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First HELOC
Old 10-17-2020, 01:04 PM   #1
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First HELOC

I'm applying for a HELOC for the first time.
Any suggestions on what to look out for? Will it effect my credit rating?
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Old 10-17-2020, 01:19 PM   #2
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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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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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