Personal Line of Credit

[Booner72]

We have OD protection and it's listed as a Personal Line Of Credit - on Credit Karma it isn't listed in my credit cards section.

Is this scored the same as a revolving account?

I'm thinking if I take the money from the PLOC and apply it to another one of my credit cards, then that would be better than having a high balance on a credit card?

I so hate that I maxed out my stupid 800 limit Walmart.  !!!  I had to do it and it won't be PIF'd - luckily got deferred interest, but still.

[RobertEG]

A line of credit is, by definition, revolving credit.  You have a pre-approved line of credit that you can draw against, and monthly payments revolve around the debt that you choose to incur, up to  your approved limit.  So, it is normally scored as a revolving account.  However, some LOCs involve a large limit, such as a HELOC, and since one usually only gets such a high limit to draw against due to it being secured by the property, they are apparently scored similar to installment when they get above a certain levell.  35K seems to come to mind. 

[MarineVietVet]

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@Booner72 wrote:

We have OD protection and it's listed as a Personal Line Of Credit - on Credit Karma it isn't listed in my credit cards section.

Is this scored the same as a revolving account?

I'm thinking if I take the money from the PLOC and apply it to another one of my credit cards, then that would be better than having a high balance on a credit card?

I so hate that I maxed out my stupid 800 limit Walmart.  !!!  I had to do it and it won't be PIF'd - luckily got deferred interest, but still.

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What is the APR of the LOC compared to your CC's?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Booner72]

It's lower, but my loc is pretty small.  Not enough to PIF the cc - but it is enough to make it so the cc isn't maxed.

Looked at EQ today and they have it listed as an installment.  It's worth a shot.

[MarineVietVet]

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@Booner72 wrote:

It's lower, but my loc is pretty small.  Not enough to PIF the cc - but it is enough to make it so the cc isn't maxed.

Looked at EQ today and they have it listed as an installment.  It's worth a shot.

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If that's the case then it won't affect your utilization at all. What is the CL of this if you don't mind saying?

I wonder how TU and EX have it listed?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Booner72]

oh, i mind.  it's humiliatingly small.  The Credit Union wouldn't give me much in terms of CLI until I get to 659.  I'm at 635.  Guess I need to just stop sweating the score and getting inquiries and do some waiting it out.  During the wait I'll get this paid off before the interest hits.

Thanks, MV.

Did you have a good holiday?

[MarineVietVet]

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@Booner72 wrote:

oh, i mind.  it's humiliatingly small.  The Credit Union wouldn't give me much in terms of CLI until I get to 659.  I'm at 635.  Guess I need to just stop sweating the score and getting inquiries and do some waiting it out.  During the wait I'll get this paid off before the interest hits.

Thanks, MV.

Did you have a good holiday?

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No problem. The only reason I asked is that I agree with RobertEG that LOC's usually report as revolving credit until the CL reaches a certain amount (His figure of about $35,000 + seems a pretty good rule of thumb) although of course YMMV.

I guess I'm surprised that a smaller CL reports as installment

My holidays have been very nice so far. We actually had a white Christmas this year which is very rare for us. And I hope all went well with you and yours.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".