Hauling did you ever get an answer to this? Theres a ton of posts and I dont want to give out solutions and answers when its already been resolved lol
@haulingthescoreup wrote:Sorry, lost track of this thread. Actually, it worked out that EX has it as a mortgage, TU has it as unknown, and EQ, which hates me anyway, has it as revolving. I think it was netpanther who got slaughtered on the EQ score due to having the audacity to actually use the line of credit (gasp!) My EQ score only dropped 3 points after it posted with $3K used (after all, how much lower could it go???), but I suppose it will tank once the home improvement stuff actually starts.
@Anonymous wrote:Sure enough, all three bureaus now have the HELOC. One has it as a mortgage, one as an "account in which the exact category is unknown," and one as revolving. The revolving also shows highest balance as $50K (the value of the line of credit), even though I've only used $3060. Any guesses as to which CRA used which category?I'm gonna guess that EQ shows mortgage, EX shows revolving, and TU is unknownWhen I pull myself together, I'm going to start researching the posts to see if any of this is fixable, but I doubt it. Apparently the CRA's can do anything they please with your data, and you are supposed to just lie back and grin. Doesn't look like I'll be app'ing from anyone who pulls EQ for the next while! Not that I'm planning to anyway, but it's the principle of the thing.
Message Edited by TheR1ch on 07-13-2008 10:32 PM
@haulingthescoreup wrote:
As best as I can tell, it is treated as a mortgage by all three. TU finally even stopped including it in my revolving balance on the Credit-At-A-Glance screen, although they still have it as part of my revolving on the sim. (I can work around that; it's just a pain.) At one point the balance took it up high enough that I would have been able to tell by displayed util figures if it had been treated as revolving.
It seems pretty well-confirmed that if the credit limit of a HELOC is $50K or more (possibly as low as $40K or higher), it really is coded and treated as mortgage, despite how oddly it might be listed or displayed.
Yup, thats it!
@Anonymous wrote:
@haulingthescoreup wrote:
As best as I can tell, it is treated as a mortgage by all three. TU finally even stopped including it in my revolving balance on the Credit-At-A-Glance screen, although they still have it as part of my revolving on the sim. (I can work around that; it's just a pain.) At one point the balance took it up high enough that I would have been able to tell by displayed util figures if it had been treated as revolving.
It seems pretty well-confirmed that if the credit limit of a HELOC is $50K or more (possibly as low as $40K or higher), it really is coded and treated as mortgage, despite how oddly it might be listed or displayed.
Yup, thats it!
One thing that you'll realize after a bit more reading here is that a lot of us know how something is supposed to be scored, but we have very little faith that it is coded correctly, in order that the scoring formula will know what to do with it. With our credit reports and scores, "garbage in, garbage out" is unfortunately a reality.
The descriptors on both the original reports from the CRA's and the secondary reports from myFICO, TrueCredit, CreditSecure, and so forth are hardly models of clarity.
So we spend a lot of time peering suspiciously at our reports to attempt to determine if everything's being handled right.
@haulingthescoreup wrote:
@Anonymous wrote:
@haulingthescoreup wrote:
As best as I can tell, it is treated as a mortgage by all three. TU finally even stopped including it in my revolving balance on the Credit-At-A-Glance screen, although they still have it as part of my revolving on the sim. (I can work around that; it's just a pain.) At one point the balance took it up high enough that I would have been able to tell by displayed util figures if it had been treated as revolving.
It seems pretty well-confirmed that if the credit limit of a HELOC is $50K or more (possibly as low as $40K or higher), it really is coded and treated as mortgage, despite how oddly it might be listed or displayed.
Yup, thats it!
One thing that you'll realize after a bit more reading here is that a lot of us know how something is supposed to be scored, but we have very little faith that it is coded correctly, in order that the scoring formula will know what to do with it. With our credit reports and scores, "garbage in, garbage out" is unfortunately a reality.
The descriptors on both the original reports from the CRA's and the secondary reports from myFICO, TrueCredit, CreditSecure, and so forth are hardly models of clarity.
So we spend a lot of time peering suspiciously at our reports to attempt to determine if everything's being handled right.
Well its not really a coding issue at the bureau level in this case. For HELOCs its the FICO scoring model that has that specific code or algorithm that when a revolving accounts credit limit is at a certain amount it will score it as an installment rather than a revolving.
So in essence...any revolving account with a high limit could be considered an installment by the scoring model...
Message Edited by TheR1ch on 07-15-2008 06:21 AM
