How do I change home equity from credit card to loan?

When I plug in my wellsfargo home equity line (second mortgage) it automatically puts it in as credit card debt, but I would like to categorize it as a loan so I can attach my property to it.  Any suggestions?

Answer

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Hello Kellyrdeets,


We are aware that some user’s Home Equity Line of Credit (HELOC) and Line of Credit (LOC) accounts are being classified as credit card accounts. Unfortunately, we are unable to reclassify the account at this time.  The problem is in part due to the fact that the Open Financial Exchange (OFX), which is a data-stream format for exchanging financial information, considers HELOC/LOC credit accounts, while others view them as loan accounts.

While this would appear to be an easy problem to address, aside from the different viewpoints mentioned above, reclassifying would require that our data connectivity team change their master mapping.  Which can be done, but a better solution would be to give users the ability to change accounts from one type to the other based on their preference – a project that will take some time to implement.

We apologize for any inconvenience this causes in the meantime, but do know that this is an issue that’s on our radar that we hope to have a solution at some point. 

Thank you,
Mint Maggie


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