

Whoa nelly! I had a 32 point drop on EX since my Heloc and line of credit was added, I know we are supposed to expect point drop but has anyone else had one this drastic?

It brought my score from 662 to 630!!!

I thought it was supposed to be good to have a mortgage line shown?

Any advice or opinions? Would love to hear them.

[Anonymous]

DTI probably went up.
But after a few payments your score should recover.

[Anonymous]

did take the entire line up front like a equity loan, Heloc figures in the revolving Util just mike a credit card, so if you took out 50% or more that could be the cause

Message Edited by rbbyrbsn on 09-22-2007 03:49 PM

[haulingthescoreup]

---

@Anonymous wrote:

Whoa nelly! I had a 32 point drop on EX since my Heloc and line of credit was added, I know we are supposed to expect point drop but has anyone else had one this drastic?

It brought my score from 662 to 630!!!

I thought it was supposed to be good to have a mortgage line shown?

Any advice or opinions? Would love to hear them.

---

Hi, NP, I'm waiting on mine to report, too. Is yours showing as revolving or installment, and is it treated the same on all three bureaus? I think I read on another thread that someone's HELOC was treated as installment on one and revolving on the others (or vice versa.) I'm expecting my scores to be all over the map. The curiosity is killing me!

[Anonymous]

---

@haulingthescoreup wrote:

---

@Anonymous wrote:

Whoa nelly! I had a 32 point drop on EX since my Heloc and line of credit was added, I know we are supposed to expect point drop but has anyone else had one this drastic?

It brought my score from 662 to 630!!!

I thought it was supposed to be good to have a mortgage line shown?

Any advice or opinions? Would love to hear them.

---

Hi, NP, I'm waiting on mine to report, too. Is yours showing as revolving or installment, and is it treated the same on all three bureaus? I think I read on another thread that someone's HELOC was treated as installment on one and revolving on the others (or vice versa.) I'm expecting my scores to be all over the map. The curiosity is killing me!

---

My HELOC reports as a revolving on EX and a mortgage on EQ ....

My EQ score is 793 as opposed to 762 on EX  (all accounts same on both reports)

Wish EX would treat it the same as EQ 

[Anonymous]

---

@haulingthescoreup wrote:

---

@Anonymous wrote:

Whoa nelly! I had a 32 point drop on EX since my Heloc and line of credit was added, I know we are supposed to expect point drop but has anyone else had one this drastic?

It brought my score from 662 to 630!!!

I thought it was supposed to be good to have a mortgage line shown?

Any advice or opinions? Would love to hear them.

---

Hi, NP, I'm waiting on mine to report, too. Is yours showing as revolving or installment, and is it treated the same on all three bureaus? I think I read on another thread that someone's HELOC was treated as installment on one and revolving on the others (or vice versa.) I'm expecting my scores to be all over the map. The curiosity is killing me!

---

One is reporting as a HELOC and the other is reporting as just revolving. The one that is reporting as revolving has the 32 point drop. The other one was less than a 20 point drop- the one that is reporting as the Heloc. I will have to try to dispute w/ the other one to report as a Heloc since that's what it is .

[Anonymous]

my HELOC just reported and i took 99% of my LOC.

I am not sure which bureau is reporting it how, but my Equifax has gone 721 to 711 in 4 days.

one of my HELOC's had before looked like a credit card, and i had the issuing bank write a letter to equifax to make clear it was a HELOC....not sure if it helped though.

[haulingthescoreup]

My HELOC just reported on EX alone, and to my amazement, they got it right, so far. USAA reports these as mortgages, but the CRA's don't always cooperate. Here's how it looks on the TC report:

Real Estate Accounts: Primary and secondary mortgages on your home

- USAA FEDERAL SAVINGS B More about this account >> -
- - - - -
- Account No.: 8524****
- Condition: Open
- Balance: $3060
- Type: Credit line secured
- Pay Status: Current

Two Year Payment History: Legend >>

TrasUnion null

Experian ==2007-09-30

It's up at the top, clumped with the first mortgage. So far, so good.