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HELOC Reporting

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Uncle_Money
Established Contributor
‎10-18-2016 06:31 PM
‎10-18-2016 06:31 PM

HELOC Reporting

Hey guys,

 

How will a HELOC report? As an installment, mortgage or revolving? Will a balance be taken into utilization?

 

Thanks,

 

Uncle Money

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

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Anonymous
Not applicable
‎10-18-2016 10:24 PM
‎10-18-2016 10:24 PM

Re: HELOC Reporting

My brand spanking new Heloc from USBank is showing up as a mortgage off of my 3B report. I barely had 5K on it and it didn't show on the report yet. So can't answer on the balance utilization.

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Revelate
Moderator Emeritus
‎10-19-2016 04:47 PM
‎10-19-2016 04:47 PM

Re: HELOC Reporting

My 27K HELOC doesn't seem to be counted as revolving on any bureau.

 

I accidentally zeroed out all my CC's, but it turns out I still had a $100 balance on the HELOC at the time, and I took the typical 11-12 point penalty across the board with all $0's (a known negative).

 

This is under FICO 8, I don't have any datapoints for other scores unfortunately.  I actually got a nice healthy boost on EX, where *maybe* if I do the aggregate mortgage vs HELOC balance I drop below a breakpoint... maybe.  I don't think the latest tuition payment has reported yet, if I see a non-trivial drop on EX when it does, then I'll be fairly well convinced it's being counted as installment absolutely.

 

I wouldn't worry about it much TBH.




        
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