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