@Anonymous wrote:I bought a home 6 months ago and put in a lot of money to fix it up i used 0 APR credit cards to fund it,
The maxing out credit cards took a big hit on my fico 8 and it dropped from 700 to 600.
Now i want home equity line of credit my mortgage score is pretty decent i wanted to know if they use the fico 8 or 5 for home equity line of credit.
PS: planning to use wells fargo and they have no clue.
It depends on the individual lender I just found out after doing some research the other day looking into all sorts of options to finance a part of my education.
Some will do the standard trimerge pull for a HELOC, and others will just pull a single bureau and who knows what version they use until after the fact. Specifically for WF I've found one thread saying they do a trimege, and one that they don't.
Honestly you could just go rate shopping a bit, and I think many HELOC pulls may be coded as Real Estate to boot; however, any reason to not just pay the cards on 0% down somewhat and then take the HELOC pulls just to be sure? You should have some time on the 0% financing part.
The other question is it depends tremendously how much you have left on your first mortgage, and what the current appraised value is: most HELOC's only allow what amounts to 80% CLTV financing, though there are some which allow somewhat higher in my looking around. I can do OK on this as 80% is still 30K for me, which is a large enough line for what I'd need, but it's something to be aware of as the minimums are usually around 15K and some (Schwab) are actually at 50K. Home Equity Loans (effectively second mortgage) are more flexible up to 90%, and those are almost assuredly standard trimerge pulls.
