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Old 10-17-2020, 01:04 PM   #1
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Location: Syracuse
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I'm applying for a HELOC for the first time.
Any suggestions on what to look out for? Will it effect my credit rating?
No, not rich. I am a poor man with money, which is not the same thing"
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Old 10-17-2020, 01:19 PM   #2
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Join Date: Jun 2015
Location: Redmond
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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.
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Old 10-18-2020, 01:36 AM   #3
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Join Date: Jul 2008
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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
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Anything which can be used can be misused. Anything which can be misused will be.
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