Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
Re: Home Equity Line of Credit question....

If you take out a HELOC on your home and borrow the full amount of the HELOC, then it will report on your credit as a maxed out credit card.  This can be problematic because it will make your scores drop. I would fully investigate the effects that the HELOC will have on your FICOs before you pull the trigger.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!

Take the myFICO Fitness Challenge