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Line of Credit now seen as a Loan

trogers79

I have an account that is actually a line of credit. I have had the account in Quicken for years and I had it categorized as a credit account. Now, Quicken shows an issue with the account and when I try to reconnect it to my bank, it won't let me link the account (from the bank) to the account that I have in Quicken, it will only allow me to add it and it adds it as a loan.

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Quicken Jared

trogers79 said:

I have an account that is actually a line of credit. I have had the account in Quicken for years and I had it categorized as a credit account. Now, Quicken shows an issue with the account and when I try to reconnect it to my bank, it won't let me link the account (from the bank) to the account that I have in Quicken, it will only allow me to add it and it adds it as a loan.

Hello @trogers79,

We are sorry about this problem with online banking services and accounts being incorrectly recognized. Thank you for speaking about this with us here on the Quicken Community.

What financial institution is associated with the account? Also, are you seeing any error messages or error codes when you mention the software 'showing an issue' with the account? If so, what kind?

I look forward to hearing back from you about this.

Thank you,

Quicken Jared

trogers79

The account is with Navy Federal Credit Union (NFCU). This started happening after I started seeing a red circle with a line through it, to the left of the account name. Message when I hover over the icon says "Quicken is unable to update your account. Click here to add your account again". I clicked on it added the necessary username and password and OTP code and that's when it won't let me add the account listed from NFCU to the existing account that I have and if I add it, it becomes a loan account. If I try to update all my accounts, I get a message box about the issue, which I can bypass when I click "I will fix it later". As I said, the account in question had no issues until the last week.

UKR

LOC and HELOC accounts should be maintained as Credit Card accounts.
Until Quicken and NFCU together can fix the issue, I would keep the LOC account as an offline account and not attempt to set up transaction downloading for it.
Since there are only 2 or 3 transactions per month, I would manually record all transfers in or out of LOC as transfer transactions in the checking account, properly categorized as transfers, of course. Interest charges can easily be processed using a scheduled reminder.