WAMU line of credit question

[dm91497]

Washington Mutual has approved a line of credit. I asked how they report the line to the bureaus. They stated as revolving but with a notation of mortgage. Does anyone have experience with this and did it effect your scores negatively? Thank You.

[lakpr]

Washington Mutual has approved a line of credit. I asked how they report the line to the bureaus. They stated as revolving but with a notation of mortgage. Does anyone have experience with this and did it effect your scores negatively? Thank You.

Not through WAMU, but I have a HELOC with DCU and it reports as "revolving" secured with real-estate.

If you don't use that HUGE line of credit, it can do wonders for your utilization.

If instead you borrow more than 30% of the HELOC limit, it can also do extensive damage to your scores, from which you can't recover until a significant amount is repaid.

While I am at it, I suggest you look towards DCU for HELOC than WAMU. The interest rate is always the WSJ's prime rate, if your EQ score is >680. Slightly higher rates (in .5% increments) if your scores are lower.

[ananias]

Washington Mutual has approved a line of credit. I asked how they report the line to the bureaus. They stated as revolving but with a notation of mortgage.

WASHMUBNK (Individual)

Credit Grantor Contact Information....... Not on record

Account Number................................... Not on record

Account Type........................................ Revolving

Credit Limit (High Credit)....................... $xxx

Minimum Monthly Payment (Terms)...... $xxx

Date Opened......................................... Month, Year

Date of Last Activity.............................. Month, Year

Description........................................... Home equity Line of credit

Last Report on...................................... Month, Year

Current status...................................... Pays account as agreed

Balance................................................ $xxx

Seven Year Payment History:

30 days late: 0

60 days late: 0

90+ days late: 0