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inneedofinfo

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Would switching credit card debt over to an equity line of credit raise a credit score?
1st mortgage is paid off in full. took out a HELOC to clear credit card debt. by shifting the debt to the HELOC, will my credit score be raised? also, we are looking to purchase another house, would the current HELOC be A detriment to the new financing of another house?

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Can you afford to possibly lose house?

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Most people do not realize that a Home Equity Line of Credit is like a second mortgage on their house.  They utilize the value of their house to pay some debts.  Nice idea if doing needed home repairs or improvements but very bad idea for credit card debt. If you were to default on the HELOC repayment, you could lose your house.  Are the credit cards (an unsecured type of debt) worth it?

Since the first mortgage is paid off, utilize what you had been spending for that mortgage payment in repaying the credit card debt. Add this to the regular amount you had been using to pay the credit cards before and you should have them paid off in short order.  DO NOT TOUCH THE HELOC!!!  It also has to be repaid before you can buy another house.

Utilize the credit score simulator on this site to see some of the things you might to do improve your credit.   With the simulator, any mistakes you make are easily redone.  In life, they aren't.

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