01-24-2013 10:06 AM - edited 01-24-2013 10:12 AM
Finally paid off the HELOC in full in November, 2012. As expected, my TU score shot up to nearly equal the EQ score. TU is now 793, EQ is now 801.
Greg, you were correct, they are nearly equal now, instead of the 30 point dispairty from the way the HELOC was scored. It should be noted that I paid off more than half of my truck loan in this time period also, which certainly increased both scores by a small amount. Other than that, everything has remained the same as far as my credit accounts.
So this in effect proves my original point which is that if you have a HELOC, TU will treat it must like a credit card(unsecured credit) and Equifax treats it like a real estate loan(secured loan backed by home).
It had no effect on me, but as I stated previously, I can see where someone could get dinged big time by this scoring differential.