I wasn't sure if this should go in here or in General Credit Topics. Since it's a HOME Equity LOC question, I figured here would be the place.
I have been shopping around for a HELOC. PNC has been the most responsive so far, and it actually sounded to me like we are a hair's breadth from sealing the deal. The LO said this afternoon that now we're just "waiting to hear that we're clear to close". He anticipated that we would close in eight days after we get this "clear to close" notice.
So here's my question: This would be a $50K+ HELOC. Does anyone know for sure how PNC (specifically PNC) reports on HELOCs? Revolving credit or mortgage or??? I understand that somewhere around $50K is a magical point: Lower than that and it's reported as revolving credit. Just thought that maybe someone here actually HAS a PNC HELOC and they could let me know how it reports.
Remember that old saying, "If it seems too good to be true, it probably is"? I guess after all my trials and tribulations dealing with credit cleanup and searching for a HELOC, I've become something I never thought I'd be: A cynic.
