"Maxing out" a Heloc - 51 point drop in EX

[MidnightVoice]

OK, so my EX has always been low because they used to hate me, and now they hate me and think my Heloc is a credit card, and don't report the CLI but just the High Limit.

So the other week, due to a USBank mess up, I needed to take an extra $3K out of my Heloc.  I put it back a week later when USBank got its act together.  But as it is a Heloc, I don't know it as well as my CCs, I just pay well over the minimum every month, and it reported before I paid it back, and at the new high level.

So EX now thinks I have a maxed out a CC, and though my util has not changed (<5% on EQ and TU, but 29% on EX because of the Heloc being a CC), my score dropped from 755 to 704.

Now I assume I will get most of that back next week when the new balance reports on my Heloc, but not only is it irritating, but I hope Amex does not soft me this week!

[haulingthescoreup]

Ouch!

I know that you've said before that you don't really want to, but this sort of thing does seem like an awfully good reason for raising your HELOC's CL to $50K. So far, mine isn't being included in my EX scoring.

I posted elsewhere that I thought that EX was now counting my HELOC, too, but that negative message on my EX score report has gone away, now that my real util dropped. I think it was a function of going to the 19 years and older score bucket, where you REALLY have to watch your util.

[MidnightVoice]

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haulingthescoreup wrote:
Ouch!

I know that you've said before that you don't really want to, but this sort of thing does seem like an awfully good reason for raising your HELOC's CL to $50K. So far, mine isn't being included in my EX scoring.

I posted elsewhere that I thought that EX was now counting my HELOC, too, but that negative message on my EX score report has gone away, now that my real util dropped. I think it was a function of going to the 19 years and older score bucket, where you REALLY have to watch your util.

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Well, I would have to open a new account to raise the CL, and then as EX ignores the CLI I would have to take all the money out and put it back in after it reported!

And I am in the 20 plus years, but my UTIL didn't change much - this appears to be purely because of the maxing out

[haulingthescoreup]

FWIW, EX still calls my HELOC revolving, but with a $50K limit, it's treated for scoring as mortgage.

I don't care what they want to name it, as long as the score formula knows what to do with it, which it apparently does.

That's a shame that they'd make you open a new account, instead of just increasing the CL on the one you have. Credit unions can be quirky at times.

[MidnightVoice]

And what is really funny is that as TU has gone down 30 and EX 51, my EQ is up 27 to 795 and DW's EQ is up 24 to 807!!

And all these scores are from today!!