One thing to watch…
…out for. Many home equity lines of credit will report on the borrower’s credit report as revolving debt rather than mortgage debt. This can often cause a substantial detriment to a borrower’s credit score. Feel free to call me and I can help you determine how your HELOC is reporting. If it is reporting as revolving account, you should insist that the lender report it differently or refinance out of it.
Improve Your Score provides daily tips to help you improve your credit score. Start improving your score by getting a free credit report.