Home Equity Line hurting EX score but not other. What to do?

[too-much-time]

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@MarineVietVet wrote:

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@syeb wrote:

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@Anonymous-own-fico wrote:

See Balance Transfer and Credit Utilization. ("~40K" could exceed 50K.)

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Thanks for the link. It seems that EX is treating this as a regular revolver for me hurting the individual and cumulative util.

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As I said in that thread it's not the EX that is looking at this as revolving credit it's the creditor reporting it as revolving.

Your issue is with the creditor not EX.

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You may ultimately be wrong!

"HELOCs aren't considered revolving accounts by FICO, even if they look like them on a credit report, says Anthony Sprauve, spokesman for myFICO.com, the consumer education division of FICO." Is my HELOC like a credit card account?

Then again, see Beware of Home Equity Lines of Credit (HELOC).

"However, Fair Isaac Corporation (the company who created credit scoring) states there are two situations when a HELOC won’t be mistaken as a revolving credit card:

1. When the original amount of the line of credit is more than $50,000
2. If the account has a narrative attached to it (e.g., equity line of credit or real estate"

And How Does A Home Equity Line of Credit or Loan Affect My FICO Score? lol.

"Fair Isaac (the company behind the FICO score) is not very clear about the situation as well. Their spokesperson Craig Watts has said that if the amount of HELOC is small (perhaps $10,000 to $20,000 range), it will be considered a revolving line of credit. If it was larger, it would be considered an installment loan. However, Fair Isaac has refused to put a fixed number for the cut off point!"

[too-much-time]

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@MarineVietVet wrote:

---

@syeb wrote:

---

@Anonymous-own-fico wrote:

See Balance Transfer and Credit Utilization. ("~40K" could exceed 50K.)

---

Thanks for the link. It seems that EX is treating this as a regular revolver for me hurting the individual and cumulative util.

---

As I said in that thread it's not the EX that is looking at this as revolving credit it's the creditor reporting it as revolving.

Your issue is with the creditor not EX.

---

You may ultimately be wrong! See Is my HELOC like a credit card account?
"HELOCs aren't considered revolving accounts by FICO, even if they look like them on a credit report, says Anthony Sprauve, spokesman for myFICO.com, the consumer education division of FICO."

Then again, Beware of Home Equity Lines of Credit (HELOC).

"However, Fair Isaac Corporation (the company who created credit scoring) states there are two situations when a HELOC won’t be mistaken as a revolving credit card:

1. When the original amount of the line of credit is more than $50,000
2. If the account has a narrative attached to it (e.g., equity line of credit or real estate)"

And How Does A Home Equity Line of Credit or Loan Affect My FICO Score? lol.

"Fair Isaac (the company behind the FICO score) is not very clear about the situation as well. Their spokesperson Craig Watts has said that if the amount of HELOC is small (perhaps $10,000 to $20,000 range), it will be considered a revolving line of credit. If it was larger, it would be considered an installment loan. However, Fair Isaac has refused to put a fixed number for the cut off point!"

[too-much-time]

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@MarineVietVet wrote:

---

@syeb wrote:

---

@Anonymous-own-fico wrote:

See Balance Transfer and Credit Utilization. ("~40K" could exceed 50K.)

---

Thanks for the link. It seems that EX is treating this as a regular revolver for me hurting the individual and cumulative util.

---

As I said in that thread it's not the EX that is looking at this as revolving credit it's the creditor reporting it as revolving.

Your issue is with the creditor not EX.

---

You may ultimately be wrong! See Is my HELOC like a credit card account?
"HELOCs aren't considered revolving accounts by FICO, even if they look like them on a credit report, says Anthony Sprauve, spokesman for myFICO.com, the consumer education division of FICO."

Then again, Beware of Home Equity Lines of Credit (HELOC).

"However, Fair Isaac Corporation (the company who created credit scoring) states there are two situations when a HELOC won’t be mistaken as a revolving credit card:

1. When the original amount of the line of credit is more than $50,000
2. If the account has a narrative attached to it (e.g., equity line of credit or real estate)"

And How Does A Home Equity Line of Credit or Loan Affect My FICO Score? lol.

