laFenix will Rise - Rebuilding my way to the top again

[rmduhon]

I don't know what a HELOC reports/counts as, I was just responding to the OP's question as to whether it would count as a mortgage or an instalment that those are the same.

[Anonymous]

@rmduhon According to my reports pulled directly from equifax, mortgages (against real estate property) are a separate category from installment loans (like an auto loan). 

[sarge12]

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@Anonymous wrote:

@@rmduhon According to my reports pulled directly from equifax, mortgages (against real estate property) are a separate category than installment loans (like an auto loan). 

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A credit score considers your credit mix, and wants to see that a borrower can handle both regular monthly payments for a fixed amount, and revolving debt with an available credit limit. The mortgage would certainly show as a fixed payment amount. It is true that it will show as a mortgage, but it is still an installment loan.

[gdale6]

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@sarge12 wrote:

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@rmduhon wrote:
Mortgage is an instalment loan

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True a mortgage is....but a HELOC might be considered revolving debt that is secured with your home equity, so I think may be figured in revolving credit utilization. Does anyone here know for sure how a HELOC is treated by Fico?

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HELOCS 35K or less they are typically treated as revolving debt any higher and they are installment debt.

[sarge12]

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@gdale6 wrote:

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@sarge12 wrote:

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@rmduhon wrote:
Mortgage is an instalment loan

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True a mortgage is....but a HELOC might be considered revolving debt that is secured with your home equity, so I think may be figured in revolving credit utilization. Does anyone here know for sure how a HELOC is treated by Fico?

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HELOCS 35K or less they are typically treated as revolving debt any higher and they are installment debt.

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@gdale6....are you saying 35k balance or 35k credit limit on the HELOC?

[gdale6]

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@sarge12 wrote:

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@gdale6 wrote:

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@sarge12 wrote:

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@rmduhon wrote:
Mortgage is an instalment loan

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True a mortgage is....but a HELOC might be considered revolving debt that is secured with your home equity, so I think may be figured in revolving credit utilization. Does anyone here know for sure how a HELOC is treated by Fico?

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HELOCS 35K or less they are typically treated as revolving debt any higher and they are installment debt.

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@gdale6....are you saying 35k balance or 35k credit limit on the HELOC?

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AFAIK its balance not the CL.

[Anonymous]

I've officially gained 'member' rank, which allows me to add my siggy, finally, so I'm posting it here, since I'm using this thread as my 'journey log', and I'm thinking it will be nice to see their progression over time.

This is my starting siggy.  My VS3 EQ rose today by 8 points, according to CK, but I'll wait until next month to post an updated siggy.  With any luck I'll have conquered my 100k HELOC goal by then!!!  I'm also hoping next month yields a CR/Score for him, and that my scores can all make it out of the 500s ... and never return!

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Our Journey Our Cards: Me:   Him:   Our Future Cards: 
April '17 - Me: FICO8:  602TU| 570EQ, 575EX, 671TU  | VS3: 570EX | 546EQ, 577TU | Him: No CR/Score
Short Term Goals: Me: All 640+, 100k HELOC | Him: All 640+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

[Anonymous]

Just so you know, when you change your signature you change your signature. Old posts don't retain the old sig. That is why one of my pet peeves are people who refer to current scores in signature. If anything has changed then the post is meaningless and there's no good way know if its current or not.

[Anonymous]

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@Anonymous wrote:
Just so you know, when you change your signature you change your signature. Old posts don't retain the old sig. That is why one of my pet peeves are people who refer to current scores in signature. If anything has changed then the post is meaningless and there's no good way know if its current or not.

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I think that's why they made it part of the post.

[Anonymous]

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@Anonymous wrote:

I've officially gained 'member' rank, which allows me to add my siggy, finally, so I'm posting it here, since I'm using this thread as my 'journey log', and I'm thinking it will be nice to see their progression over time.

This is my starting siggy.  My VS3 EQ rose today by 8 points, according to CK, but I'll wait until next month to post an updated siggy.  With any luck I'll have conquered my 100k HELOC goal by then!!!  I'm also hoping next month yields a CR/Score for him, and that my scores can all make it out of the 500s ... and never return!

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Our Journey Our Cards: Me:   Him:   Our Future Cards: 
April '17 - Me: FICO8:  602TU| 570EQ, 575EX, 671TU  | VS3: 570EX | 546EQ, 577TU | Him: No CR/Score
Short Term Goals: Me: All 640+, 100k HELOC | Him: All 640+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

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Why do you have two different transunion scores?