What would happen if?

[bott6698]

Ok, I am getting to the bottom of credit repair and now need to maximize how I can max out my fico score to best ability.

I was just again looking at my reports and I currently have 2 accounts with HFC and both are LOC's.

But I am lucky because one of the LOC's which is maxed is a home equity loc and I just noticed on my reports it is reporting as a mortgage loan so it is not hurting me...

I have one other loc that is 6 months old and is close to max and this is MY ONLY reporting revolving account....  I called HFc and asked them what chances I would have of redoing this loc and making it a closed end loan and they said a very good chance. Now if I do this I will not have any revolving accounts except for 2 new ones I just opened with orchard and crown jewelry. And my utl would go from like 90% to less than 10% but will only have the new revolving accounts reporting.

Any ideas what this would do to my score and if I should def redo the hfc loc?

[Anonymous]

50 to 150 points-

Check your report from myFICO and make sure the $ amounts add up they way you are expecting-

Just because it has HELOC assigned- does not mean FICO won't include it in revolving-

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bott6698 wrote:

Ok, I am getting to the bottom of credit repair and now need to maximize how I can max out my fico score to best ability.

I was just again looking at my reports and I currently have 2 accounts with HFC and both are LOC's.

But I am lucky because one of the LOC's which is maxed is a home equity loc and I just noticed on my reports it is reporting as a mortgage loan so it is not hurting me...

I have one other loc that is 6 months old and is close to max and this is MY ONLY reporting revolving account....  I called HFc and asked them what chances I would have of redoing this loc and making it a closed end loan and they said a very good chance. Now if I do this I will not have any revolving accounts except for 2 new ones I just opened with orchard and crown jewelry. And my utl would go from like 90% to less than 10% but will only have the new revolving accounts reporting.

Any ideas what this would do to my score and if I should def redo the hfc loc?

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[bott6698]

Here is what my reports show from my orman kit I pulled on the 14th, Glad I checked all 3 we may all learn a little more about who reports what as heloc's etc. BTW MY 14,612 one has a line of 20k so is bad utl. My 17,538 has a line of 17k because we did a couple extensions and had no idea it messed up fico so extremely bad for utl but looks like only ex is reporting as such.

 Looks like EX is only one reporting as revolving and others are not and EX is my high score go figure. 

I have 2 LOC's I heloc for $17,538 and 1 LOC for $14,612

EX

revolving accounts $32,150
Mortgage $107,201
Installment $17,985

TU
revolving accounts $14,612
mortgages $124,739
installment $22,702

EQ
revolving accounts $14,612
mortgages $124,739
installment $18.551

So what would my score do by redoing the loc for 14,612 and should I do it?

[Anonymous]

Yep- you have MV syndrome - EX hates him though

If the bank will allow you to convert it to an installmet - go for it unless you want to have them raise the CL to 50K- this would take care of the issue as well (as it would be ignored in scoring) 

With the LOC converted to installment and the new cards reporting- utl will be fixed BUT- you will have a short revolving history-

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bott6698 wrote:

Here is what my reports show from my orman kit I pulled on the 14th, Glad I checked all 3 we may all learn a little more about who reports what as heloc's etc. BTW MY 14,612 one has a line of 20k so is bad utl. My 17,538 has a line of 17k because we did a couple extensions and had no idea it messed up fico so extremely bad for utl but looks like only ex is reporting as such.

 Looks like EX is only one reporting as revolving and others are not and EX is my high score go figure. 

I have 2 LOC's I heloc for $17,538 and 1 LOC for $14,612

EX

revolving accounts $32,150
Mortgage $107,201
Installment $17,985

TU
revolving accounts $14,612
mortgages $124,739
installment $22,702

EQ
revolving accounts $14,612
mortgages $124,739
installment $18.551

So what would my score do by redoing the loc for 14,612 and should I do it?

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[bott6698]

Thanks Timothy. Since my current revolving credit on TU and Eq is only the 6 months anyway I won't take a hit there but I don't know what will happen with EX. I think though overall it would make sense to knock that Loc off and convert to installment or get 50k which prob won't happen...

Thanks as always