Did the HELOC kill your credit scores ? I'm talking about a 60-70 point drop. It would be a shame because it takes a while to pay that 20 or 15 percent back.
edoggie, For me the answer is no to a big hit in (fake) score. On Experian, my HELOC is labeled as an installment loan and I lost only 10 or so points. I don't know about TU. It is labeled as a revolving account and I only look at TU once a year. My credit union does not report to Equifax, so it is not there. I would guess in part that it depends on how the loan is labeled - revolving vs installment.
The HELOC dropped my EXP FAKO by about 30 points.. it was factored in to my total revolving credit. It did nothing to my EFX FICO or my TU FAKO (I havent checked my TU FICO).
Are these HELOCs that are being utilized or just sitting empty? I am getting a small HELOC with my upcoming 80% LTV mortgage. The limit I decided upon was $11,500 at prime + 0.25%. But I'm only using it to spread the burden of the movers over three months, then for small capital improvements like cabinets for the garage and the security system installation - so I'll be amazed if it ever gets above $2500. But it would really stink to take a big hit for the HELOC from my precarious hold in the 660s.
For those with HELOC ===================== Any loan secured by real estate is a mortage and should be reported as such. Reporting it any other way is inaccurate reporting. The END ************************* LB 59
