Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
djbuck

0 Contributions
0 People Helped
should i apply for a home equity loan or a personal loan just to finish my basement.
just trying to see what best for my credit score not to fall down.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
785 Contributions
299 People Helped

 You may be able to deduct the interest on a  home equity loan. With a personal loan you can't. There are limitations as to amounts, I believe, and if you file long form on your federal taxes. You will probably find the interest rate lower on a home equity or refinance, rather than a personal loan. The downside:  you may not have enough equity, and if you found yourself unable to make the payments you could potentially lose your home. There's a lot to investigate and a lot to consider.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.