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HELOC Question

Valued Member

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?
5 REPLIES
Super Contributor

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?
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
Moderator Emeritus

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%.
New Member

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

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

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!