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10-07-2007, 03:41 PM
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#26 (permalink)
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Administrator
Join Date: Nov 2004
Location: Greater DC area
Posts: 7,158
Casino Cash: $1122389
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I don't believe a HELOC should show as a mortgage, although like Centex, I don't know what the reporting requirements say.
As far as I've seen, a line of credit (whether secured or unsecured) reports as exactly what it is. It's a line of credit that can be tapped as needed. If it were a fixed loan for a second mortgage, I would think that it would be a mortgage. However, a LINE of credit is exactly that--a line that is available when you need it. It is not an installment loan, because payment terms are not fixed. It isn't a mortgage, it's just credit that has the house as security. The terms are based on how much you use, just like a revolving account.
Maybe someone has knowledge of the Metro2 manual, but to me, it looks like it should be a revolving account.
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The answer is 42!!
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10-07-2007, 04:22 PM
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#27 (permalink)
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HONORED GUEST
Join Date: Jul 2006
Location: Austin-area
Posts: 2,648
Casino Cash: $380700
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Quote:
Originally Posted by Hedwig
Maybe someone has knowledge of the Metro2 manual, but to me, it looks like it should be a revolving account.
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I've got it in the office as a .pdf but never bothered to save a copy on the home computers. It was one of the first hits on Google though way back when...seems to me the search terms were ".pdf" and "cdia" and "metro2" although I may also have included "eOSCAR" as a term.
The CDIA had a lot of good information at the time...it is still there, but you have to do some digging as a non-member.
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I am not *your* attorney and you are not *my* client. Nothing in this post shall be construed as establishing an attorney-client relationship.
Would you rather us tell you what WILL happen or would you rather have rah-rah bull-droppings from someplace else?
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10-07-2007, 05:10 PM
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#28 (permalink)
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Administrator
Join Date: May 2006
Posts: 2,140
Casino Cash: $859150
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Metro2 2006 Manual
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It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation.
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10-07-2007, 05:18 PM
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#29 (permalink)
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Administrator
Join Date: May 2006
Posts: 2,140
Casino Cash: $859150
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__________________
It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation.
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10-07-2007, 06:16 PM
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#30 (permalink)
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Elite Member
Join Date: Jul 2006
Posts: 770
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Thanks everyone.
Look I know nothing of how the credit world works except what I read. That is all I have to go by.
Now I really don't know and I didn't bother to look on how I spelled simulator, but if I wrote stimulator I have other things on my mind. I keep saying litagator at work instead of ligator.
One of the reasons I was asking about the HELCO is one CRA is reporting it as a mortgage and not a revolving line of credit.
From what I have gathered the information is put in by the DF, so if one is reporting it as a mortgage and the others aren't then the CRA is using this info differently. Then again I don't know. I find it hard to believe that the DF would report as a mortgage on one and as a revolving on the others.
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10-07-2007, 09:43 PM
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#31 (permalink)
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If You Do Not Like It, Kiss My...
Join Date: Nov 2004
Posts: 5,403
Casino Cash: $1007450
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Quote:
Originally Posted by rubyruby27
Then again I don't know. I find it hard to believe that the DF would report as a mortgage on one and as a revolving on the others.
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Trust me its not uncommon.
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How come "phonetically" is spelt with a "ph"?
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10-09-2007, 06:07 PM
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#32 (permalink)
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Elite Member
Join Date: Jul 2006
Posts: 770
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Just got the final from TU now its says that Arrow was verified but they are not on my CR--any clue why?
I disputed DOFD on one (OC) and they did change it to 2/08-the one Arrow has/had.
When it says new information below-is that anything in the TL they might have changed- I can't see anything different.
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10-10-2007, 04:42 PM
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#33 (permalink)
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Elite Member
Join Date: Jul 2006
Posts: 770
Casino Cash: $350275
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Hopefully someone can help with the previous question. I have others.
This cell phone/jdb trade line.
On EQ 2/06 it says that I had 2 accounts with the CELL PHONE company. Account numbers unknown they both say TF2xxxx.
One TL says
opened 96-
CO amount 121.00 then it says transferred sold---
date of last payment is 2/03
Second TL says
opened 98
date of last payment 8/02
charge off amount 342.*
sold 2/06 this JDB says it bought it in 12/06
JDB's TL
opened 12/06
recent balance 394.*
The only mention of a second account is on the 2/06 and 10/06 CR
The JDB is saying
EQ date of last activity 1/2003 charged off amount 394.00
TU date to be removed 12/09 charged off amount 394.00
EX date to be removed 10/09 charged off 394.00
I am fairly sure I had a cell phone with the company in 96 not 98. I only had one phone and one number
I am confused with the amount charged off if this account is the 96 or the 98, if its the 98 account why the difference in money 342/394. It can't be interest the amount is not going up according to my CR's
In process of writing letter trying to find out if this is illegal.
Last edited by rubyruby27; 10-10-2007 at 04:45 PM.
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