kiloecho Posted September 11, 2004 Report Share Posted September 11, 2004 I just closed on my new home! I did an 80/20 and I was wondering if anyone knew how Countrywide reported the 20 (or the HELOC). I have read horror stories about how it drops the credit score. Link to comment Share on other sites More sharing options...
paw67 Posted September 12, 2004 Report Share Posted September 12, 2004 Congrats on the new home purchase. It is my understanding that a HELOC reports like a cc and since it will be maxed it will hurt your score because it will show 100% utilization. paw67 Link to comment Share on other sites More sharing options...
amortgageman Posted September 12, 2004 Report Share Posted September 12, 2004 Countrywide reports a HELOC as a mortgage.Congratulations on your new home. Link to comment Share on other sites More sharing options...
kiloecho Posted September 13, 2004 Author Report Share Posted September 13, 2004 Thank goodness they report as a mortgage. I was really worried about my score tanking! I would definately recommend the 80/20 loan. Another benefit that I haven't seen posted is that the 80% portion is due on the 1st and the 20% is due on the 15th and it is nice to have your mortgage split up that way as to not take one big hit once a month, it is spread out a bit. Link to comment Share on other sites More sharing options...
matt2402 Posted September 13, 2004 Report Share Posted September 13, 2004 I have an 80/20 with Countrywide (closed in February). The HELOC gets reported as a mortgage. It didn't hurt my score at all. My scores have gone up aout 20 points since then.Good luck...and congrats! It's a great feeling...isn't it? Link to comment Share on other sites More sharing options...
c m chase Posted September 13, 2004 Report Share Posted September 13, 2004 Another benefit that I haven't seen posted is that the 80% portion is due on the 1st and the 20% is due on the 15th and it is nice to have your mortgage split up that way as to not take one big hit once a month, it is spread out a bit. Good to know! Link to comment Share on other sites More sharing options...
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