Almost got a 700 with 92% CC util

[haulingthescoreup]

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@fused wrote:
Yes! And the same will go for your 60K CCs.

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I'm never going down that path! The one month that I tried to get 1% to post on my $30K card, I found that it almost became my 3rd full-time job! Plus put on four pounds just using it at fast-food places.

My non-food New Year's resolution: don't eat anything that involves shouting into a microphone.

[Anonymous]

So does HELOCs counting as revolving CC accounts affect my current fico score and how much? They all come up revolving on all 3.
I can't wait to pay down the util on my CC to see what my scores will really be.

[Anonymous]

With score/reports from myFICO only TU should have HELOC in the revolving utilization. IF it is correctly coded as a HELOC.

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@Anonymous wrote:
So does HELOCs counting as revolving CC accounts affect my current fico score and how much? They all come up revolving on all 3.
I can't wait to pay down the util on my CC to see what my scores will really be.

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[haulingthescoreup]

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@Anonymous wrote:
So does HELOCs counting as revolving CC accounts affect my current fico score and how much? They all come up revolving on all 3.
I can't wait to pay down the util on my CC to see what my scores will really be.

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What I have found is that you can't go with the way that they describe the HELOC. Instead, on your EQ or TU FICO score reports, go to screen 2 to see where it describes your revolving utilization, and look at the percentages. Then go look at screen 4, where they break down the amounts due by revolving, mortgage, and installment.

On my report, TU shows my HELOC as a mortgage account on screen 4, but on screen 2, I can tell that it is counted as part of my (revolving) utilization, because my util is higher there. The other two (EQ and EX) don't do this.

So I'm crossing my fingers that my EQ and EX reports behave, but it looks like once I start really using the HELOC, my TU score will suffer.

[Anonymous]

Thanks haulingthescoreup for pointing out those things on screen 2. It doesn't show the HELOC in my EQ revolving banlance and the other 2 doesn't show a figure.

My TU says Overdraft/Reserve Checking Account under "credit type" for my HELOC. I have a overdraft/reserve line for my checking account with US bank and fico counts that as if its a regular credit card. The other 2 CRA says revolving.

Fico counts it as a credit probably because you can take credit out whereas installment you can't. If fico '08 changes this then it will help a lot of homeowners.

[Anonymous]

My HELOC (over 60k line) reports as follows:

EQ - Mortgage

TU - Mortgage

EX - Revolving

Did someone say the new scoring model in '08 for EX will rectify this issue?

[Anonymous]

I am not at all familiar with the inner workings of FICO's scoring systems/algorithms, but it sounds to me like FICO 08 will actually put consumers in somewhat of a better light score wise - granted NOT BY MUCH I'm guessing.  It just sounds like currently it and the CRAs are really out of sync, even more so with the CRAs creation of their own scoring systems. 

Seems to me there needs to be some kind of mandate requiring them all to be on the same page as 3 - 6 - 10 diff types of scores is really playing with people's lives and households.  My goal is not just to resuscitate my credit but to truly understand how the various (particularly FICO's) scoring systems work and how to use that to my advantage...and perhaps help the next person get their credit life back on track.

Of course, with the generosity of you wonderful folks here

[Anonymous]

Even though a HELOC can be treated as revolving in scoring-

CL over 50K is ignored- so the HELOC is not counted in your UTL.

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eobiomed wrote:

My HELOC (over 60k line) reports as follows:

EQ - Mortgage

TU - Mortgage

EX - Revolving

Did someone say the new scoring model in '08 for EX will rectify this issue?

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