HELOC vs credit card

[ecxpa]

So I just got approved for a 50K CL HELOC  from Wells Fargo that comes with an access card that can be used like a debit/credit card.   Will the CRA's treat this as a revolving line of credit or a mortgage.  Just wondering how this will fit into my utilization.

[EW800]

I assume this could vary by bank and account specifics, however I will share that in my case, a HELOC account that I have shows as a mortgage account.  

[ecxpa]

Doing some remodeling and I put some materials about 10k on 0% cc......score dropped about 15 points because of 45% utilization on 2 cards.........would it be better to put these charges on the HELOC since it is reporting as a mortgage?

[gdale6]

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@ecxpa wrote:

Doing some remodeling and I put some materials about 10k on 0% cc......score dropped about 15 points because of 45% utilization on 2 cards.........would it be better to put these charges on the HELOC since it is reporting as a mortgage?

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I would keep it on the 0% 15 points isnt that much of a drop, just be sure to make healthy payments on the balance.

[RobertEG]

A HELOC is a strange bird in FICO scoring.

It is technically a revolving line of credit.

It is normallly included in revolving % util.

However, FICO treats LOCs differently when the CL is very high.  I believe it is arund $35K

It is then scored as if it were an installment loan.

[ecxpa]

mine is being reported as mortgage in EQ and some kind of revolving acct on EX and TU........50K credit line.