12-21-2007 07:21 AM - edited 12-21-2007 07:39 AM
12-21-2007 07:39 AM
OK, so being the proud owner of an Amex Blue I signed up for Credit Secure free trial. I looked at the way they split up accounts, and EX treats my HELOC as revolving credit and EQ and TU treat it as mortgage.So my EQ and Tu report, under negative items, say:Currently, your credit report does not show any significant negative or derogatory information. You can be proud of the fact that you are building a good credit history, so continue with your positive credit behavior!For my EX, apart from the Collection due to drop off in 2 months and 27 days, it says:At least one or more of your accounts has a balance that is close to your credit limit, which may be lowering your score. When your balance is high, this can indicate to lenders that you are likely to overextend yourself. Try to increase the cushion between your credit balance and your credit limit to help improve your credit score.This is a HELOC at about 55%, and it will go up when I buy a car as it a low cost loan for an old used car!! So this is why EX hates me
12-21-2007 07:47 AM
Timothy wrote:What is the balance/CL on the HELOC?
12-21-2007 07:50 AM
They're not supposed to be doing this any more. Timothy had his post for the first time with 20% util, and his score didn't budge. Mine hasn't had much of a balance, but it will show about 23% at the end of the month --I'm waiting, too.
What kind of nastygrams do you get on EX when you pull your FICO's? And are they any different from the ones that are on your EQ and TU? I think those really do indicate how your scores are treating the HELOC, but there are messages on other FICO screens that are misleading. For instance, in the sim, TU includes the HELOC amount in revolving, but it lists it as installment and it's not part of my util., and EX names it as a revolving account but doesn't include it in revolving util.
I'm not sure that the CreditSecure message is reflecting a real FICO effect. On my FAKO's, TU always tells me that my history isn't old enough, and that I don't have enough majors, because it doesn't acknowledge my AU account. But it's treated (for now) as legit.
12-21-2007 09:11 AM
12-21-2007 09:15 AM
Timothy wrote:MV- I asked what the CL was because CS did not even blink at me for mine.It actually changed it to:Your average credit limit for your major credit cards, such as Discover, VISA, MasterCard, or American Express, is high. This tells lenders that you have enough financial experience, and they will be more likely to see you as a good credit riskWhen the HELOC was added.Darn FAKO's
12-21-2007 11:32 AM
fused wrote:MV what is the credit line???