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Setting up a HELOC as a revolving credit with checks

Chris2

Hi,

What is the best way to set up a HELOC in quicken as a revolving credit line where you write checks?

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Accepted answers

Rocket J Squirrel

It sounds like the account creation process is deciding for you that it should be a loan. If that's the case, you might have better luck first creating the account as an offline HELOC and then setting it up for online services after the account has been created.

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NotACPA

A bit more info needed to help you.

What Q product are you running, and what BUILD of that product? Do HELP, About Quicken for this info.

What bank issued this HELOC?

Chris2

I am using Quicken Premier R31.20 Build 27.1.31.20 and am setting up a HELOC with Northrop Grumman Federal Credit Union.

NotACPA

OK, you're on the current release, and Northrop Grumman FCU is al "Participating Financial Institution" with Q.

Northrop Grumman FCU http://www.norgrumfcu.org 1-800-676-3328 https://themax.ngfcu.us/Login/login.aspx ACTIVE BANKING,CREDIT&WEB-CONNECT BANKING,CREDIT,ACCOUNTINFO&EXP-WEB-CONNECT

Why doesn't the normal TOOLS, Account List, Add Account and choosing Northrop Grumann work for you? I don't have an account with them, but using that procedure I was able to get to the Sign-in screen.

Chris2

I added the account with the normal tools. It identifies it and adds it in, but. It's like a standard loan with a negative balance that is payed off. I use it as a revolveing credit line to pay contractors for home improvements. I write checks, which increases the balance. I don't see how I can identify a check with the way it's implemented. Maybe I should call it a credit card? That might work better?

Thanks,
Chris

Rocket J Squirrel

A HELOC is indistinguishable from a credit card in Quicken. If you go through the process of creating an offline HELOC, you wind up with a credit card account. One thing you'll be missing is the Check # column in the register. You'll have to use Reference # instead. But you can still write and even print checks from that account.

Chris2

That sounds like what I would like! What I see is a veriable loan under property & debt that looks like every other loan. Just like a mortgage or a car loan. There is no register for entering transactions. Might I have something wrong?

Rocket J Squirrel

Chris2

Thanks! That worked. I was able to get an account functionality that works. I was not able to link it to the NGFCU account. When trying to set up online services, it found the HELOC, but wouldn't connect it to the one I made. I saw that there is a HELOC selection for account type, but that just made a regular loan account. It's OK. I don't expect a lot of transactions and can work with it manually.