topic Re: Aven reporting in Mortgage Loans

Aven reporting

Meanmchine — Tue, 27 Aug 2024 23:37:57 GMT

Hi all

Im thinking of apping for the Aven visa card. How does this report; as a Heloc or credit card

Thanks

Re: Aven reporting

JoeRockhead — Wed, 28 Aug 2024 00:15:44 GMT

I believe it reports as a HELOC... and I'm sure you already know is counted in your revolving accounts.

Re: Aven reporting

Meanmchine — Wed, 28 Aug 2024 02:10:25 GMT

@JoeRockhead wrote:
I believe it reports as a HELOC... and I'm sure you already know is counted in your revolving accounts.

TBH, I wasnt sure as Ive never had a HELOC before.

J-E-T-S Jets Jets Jets

Re: Aven reporting

markbeiser — Wed, 28 Aug 2024 04:05:00 GMT

Not sure how it reports, but Aven calls it a credit card, and I'd guess it reports as such.
There is a 2.5% fee to use it to pay other debts, or to deposit cash from it into your bank account.
They can't even offer it in many states because it is not a real HELOC.
While there is more of a paperwork burden and takes more time, a HELOC is not hard to get, and often has little or no cost to open.
I'd skip it and get an actual HELOC.