First HELOC

[GravitySucks]

I'm applying for a HELOC for the first time.
Any suggestions on what to look out for? Will it effect my credit rating?

 

[Happyras]

For certain it impacts your credit rating, but not to a significant degree if not utilized. We maintain 2 HELOC's for cash flow if needed and our credit is still rated excellent.

We use a variable rate LOC. It has changed slightly in the past few years, but is currently at 3.99%. Not a great rate, but then its just for a safety net.

 

[Koolau]

Only thing I would say is that my CU pushed these and I bit. NEVER used it and, eventually, my CU simply cancelled it! YMMV