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Contributor
Posts: 99
Registered: ‎07-22-2008
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What will it do

I am trying to get my score up and waiting out this bad housing market to sell my house and buy a new one.  but I am thinking of refinancing my current mortgage to cash out some equity.  What will this do to my fico?  How would a HELOC be (if I can get my scores up enough) 
 
Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: What will it do

Not really sure but you might want to post this to the Mortgage section as well
 
Shane or Dallas could most likely give a better answer

Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: What will it do

[ Edited ]
it all depends what you really want and wht you are going to do-
 
If you want a new house in under 5 years- a REFI ussually won't make $ sense.
 
You have cash out re-fi's and you have HELOC's - 2 very different products each with a different purposes.
 
Cash out- they  write you a check at closing and add it to the balance of the mortgage.
 
HELOC- is a line of credit and unless it's more than 50K will be calculated as part of your revolving debt in scoring.
 
1. Set out what you want to do and when
2. put the numbers out there so we cann help crunch them.
 
 


Message Edited by Timothy on 08-11-2008 10:10 PM
Contributor
Posts: 99
Registered: ‎07-22-2008
0

Re: What will it do

really wanting tio buy a new house as soon as I sell mine( within in a year) but here's the problem I had a car thru Americredit it was repossed in 2004 they have charged it off with a balance of $10000.00 and I am terrified that they are going to file judgement (which would destroy any chance of me getting a new home) so I am trying to be prepared in case,so I have the cash to pay them Thats why I think that a HELOC would be better but wanted to cover all options.  I haven't heard from them in quite some time (close to a year) just being parinoid
 
 
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