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$90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

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ozgirl
Regular Contributor

$90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

I have noticed that my HELOC of 90,000 (CL of 100K) is reporting as "revolving" through Experian. Both TU and Equifax report it as a mortgage account.

Can I get this changed through contacting Experian? I contacted the mortgage holder and was told that they cannot "change" the reporting--if so then why would it report as a mortgage to the other two CRAs?
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: $90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

Don't mess with it-
 
It is reporting as revolving- but is doing zero damage to your score-
 
CL's over 50K are not taken into account in scoring UTL-
 
Mine is not counted at ALL-

ozgirl wrote:
I have noticed that my HELOC of 90,000 (CL of 100K) is reporting as "revolving" through Experian. Both TU and Equifax report it as a mortgage account.

Can I get this changed through contacting Experian? I contacted the mortgage holder and was told that they cannot "change" the reporting--if so then why would it report as a mortgage to the other two CRAs?


Message 2 of 7
ozgirl
Regular Contributor

Re: $90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

Thanks for the explanation and advice--I will ignore it. I thought it was kind of strange--but then everything about this game is strange. I am utilization obsessed.
Message 3 of 7
Anonymous
Not applicable

Re: $90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

Yep. Bal's over 50 something are seen as installments. The amount or CL determines its status with FICO. If it really bothers you contact your lender to correct it on your CR. Don't dispute as this can remove it from your CR sometimes. Your lender can update it properly with out harm if you ask them. The collections dept number is located on your credit report next to your account usually. Its a back door number to bypass customer service.

Message Edited by ilovepizza on 02-10-2008 11:57 PM
Message 4 of 7
MidnightVoice
Super Contributor

Re: $90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

Mu lender can't do anything about my Heloc- they report it correctly, it is an EX quirk
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
Message 5 of 7
Anonymous
Not applicable

Re: $90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

Hi.  Does the balance have to be over 50K or just the CL?  My  HELOC balance just went to 49K.  I cannot pay down significantly for a while.  Am I better off raising it 1K to make sure it is not counted?
Message 6 of 7
haulingthescoreup
Moderator Emerita

Re: $90,0000 HELOC Reports as "Revolving" thru Experian OUCH1

The $50K CL is all you need. I cautiously added a couple thousand more to my $50K HELOC every month, and I never got dinged. It's at 54% now, and I lost one point on one score (forgot which), but I think that's just for having higher util on an installment product.

As the others noted, it's named incorrectly, but scored correctly. You should be OK.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 7 of 7
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