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Answered 2005-12-11 01:02:40

Yes. In this way. Credit reporting agencies look at the total ability you have to borrow. If you have ten credit cards and have the ability to charge 75,000 tomorrow it could hurt you. If you have low debt on your credit cards [ keep them with no more than 30% of the amount you can borrow on each card ] Then it will probably not hurt you at all. I know people with large lines of credit that use them for business etc and pay it down right away and have great credit. If in other words you have a lot of debt as a percentage of your ability to put yourself in more debt it could hurt. It depends on your past credit history etc. As a side not I had a customer who was in chapter 13 for the past two years and his lowest score was 780???

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What happens when paying off an equity line of credit?

Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.


Why equity account have a credit balance?

Because equity is an income - therefore it is a credit, not a debit.


What is equity line of credit?

An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.


Why would someone need an equity line of credit?

Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.


Home Equity Lines of Credit?

In addition to home equity loans, it is now possible to obtain home equity lines of credit that allow you to borrow only the amount you need at any given time, even though you have access to an amount similar to that of a home equity loan. A home equity line of credit is similar to a credit card in terms of how it is used, except that the credit limit is backed by and based upon the equity value of your home. It is even possible to apply for a home equity line of credit from online lenders.


What is the home equity loan and line of credit?

The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.


Who do i get my home equity line of credit from and what does home equity line of credit mean?

A Home Equity Line Of Credit (HELOC) is generally granted by a bank or credit union. Equity is the amount of your home that you actually own. For example, if your home is worth $100,000 and you have paid $20,000 in principal, your equity is $20,000. A loan can be made using this equity as collateral. A line of credit for this amount basically means you will be given a checkbook that draws upon the loan.


Where can one find an equity loan for bad credit?

One can find an equity loan for bad credit in a wide variety of places. An equity loan for bad credit can be attained at a local bank or visiting sites such as Alpine Credit.


Is obtaining either a home equity loan or a home equity line of credit based on your credit score?

I cannot think of any time when borrowing money that credit is not a considerable factor. So, yes, your credit score is a factor when borrowing money for either a home equity loan or a home equity line of credit.


Are owner's equity accounts increased by debits?

Owners Equity accounts are increased by a credit. If you look at the accounting equation you will see the logic Assets = Liabilities + Owners Equity You can't add a debit + credit. So Owners Equity Increases with a credit.


What is Citizens Equity First Credit Union's population?

Citizens Equity First Credit Union's population is 20,101,231.


What is the population of Citizens Equity First Credit Union?

Citizens Equity First Credit Union's population is 782.


When was Citizens Equity First Credit Union created?

Citizens Equity First Credit Union was created in 1937.


Where can one get details about an Orange Home Equity loan?

The home equity is a line of credit, a loan, or both. It starts with a home equity line of credit which is a form of revolving credit with a variable interest rate.


Can you get a home equity line of credit with a credit score of 653?

Yes. A home equity line of credit is based more upon the equity on your home, not so much upon your credit score. Plus, 653 ain't so bad.


What is the benefit of a home equity loan?

A home equity line of credit acts like a credit card: Homeowners get a certain amount of credit based on their home's equity and then use that to make purchases, much like they would with a credit card.


How easy is it to get home equity loans with bad credit?

You can get approved for a home equity loan with bad credit. The equity that is built up in your home, (meaning the home is worth more than you owe on it)the equity becomes your credit, however there is a price for everything in todays society. The interest that you may be approved at is likely to be substantially higher with bad credit than rather if you had good credit.


What is the dollar amount limit you can access on a home equity line of credit?

amount depends on your credit score and the amount of equity you have in your home.


Are there restrictions for getting a home equity line of credit if you own a condo?

Your mortgage lender who is offering you an equity line of credit can answer your question.


How can one acquire a home equity line of credit loan?

To apply for a home equity line of credit, one should contact the institution they do their banking from. This way, there is already a business relationship established. The line of credit will vary based on credit score and how much equity is owned.


Is stockholders equity a debit or credit?

Stockholders equity is same as owners equity which has credit balance because both are forms of capital for business and capital also has credit balance because it is the liability for business to payback to it’s owner’s that’s why stockholders equity is also credit balance.


Where can I get the best advice of having an Equity Line of Credit ?

You could apply for an Equity Line of Credit, so long as you know what you're doing. I know of a few friends whom applied for an Equity Line of Credit, and I can give you their numbers for information from them.


Can someone who is on the home deed but not on the mortgage get a home equity line of credit?

The persons who are on title must both sign for a equity line of credit.


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