A HELOC can help you maintain good or excellent credit. Check out this insightful read to learn more.
Sourced from: www.sustainableman.org
There are many pros and cons of a HELOC or Home Equity Line of Credit. One of the key reasons is it can help your credit score.
A HELOC is part home mortgage and part credit card. It is a loan that is secured by your house as collateral. This revolving credit line has a limit set by a significant portion of your home equity.
In this article on Sustainable Man by Emily Green, she does a good job of documenting how a HELOC can impact your credit score, from credit utilization to your credit history.
If you want to learn more about your current credit score, we recommend visiting our friends at Credit Sesame. In a matter of minutes and with a quick registration they can provide a free credit report. For more on credit reporting see our related articles on WisePiggy.com.