Can HELOC affect your credit score?
Date: Thu, 02/18/2010 - 02:37
I was able to build some equity on my house but defaulted on my credit cards. Though the price of my house has gone down, I think I'll qualify for a home equity line of credit. My idea is to consolidate my other bills under the HELOC to pay them off. However, I'm not sure how it would affect my credit score. I'm considering consolidating my bills instead of settling to save my credit score from sinking.
Can you guys help me understand the impact the HELOC would have my score?
Can you guys help me understand the impact the HELOC would have my score?
If you have already defaulted, your score cant go any lower. Yo
If you have already defaulted, your score cant go any lower. You may have problems qualifying for a HELOC in this economy with these defaults. Plus you should never pay unsecured debts with a secured debt.
