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dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

I was told that we have too high of home equity line of credit ($475k) But it was never used, we are keeping for emergency. Will it hurt my credit score? My fico score is very good but my overall debt ratio is a little high when compared with my income.

jveenstra · Posted: Wed Oct 14, 2009 1:08 pm Post subject: HELOC

I would suggest that it does not hurt your credit score because it has no balance.
If there was a balance, depending on the size of the balance, it could affect your credit score.
Your credit score is affected favorably by credit available. If you have $475,000 available, I would think it helps your credit score.

HELOCs are mortgages. Yet, many times they are noted on the credit report as a revolving account like a credit card. When they have large balances and are on the credit report as a credit card, that affects credit adversely. You have a zero balance either way, so, probably helps your credit score.

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Advice on Whether a Large Unused HELOC Will Hurt Your Credit Score