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Is your credit score affected when you apply for an equity loan? Is your credit score affected when you apply for an equity loan?
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Old 05-09-2007, 03:35 PM
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Default Is your credit score affected when you apply for an equity loan?
I am just wondering if applying for a home equity line will hurt my credit?
Last edited by shayne54; 05-09-2007 at 04:14 PM.
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Old 05-09-2007, 04:16 PM
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Anytime you allow someone to look at your credit it can hurt your score 2 - 5 points. Actually, i have spent several hours trying to find out exactly what the ranges are that it can affect your score. Suze Orman was quoted as saying it can hurt your score up to 50 points, but on MYFICOs website i have only seen it say "2 - 5 and sometimes more".
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Old 05-09-2007, 10:22 PM
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Yes it does,the higher the credit rating the easier to get the loan and the lower the interest rate you will have to pay.
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