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Considering HELOC? Is it worth it?


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Long time member here for advise.  I'm considering a HELOC.  I have a BK (discharged 3 years ago, 4 in Jan).  My scores are in the 700s (depending on the model used) and I have had no issues with credit since.  I have a few loans out (student loans, personal loan) and my credit card usage is about 20% (all but two are paid off).  One I use and pay off monthly.

 

I'm trying to get cash to do an expansion on my home.  What do you think are my prospects?

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Do you own your home free and clear?  If no...

 

I'm generally uncomfortable when I see someone who's carrying credit card balances and a personal loan, plus student loans, plus a recent BK, when they ask for advice on how to go deeper into debt for a major discretionary expenditure.  

 

Of course, that's a separate matter from whether you'll be approved. 

 

You probably have options, but unless you have 12+ months of expenses saved (including your new HE payment), I'd tread very lightly.  Even if you own your home free and clear.

 

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