Jump to content

Sign in to follow this  
Kat58

Do home equity loans affect your credit score?

Recommended Posts


Posted (edited)

Since it doesn't say to the contrary, unless shown otherwise I am going to assume that the study used Vantage Skores...

 

 

Edited by cv91915

Share this post


Link to post
Share on other sites
4 hours ago, cv91915 said:

Since it doesn't say to the contrary, unless shown otherwise I am going to assume that the study used Vantage Skores...

 

 

No question in my mind ... I stopped reading when I came across this "PIOOMA" gem:

Quote

LendingTree says scoring agencies take into account the total amount of money a consumer owes, and the presence of a large line of credit drags down that score, although with less weight than a large increase in outstanding debt.

Contrary to what's discussed here, this is clear proof that available credit translates as debt.

 

To quote my 3 favorite philosophers, "What a maroon!!"

Share this post


Link to post
Share on other sites
Quote

Methodology


To determine how homebuying affects credit score, we used LendingTree’s proprietary financial intelligence platform, My LendingTree, to look at over 2,500 consumers who took out home equity loans homes in 2017. My LendingTree tracked credit scores from the time when borrowers took out a mortgage until the score returned to its pre-mortgage level, and aggregated for each city. Our definition of cities is from the Census Bureau’s Core-Based Statistical Area (CBSA) boundaries.

Whatever that means.

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

    1. alplouis
      alplouis
      Age: 39
  • Member Statistics

    • Total Members
      176,909
    • Most Online
      1,528

    Newest Member
    staylor188
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines