@Anonymous wrote:Pass. Better offers will come along as your credit improves.
Indeed; that APR doesn't beat rewards credit card APR's and as such is effectively a junk tradeline unless you need to be able to write a check for something... even then the limit is unlikely to be hugely workable either.
@RobertEG wrote:Increased debt, accept or pass......?
Line of Credit is just a revolving tradeline starting at $0, picking one up isn't increasing one's debt load any more than a new CC would in that regard. Doesn't have to be used, vis a vis my Penfed PLOC which has been idle and will likely always be idle. I feel sorta silly opening that up as a cash flow buffer, but I suppose it's still the hedge if things go really really sideways if I felt my home would be jeopardized (more BK favorable if things got that bad than the HELOC to my thinking).
Home ownership may not be good for FICO, is good for an additional financing option if needed (and not being dumb with it, just like CC's or any other debt presumably).