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sparky345

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home equity line of credit
Is a home equity line of credit considered the same as a credit card for rating purposes?

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No, a HELOC (Home Equity Line of Credit), is the same in the sense, that it's an open revolving line of credit, when most things on a report are not, unless they're a credit card.  However, most lenders see a Heloc as a second mortgage, because that heloc is against your house.  Some companies, when refinancing, or doing a HELOC, will pull what's called a "Mortgage Only Report", where they only look at your Mortgage, and scores.  They look at Helocs on a mortgage only report because i's backed by a mortgage, so in a since, it's like having a Mortgage backed credit card, that's the best way I can describe it lol.  At any rate, it's a good thing to have I'd say.

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