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Hello all I just took out a 25,000 HELOC loan on my house and have a few questions, as I am hoping I did not make a big mistake. Lets start by saying my current fico score is 676, and I have PERFECT payment history however I had a 99% credit utilization as well as a 10,000 personal loan totalling 1100.00 a month in payments. Post HELOC is 250.00 a month in payments. My banker told me that it would be viewed on my credit report as a mortage and significantly help my credit score. However after reading is this loan going to be treated as a 25,000 maxed out credit card and not a 2nd mortage? How will this affect me in the future? now I have 0 balances on all credit cards, other then the HELOC and the 10k personal loan paid off. my current Debt to income post heloc is 29% how will this look in the future for obtaining future loans?
You should be fine,
My heloc is maxed out for the same reason, scores in the mid 700's