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[quote=Anonymous][quote=Anonymous]do not do it all on your HELOC as it will affect your credit score in case you want to do something (like refinance)

we are in a similar situation - with excellent credit - a decent amount of our home paid off - and we have a HELOC that we used for a major renovation.

earlier this year we refinanced with the rates so low and I was shocked to see my credit score.  it was in the high 700s - but a year and a half ago when we got the heloc it was in the mid 800s.   Our loan officer commented that by having the HELOC - and having so much of it used (we were at ~80K on a 100K LOC) it negatively impacted out scores - even though the LTV with the HELOC and mortgage was less than 80%.

now - it did not stop us from getting a great refi rate.  but in oter situations, it may have.[/quote]

Interesting.  Thanks.  Now, were you close to the max on your other credit lines too?  e.g. credit cards?  We each have at least two credit cards with $30-50k limits but no balance carried forward each month so presumably that would help.  Even if we maxed our HELOC we'd still have close to 50 percent equity.[/quote]

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