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Experian Showing HELOC as Revolving Not RE Laon

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NYFan63
Established Contributor

Experian Showing HELOC as Revolving Not RE Laon

Experian is showing my new HELOC with Andrews FCU as revolving debt as opposed to real estate loan.  I get that a HELOC is considered revolving but why would it not be real estate loan since it is secured by RE???  

 

Thanks!

 

Penfed Platinum Sig Visa $33k, PenFed PLOC $25k, NFCU Cash VISA Sig 22k, NFCU Visa Flagship 22k, CAP1 Venture $23k, CAP1 Venture One $15k, NFCU NAV Check $15k, Barclays Arrival $13,2k, DCU VISA 5k, Cap1 QS 7.5k, WF Finance 3.5k, Merrick 2.2k, Barclays Apple Financing 6.1k BestBuy 5k >Ch7 BK filed 8/09; DC 01/10 EQ 636 Nov 13;
EQ08 718 | TU 731 | EXP 728
Inqs: EQ 11, TU 8, EXP 11(last 2 yrs)
Goal 750+ In the Garden til

Message 1 of 4
3 REPLIES 3
sarge12
Senior Contributor

Re: Experian Showing HELOC as Revolving Not RE Laon


@NYFan63 wrote:

Experian is showing my new HELOC with Andrews FCU as revolving debt as opposed to real estate loan.  I get that a HELOC is considered revolving but why would it not be real estate loan since it is secured by RE???  

 

Thanks!

 


Just as a secured credit card is secured by deposit, so is a HELOC also secured revolving line of credit...in this case secured by your house. A standard real estate loan has a regular payment and a declining balance. HELOC balance may go higher or lower, based on payment on balance or further accessing the credit line.

TU fico08=812 07/16/23
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Message 2 of 4
RobertEG
Legendary Contributor

Re: Experian Showing HELOC as Revolving Not RE Laon

A HELOC is a revolving line of credit, providing a preset limit upon which the consumer may draw against, with payments that revolving around the discretionary use.

It is normally scored as revolving.

 

However, FICO made the decision to treat a HELOC that is above a certain amount as an installment account.

The limit is approx. $35K.

 

Message 3 of 4
NYFan63
Established Contributor

Re: Experian Showing HELOC as Revolving Not RE Laon

Thanks guys!!!

Penfed Platinum Sig Visa $33k, PenFed PLOC $25k, NFCU Cash VISA Sig 22k, NFCU Visa Flagship 22k, CAP1 Venture $23k, CAP1 Venture One $15k, NFCU NAV Check $15k, Barclays Arrival $13,2k, DCU VISA 5k, Cap1 QS 7.5k, WF Finance 3.5k, Merrick 2.2k, Barclays Apple Financing 6.1k BestBuy 5k >Ch7 BK filed 8/09; DC 01/10 EQ 636 Nov 13;
EQ08 718 | TU 731 | EXP 728
Inqs: EQ 11, TU 8, EXP 11(last 2 yrs)
Goal 750+ In the Garden til

Message 4 of 4
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