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Valued Member
Posts: 42
Registered: ‎04-16-2007
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HELOC Question

On my credit report I have a Home Equity Line of Credit reporting as a Revolving account on Experian, a line of credit on TransuUnion and Equfax. Is that affecting me differently when its reported as a Revolving Account vs. Line of Credit?
Super Contributor
Posts: 8,183
Registered: ‎03-25-2007
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Re: HELOC Question



gashers70 wrote:
On my credit report I have a Home Equity Line of Credit reporting as a Revolving account on Experian, a line of credit on TransuUnion and Equfax. Is that affecting me differently when its reported as a Revolving Account vs. Line of Credit?


Excellent question.  I have just noticed the same on mine.
 
Any answers out there?
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Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: HELOC Question

Most HELOCs and other lines of credit should and usually do report as revolving accounts. In a best case scenario though it would be nice if these accounts were reported as other open accounts, that way it does not factor in your revolving util%.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Member
Posts: 2
Registered: ‎07-19-2007
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Re: HELOC Question

Can anyone explain whether it is better to include the HELOC listing with the mortgages or the revolving accounts?  I have one report that has it listed as revolving, and the other two with the mortgages.  It it's with the revolving, doesn't it figure into the percentage of usage in a negative way? 
Member
Posts: 47
Registered: ‎07-18-2007
0

Re: HELOC Question

It would be best to have to reported with the mortgages because then it won't factor into the ultil ratio. They can hurt your score if they are reporting as rev accounts because of the ultil factor because if it is above 50 % it is hurting you, which when you get a HELOC is usually at the max.
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
0

Re: HELOC Question



powerup wrote:
It would be best to have to reported with the mortgages because then it won't factor into the ultil ratio. They can hurt your score if they are reporting as rev accounts because of the ultil factor because if it is above 50 % it is hurting you, which when you get a HELOC is usually at the max.


Yes!
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
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