Q. Will my FICO score be affected if I have a home equity line of credit balance?
A. Yes, HELOC is just like your mortgage, it WILL impact your FICO score.
However, a HELOC balance is different from a credit card balance which is treated as a "revolving" debt, in other words, HELOC balance will NOT be included in the FICO score calculation that looks at your debt to total available credit ratio.
A. Yes, HELOC is just like your mortgage, it WILL impact your FICO score.
However, a HELOC balance is different from a credit card balance which is treated as a "revolving" debt, in other words, HELOC balance will NOT be included in the FICO score calculation that looks at your debt to total available credit ratio.
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