Ducky

[Anonymous]

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fused wrote:

It will go by the CL only. So in your example it would report as an installment or possibly as a home equity loan which is also an installment. My guess is EX is the 20K one while EQ is the 60K one but I'm not 100% sure on this. I say this because my Amex Blue has a 20K CL but it still reports as revolving on EQ.

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This can also happen for Helocs- on one CRA it is only reporting as a "revolving secured" line of credit which is making me look like I have heavy CC debt, will try to fight the reporting of it after finals as I don't think it is fair and they should code it properly.

[Anonymous]

To further muddy the waters: I took out an LOC at the beginning of the year with BOA. $35K advance on a $37K CL. In April the balance was $19K and my TU Fako was 753. In June the loan was paid off and my score was 765. I sold property to pay off the loan so there was not a jump on my other credit lines. I then did a refi on my house with a HELOC only for $156K (in other words, not a second mortgage but the only mortgage). It listed on TU FICO as revolving but my score never changed. I just did a $25K advance on the old LOC to see how the credit lines react. Since it was no transaction fee (they will do it if you ask nicely and talk to a loan officer and not customer service), I was curious to see how it would report. FICO has picked up on the activity on the account but has not recognized the transaction. As soon as I get a clue, I will either pay off a car loan or pay the money back. The car loan is for $12K and the balance back to the LOC will take care of it. At this point I don't know what to expect.

[fused]

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netpanther wrote:

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fused wrote:

It will go by the CL only. So in your example it would report as an installment or possibly as a home equity loan which is also an installment. My guess is EX is the 20K one while EQ is the 60K one but I'm not 100% sure on this. I say this because my Amex Blue has a 20K CL but it still reports as revolving on EQ.

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This can also happen for Helocs- on one CRA it is only reporting as a "revolving secured" line of credit which is making me look like I have heavy CC debt, will try to fight the reporting of it after finals as I don't think it is fair and they should code it properly.

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AFAIK, TU is the only one not reporting all revolving accounts with the big CLs as installments or home equity loans. Their current scoring model version is a real dinosaur.

[haulingthescoreup]

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@fused wrote:
It will go by the CL only. So in your example it would report as an installment or possibly as a home equity loan which is also an installment. My guess is EX is the 20K one while EQ is the 60K one but I'm not 100% sure on this. I say this because my Amex Blue has a 20K CL but it still reports as revolving on EQ.

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I don't have a balance on my 30K card right now, but when I did, it was reporting as revolving on EQ.

I'm talking about on screen 3, Credit at a Glance, where they break down your balances among revolving, installment, and mortgage. That's the only place where I can figure out how they really treat different credit products. I also try to figure things out from the util percentage on screen 2, but that's not always precise enough to tell for sure what they're counting.

Is this a reasonable way of trying to read their minds? There's no point in looking at what they call each loan type, as it doesn't seem to match anything at all.

[Anonymous]

I had no idea my simple thread would end up in such a difficult conversation.

My one brain cell is working really hard right now.

As soon as JFCU starts reporting to CRA's. I will let you guys know

that if it is revolving or installment.

Thanks

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@haulingthescoreup wrote:

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@fused wrote:
It will go by the CL only. So in your example it would report as an installment or possibly as a home equity loan which is also an installment. My guess is EX is the 20K one while EQ is the 60K one but I'm not 100% sure on this. I say this because my Amex Blue has a 20K CL but it still reports as revolving on EQ.

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I don't have a balance on my 30K card right now, but when I did, it was reporting as revolving on EQ.

I'm talking about on screen 3, Credit at a Glance, where they break down your balances among revolving, installment, and mortgage. That's the only place where I can figure out how they really treat different credit products. I also try to figure things out from the util percentage on screen 2, but that's not always precise enough to tell for sure what they're counting.

Is this a reasonable way of trying to read their minds? There's no point in looking at what they call each loan type, as it doesn't seem to match anything at all.

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[haulingthescoreup]

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@Anonymous wrote:

I had no idea my simple thread would end up in such a difficult conversation.

My one brain cell is working really hard right now.

As soon as JFCU starts reporting to CRA's. I will let you guys know

that if it is revolving or installment.

Thanks

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There are lots of people going crazy, trying to figure out if they dare get a charge card (vs a credit card) or a line of credit, so you landed in a hot topic!