Ursa Majoris Posted April 8, 2008 Share Posted April 8, 2008 The definition of revolving credit includes time-limited lines of credit or HELOCs. Given that people often take these out for a specific purpose e.g. a new kitchen and therefore they are bound to be nearly maxed out for some time, your score can adversely be affected by being "audited" at the wrong time too, never mind your good history. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted April 8, 2008 Share Posted April 8, 2008 A facilitator educated that until your balance exceeds 40K on a HELOC, the the computer picks it up as revolving. Once > 40K it assmes that it is a mortgage. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted April 9, 2008 Share Posted April 9, 2008 A facilitator educated that until your balance exceeds 40K on a HELOC, the the computer picks it up as revolving. Once > 40K it assmes that it is a mortgage. Damn, mine was at $39.5k for ages until fairly recently. And it IS a mortgage - I get tax relief off the thing. That's where Shrub's $1,200 is going when it arrives - screw the stimulus. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.