Hello,
In 2015 or 2016, before my January/2017 official retirement, my Merrill Lynch representative (I'm now at Vanguard) had me take out a $50,000 HELOC from Bank Of America with a 10-year duration. I've never used it.
Should I have it cancelled, and if I do, what are the implications, if any? I do know it counts as a line of credit/lien. If I cancelled, would it hurt my FICO score, now in the 830 range?
There are some potential, perhaps even certain household expenses I was thinking of doing, and finally tapping into the HELOC. Would I be better served to handle those expenses with my existing credit cards, thereby getting some bonus money, and then deplete my Vanguard (and some personal savings) instead? One of the expenses is a new bed in the $2K to $3K range. Should I utilize the store's interest-free 6/12/18 month promotions?
Thank you for your suggestions.
In 2015 or 2016, before my January/2017 official retirement, my Merrill Lynch representative (I'm now at Vanguard) had me take out a $50,000 HELOC from Bank Of America with a 10-year duration. I've never used it.
Should I have it cancelled, and if I do, what are the implications, if any? I do know it counts as a line of credit/lien. If I cancelled, would it hurt my FICO score, now in the 830 range?
There are some potential, perhaps even certain household expenses I was thinking of doing, and finally tapping into the HELOC. Would I be better served to handle those expenses with my existing credit cards, thereby getting some bonus money, and then deplete my Vanguard (and some personal savings) instead? One of the expenses is a new bed in the $2K to $3K range. Should I utilize the store's interest-free 6/12/18 month promotions?
Thank you for your suggestions.