HELOC Question

[Anonymous]

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?

[MidnightVoice]

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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?

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Excellent question.  I have just noticed the same on mine.

Any answers out there?

[fused]

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%.

[Anonymous]

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? 

[Anonymous]

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.

[fused]

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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.

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Yes!