PSECU/DCU equity loans

[vanillabean]

Have you tried an equity loan with PSECU or DCU? I was wondering what the amount cutoff is for when the loan reports as an installment rather than a credit card? And what are the options for decreasing the principal from say $100,000 to $20,000 in one extra payment?

[Revelate]

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@Anonymous-own-fico wrote:

Have you tried an equity loan with PSECU or DCU? I was wondering what the amount cutoff is for when the loan reports as an installment rather than a credit card? And what are the options for decreasing the principal from say $100,000 to $20,000 in one extra payment?

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Don't know the experience but think I see where you're going with it: DCU will be less useful for that since they reset the payment date to 3 months ahead.

FICO never published the precise amount, some testing back in the day when they implemented it suggested it was on the order of 35K but don't think that was ever nailed down but it was on the size of the line specifically for a HELOC; if you are talking home equity loan that has always been either mortgage or installment to my knowledge... and I'm still waiting another month for my own mortage to report to see how that's counted as I've really never seen a good analysis of how it counts personally.  Hoping the rest of my lines report beforehand so I can get a clean datapoint but such is life; should be easy to determine on FICO 8 but it'd be ice cream with a cherry on top to get other score datapoints.

[vanillabean]

Thanks for distinguishing between equity line of credit and equity loan. My second question was for the former, my third for the latter.

My question now is what determines whether an equity loan reports as a mortgage or as installment?

Also, someone asked about the credit line:

Does the $35K demarcation between revolving and installment refer to the credit line itself or the current balance on the account?

Or put differently, is balance divided by credit line viewed as utilization?

[vanillabean]

Come to think of it, would it make sense for a moderator to move this thread over to Understanding FICO® Scoring or General Credit Topics?