Objective
In this article we will be talking about one of the ways that you can identify which customers have a HELOC, but haven’t used their balance yet. We will explore the following topics:
- What report works best for finding your current HELOC customers that are not utilizing their line of credit.
- What report metrics are most effective at returning a list of customers you could send an offer to.
What report works best for finding HELOC Use customers?
For this audience, we will want to use the HELOC Percent of Line report, found under the Loans section of the Actionable Reports menu. This report allows you to query the percentage of use for a single HELOC account, giving you better insight into those that haven’t used a significant portion of their line of equity.
What report metrics work best for finding this HELOC audience?
For this report, the following report criteria works best:
- Service Grouping - This needs to include all of the HELOC service groups that are present in Core iQ. You can use the dropdown below to specific HELOC products only, but we recommend going broad to start.
- Percent of Line - This field allows you to set your threshold for how much of the HELOC the customer has left. The higher the percentage, the more of the line of credit that customer has utilized. So for this outcome on the report, we will want to look at those with a low Percent of Line. We recommend starting with ‘25% or Lower’, which means that the customer has used 25% or less of their HELOC.
- Numeric Range - This field can be used for a variety of purposes within this report, but we recommend starting with a set minimum for the ‘Current Balance’ of the account. This should be tied directly to your offer, so if you are sending a spring HELOC use offer, finding those with enough for home improvement would be beneficial. We recommend a minimum of around $5000 for this purpose.
- Number of Times Passed Due - For this field, we want to use the ‘10 to 29 Days’ option, set to 0 in both fields. This will find those who have never been more than 10 days late on their account, therefore excluding those who you feel shouldn’t receive the offer because of past payment issues.