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harlequinnade wrote:
I recently received my Experian FICO credit score. It was 699. Mainly because of a recent collection, that was not mine. I immediatelky disputed it, and it was removed by Experian. But I can't run Score Simulator or anything to see what my new Experian FICO is, and I don''t want to have to pay for it again. Any suggestions?
@fa4937 wrote:I , too, am in similar situation. I have several cards with "free interest" that I have ran up. I have scores of 684,684 and 683. I need to get to 700 for a better mortgage rate. I am at 74% usage which is high.I could pay a few thousands to get me at around 50%. Anyone know how these percentages work. At 74%, im at "not good" while I am listed "very good" in other areas,I hate to pay off so much,as I give up all that cash, especially since I have "free interest" until 2/2008.Everyone says high achievers should be at 7 to 10%, but thats not easy to do.If I get at below 50%, should that change to "good", or doesnt anyone have any figures on each incremental breakdown on credit usage. Obviously 0 to 10% is excellant, but then what are the breakdown after that. Thanks!
@hs3544 wrote:I recently took out a home equity line of credit on my primary residence, in addition to my regular mortgage. This HELOC is 100% utilized because I bought a small condo (second home). My Transunion credit report reflects this HELOC as a mortgage and therefore (presumably) doesn't affect my credit score. But Equifax and Experian reflect this HELOC as a revolving line of credit and this bumps my total utilization of revolving credit way high.Net result, my Equifax and Experian scores are substantially lower than Transunion. Do these CRA's have different policies regarding classification of HELOCS and would I be justified in asking Equifax and Experian to adjust their Reports to show the HELOC as a mortgage. Otherwise, my scores will take a hit for years because I plan to pay off the HELOC over a 10 year period.
HELOCs almost always report as revolving...be responsible with this line just as you would with a CC. Another option is to ask your lender to report it as an installment...no guarantee they will agree though.
@haulingthescoreup wrote:
@hs3544 wrote:
I recently took out a home equity line of credit on my primary residence, in addition to my regular mortgage. This HELOC is 100% utilized because I bought a small condo (second home). My Transunion credit report reflects this HELOC as a mortgage and therefore (presumably) doesn't affect my credit score. But Equifax and Experian reflect this HELOC as a revolving line of credit and this bumps my total utilization of revolving credit way high.Net result, my Equifax and Experian scores are substantially lower than Transunion. Do these CRA's have different policies regarding classification of HELOCS and would I be justified in asking Equifax and Experian to adjust their Reports to show the HELOC as a mortgage. Otherwise, my scores will take a hit for years because I plan to pay off the HELOC over a 10 year period.
bump
My $50K HELOC just appeared on my USAA website, and I would like to know how the CRA's are going to treat it also. Mine won't often have a balance, though.
Tuscani or other seasoned FICO warriors?
Message Edited by haulingthescoreup on 09-22-2007 05:38 AM
Thanks, Fused! USAA said that they report them as a mortgage loan, but that the CRA's don't always post it that way. Can't wait to see what this will do to the scores (snort). That's OK, I don't have any credit shopping in my near future, and at least we now have a just-in-case for disaster. Off to the sock drawer! Well, maybe after an eensie bit of remodeling, that is.
@fused111 wrote:HELOCs almost always report as revolving...be responsible with this line just as you would with a CC. Another option is to ask your lender to report it as an installment...no guarantee they will agree though.