I closed on a HELOC in early May of this year to complete some home renovations which we plan to pay off in a couple of years. A couple of days ago, the HELOC balance updated to 66% of the total, and my FICO 8 scores did not budge for any bureau. I also checked my EX scores on their site, and none of the FICO versions budged. I know Vantage scores are not used widely, but even the TU Vantage 3.0 score dropped only 4 points.
The HELOC shows up under the revolving credit section on my report, but the account type is listed either as "Home Equity" or "HELOC" depending on the bureau. My FICO 8 scores range between 747-757.
I just wanted to put this out there in hopes that it will help others.
Nice! So you closed in early May and it popped up in early July? Essentially 2 months to report?
FICO 8 = 582, 620, 589 / Mortgage = 633, 526, 581
CURRENT PEAK *Thanks to the MF Community!
FICO 8 = 715, 711, 720 / Mortgage = 688, 696, 681
I closed on the loan May 9th. It showed up on my credit report June 1st with a very tiny balance. I can't determine what my score impact was when it 1st reported because I had a lot of movement on my report during that time.
this was the 2nd month reporting.