"Fair Isaac (the company behind the FICO score) is not very clear about the situation as well. Their spokesperson Craig Watts has said that if the amount of HELOC is small (perhaps $10,000 to $20,000 range), it will be considered a revolving line of credit. If it was larger, it would be considered an installment loan. However, Fair Isaac has refused to put a fixed number for the cut off point!"

[syeb]

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@too-much-time wrote:

---

@MarineVietVet wrote:

---

@syeb wrote:

---

@Anonymous-own-fico wrote:

See Balance Transfer and Credit Utilization. ("~40K" could exceed 50K.)

---

Thanks for the link. It seems that EX is treating this as a regular revolver for me hurting the individual and cumulative util.

---

As I said in that thread it's not the EX that is looking at this as revolving credit it's the creditor reporting it as revolving.

Your issue is with the creditor not EX.

---

You may ultimately be wrong! See Is my HELOC like a credit card account?
"HELOCs aren't considered revolving accounts by FICO, even if they look like them on a credit report, says Anthony Sprauve, spokesman for myFICO.com, the consumer education division of FICO."

Then again, Beware of Home Equity Lines of Credit (HELOC).

"However, Fair Isaac Corporation (the company who created credit scoring) states there are two situations when a HELOC won’t be mistaken as a revolving credit card:

1. When the original amount of the line of credit is more than $50,000
2. If the account has a narrative attached to it (e.g., equity line of credit or real estate)"

And How Does A Home Equity Line of Credit or Loan Affect My FICO Score? lol.

"Fair Isaac (the company behind the FICO score) is not very clear about the situation as well. Their spokesperson Craig Watts has said that if the amount of HELOC is small (perhaps $10,000 to $20,000 range), it will be considered a revolving line of credit. If it was larger, it would be considered an installment loan. However, Fair Isaac has refused to put a fixed number for the cut off point!"

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I may have just missed it. Line amount is $50,000 exactly. Outstanding balance $48,000

[MidnightVoice]

Back in the day I had a HELOC and Ex treated it as a CC and the other two treated it as a mortgage.  There was nothing I could do except pay it off

[MarineVietVet]

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@too-much-time wrote:

---

@MarineVietVet wrote:

---

@syeb wrote:

---

@Anonymous-own-fico wrote:

See Balance Transfer and Credit Utilization. ("~40K" could exceed 50K.)

---

Thanks for the link. It seems that EX is treating this as a regular revolver for me hurting the individual and cumulative util.

---

As I said in that thread it's not the EX that is looking at this as revolving credit it's the creditor reporting it as revolving.

Your issue is with the creditor not EX.

---

You may ultimately be wrong! See Is my HELOC like a credit card account?
"HELOCs aren't considered revolving accounts by FICO, even if they look like them on a credit report, says Anthony Sprauve, spokesman for myFICO.com, the consumer education division of FICO."

Then again, Beware of Home Equity Lines of Credit (HELOC).

"However, Fair Isaac Corporation (the company who created credit scoring) states there are two situations when a HELOC won’t be mistaken as a revolving credit card:

1. When the original amount of the line of credit is more than $50,000
2. If the account has a narrative attached to it (e.g., equity line of credit or real estate)"

And How Does A Home Equity Line of Credit or Loan Affect My FICO Score? lol.

"Fair Isaac (the company behind the FICO score) is not very clear about the situation as well. Their spokesperson Craig Watts has said that if the amount of HELOC is small (perhaps $10,000 to $20,000 range), it will be considered a revolving line of credit. If it was larger, it would be considered an installment loan. However, Fair Isaac has refused to put a fixed number for the cut off point!"

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It wouldn't be the first and won't be the last time. 

There doesn't seem any set pattern though as to how these are looked at.

There are stories from members who have large LOC's who say the accounts are reported as installment loans. Others say theirs is reported as revolving.

And the amounts vary. I've seen both sides of the situation with CL's ranging from $30,000 to $50,000. It's definitely IMO a your mileage may vary scenario.