I am considering appling for a Home Equity Line of Credit at either Prime or Prime -.25%. I was just wondering if anyone has noticed any impact (+/-) on their score by having the line open on their report with little to no balance. Thanks!
I took a score hit - it looks like it whacked out my revolving ratios. Even though it's a mortgage - it's reported as revolving (and in some cases, without notating it's secured by real property). -mj
whoa really? Anyone else had this problem? I'm also considering a HELOC, but if it's going to be reporting as a revolving account whereby I'm currently using 100%, then I'm not so sure if it's a good idea. It'll kill the score
We just got a HELOC and used it to about 95% and it made my score go up 2 pts and I have 7 negative accounts. It is shown in the total revolving credit amount; however, it is not showing in my utilization percentage.
Thanks for everyone's responses. Guess I will have to check with my credit union to see how they report it. How many others have seen their HELOC as an installment loan? Again, thanks!
