Q:
I applied for a credit card with a great rate and my score is in the 700′s on all reports and my income to debt ratio is outstanding. I was denied by Discover because they said that I had too much revolving debt. I was like very astonished so I looked at my Experian report which I supposedly get free anyway. My 210,000 house is paid for and we just built a 1200 square foot pool house. I borrowed 29K on my secured home equity line (second mortgage, which is secured by my home up to $50K. My secured equity line is showing up as and unsecured checking credit line and hurting my ability to get a lower rate card. My additional unsecured debt is 13K. How do I get the 3 credit bureaus to list it as a secured loan or mortgage and not retail unsecured revolving debt. Do I go to the bank and make them re-report it correctly to the credit bureaus or do I go to the bureaus and correct it. Any help would be most appreciated. Thanks, James
A:
Hi James,
I would double check whether your loan with the banks was an actual equity line of credit. Typically banks report this as a mtg payment. If it’s a unsecured line of credit, then it will be reported as such. Let us know what they say. In most cases the bureaus report what the creditor sends them.
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