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Line of Credit?

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Failingupwards
New Contributor

Line of Credit?

My husband and I share a line of credit from our credit union. Is this a revolving account? Installment account? How is this scored?
Message 1 of 4
3 REPLIES 3
SouthJamaica
Mega Contributor

Re: Line of Credit?


@Failingupwards wrote:
My husband and I share a line of credit from our credit union. Is this a revolving account? Installment account? How is this scored?

It's a revolving account.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 691

Message 2 of 4
Anonymous
Not applicable

Re: Line of Credit?

@SouthJamaica is correct.  It is a revolving line of credit.

Message 3 of 4
Anonymous
Not applicable

Re: Line of Credit?

The other folks are right of course.

 

But it should also say "revolving" for that account on your credit report.  Does it not say that on the report?  It may not, in which case great qustion.

 

Or is it possible that you don't quite know how to pull and read your reports?  If not, this is the big "learning moment" for you from the thread, more important than hearing our opinion about whether the LOC is revolving or not.  Getting comfortable with how to frequently pull and read your reports is really important.  We can help on how to do it if you want

 

When you get into the rhythm of doing pulling and reading your reports, you'll be able that to answer a lot of questions and much more importantly make the best decisions for yourself about many other things.

 

Best of luck...

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