Quote:
Originally Posted by Alvinized52
Quote:
Originally Posted by Maestro
BTW this was governments solution for people who had too many credit cards. Your Credit Rating goes down for each card you have open, add up all the CC credit limits and that is your total debt risk, the higher this is the worse your rating.
The Government now requires anyone who issues you a CC even store cards to close the card if you do not use it. I never heard the credit rating going down because you reduced your credit debt risk or a card closing. I had number of cards close in the last year and rate keeps going up.
|
Hmm... I wonder if this applies to Helocs as well. Im about to open Helocs on 3 of my 6 investment properties to buy and flip other properties. |
There will be a hard inquiry which will lower your score with each heloc. I'm getting my heloc refied because the adjustable rate went up so there was a hard inquiry. If you're using loans to buy the properties you could do a cash out finance to avoid opening another loan.