Ok, here is one that I need help with....
I have a home equity line for about $100k with Wamu. I converted about $70k of it to a payment option they have called "Fixed Rate Option", which created a new account number and requires a fixed payment for the $70k over 20 years. The remaining "revolving" credit line of $30k stays that way, and increases with any principal payments I make on the $70k.
Problem is, FICO is reporting the entire amount of $100k as a "revolving" amount, including the $70k amount, which is actually an "installment" loan like a car loan. What this means is that my utilization is over 50% in total, and 70% for just this one item.
Do I have any other options other than pleading with Wamu to report BOTH the loan and the line of credit, with the loan reported as "installment"? This is likely costing me 30-50 points on my score, even though the line of credit is currently at $0.
Any thoughts?
