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Personal LOC are usually revolving just like HELOC. LOC = Consumer Finance Loan, I say NO!
ilovepizza wrote:
Very very good question! I've seen HELOC report as revolving but the balance was treated as installment. Now HELOC and Personal LOC can be very different credit titles.
To answer your question, I believe(not sure) HELOC bal is installment. No idea about personal LOC.
Does anyone know how a personal LOC is treated?
Does anyone know if a personal LOC is Consumer Finance?
becker152 wrote:
Are line of credits considered revolving debt? i have a line of credit back by my good credit score, it is not a term loan, but just an open line where 2% is due each month.
Would this be considered revolving and count against me?
EX:
TU (sorry, it wants to double-space):
Date opened [?] Sep, 2007
Account number [?] 8524
Account type [?] Home Equity Loan
Credit limit [?] $50,000
Largest past balance [?] $3,056
Credit Type [?] Overdraft/Reserve Checking Account
Account holder [?] Individual Account
Feel free to join me in bafflement. They seem to title it however they want, and they don't treat it the way they title it.