Any experience out there with Aven? Calif-only HELOC w/ debit access.

[CBetc]

I searched the forums and there were no real references to #Aven#. No targeted contact, but I did see a Facebook ad pop up and I clicked through. Looks to be a highly-automated/online-only HELOC that uses a Visa card for access and transfers. Before I go any further with them (looking at a re-fi or HELOC, but a HELOC might let me go above 80% more easily), I figured I'd see what others' experiences might

This appears to be a California-only product, so that might explain it having a lower profile:

Not available for properties located in Special Flood Hazard Areas. Only available to US residents whose primary residence is in California. No 3rd lien positions. Not available for multi-unit homes.

https://www.aven.com/

[CBetc]

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@CBetc wrote:

I searched the forums and there were no real references to #Aven#. No targeted contact, but I did see a Facebook ad pop up and I clicked through. Looks to be a highly-automated/online-only HELOC that uses a Visa card for access and transfers. Before I go any further with them (looking at a re-fi or HELOC, but a HELOC might let me go above 80% more easily), I figured I'd see what others' experiences might be.

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Just to follow up: Went ahead and pulled the trigger on this. Soft pull to qualify, HP after doing the online notary signing. Closed faster than even my Figure HELOC did; I'm not sure how it could have been any simpler.

Based on the valuation, they went up to a total of 89% LTV on a condo.

[URHomeInvestments]

Awesome!  I collect DPs on HELOCs.

[texasguppie]

Any experience with how and what AVEN reports the HELOC to the three bureaus as?

My BK7 wiped out the reporting of my mortgage so I'm hoping my AVEN HELOC reflects some type of real estate/mortgage/home ownership trade line. 

[cashorcharge]

WooHoo!! Congratulations on your Aven HELOC Approval!!👏🏼🍾🥂

Guessing it's a typical 10 year drawn down with a 20 year repayment?

I know your rate will adjust over time but with an 89% LTV, what rate did they start you out at? 

[texasguppie]

7.74. 
Not the best but then again, with a five year old BK7, I cannot complain. I used the money to pay off much higher rate debt. 
Very curious to see how it reports. 

[cashorcharge]

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@texasguppie wrote:

7.74. 
Not the best but then again, with a five year old BK7, I cannot complain. I used the money to pay off much higher rate debt. 
Very curious to see how it reports. 

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Agreed...that's pretty good!  Thanks again for sharing @texasguppie 

[CBetc]

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@texasguppie wrote:

Any experience with how and what AVEN reports the HELOC to the three bureaus as?

My BK7 wiped out the reporting of my mortgage so I'm hoping my AVEN HELOC reflects some type of real estate/mortgage/home ownership trade line. 

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My Aven HELOC only reports to Experian. It seems to be considered in the Revolving calculation, and is listed as Revolving and "Line of Credit" on MyFICO. At Experian's site under Account Type it shows "Home Equity Line Of Credit."

For mortgage application purposes, lenders seemed to see it as a true HELOC, but I have a suspicion it's being counted as regular Revolving and not a LOC for some scoring models. So I guess it depends.

[SoCalGardener]

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@CBetc wrote:

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Just to follow up: Went ahead and pulled the trigger on this. Soft pull to qualify, HP after doing the online notary signing. Closed faster than even my Figure HELOC did; I'm not sure how it could have been any simpler.

Based on the valuation, they went up to a total of 89% LTV on a condo.

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You mentioned Figure, so I figured I'd ask some questions about it. I just mentioned a mailing [in another thread] I got from them--one of many I get from them. Until I started receiving these pre-approved HELOC offers, I had never heard of Figure. Are they good? Would you use them again? Any negative things you can think of?

As for Aven, I realize you have limited experience with them right now, but it sounds like you're pleased so far. If you had to compare Aven and Figure, what would you say?

I've never had any kind of home equity loan, and I'm pretty ignorant on the whole topic. You said that Aven gave you 89% LTV. I'm guessing that's loan-to-value? Or loan-to-...something? So you have a mortgage, correct?

Thanks.

[23matched]

As a point of reference, I applied for a HELOC with Discover, Lower.com (not impressed with their service), Figure, and Aven. NFCU turned me down during the soft credit check (690 ish mortgage scores). My mortgage is with them, not sure if that matters. Anyhow, these are the preapproved amounts:

Figure $50k

Aven $55k

Lower $87K -$5k in fees. And my credit was pulled 3 times after these guys. Not to mention the 8 different people reaching out to me. Just did ot seem legit. Finally, an email that said I needed to get over a 700 credit score to move forward........

Discover $90k no fees

I am working with Discover, problem is they won't accept wife's income as she has been on the job 1 yr, though same position different city. We had moved and she had to quit her other job. They want 2 years on the same job. So we might no get Discover based on DTI alone.