Affect on FICO score from opening a HELOC?

[John Pettas]

I am locked and loaded to close on a HELOC and I was wondering what others have experienced in terms of their FICO score once closing on it? I have to do a few cashout refis and I would like to get a new 30 yr loan to purchase another investment property.

Doing 5 credit checks in less than 30 days bumped my FICO score from 727 to 706-676 depending on the bureau. Per FICO guidelines it should only count as one inquiry and do far less damage, so I am extra sensitive about credit effects. I don't want to decrease my credit score further by closing on the HELOC and hurting my chances of getting good terms on my cashout refis.

I need to close my desired loans and do a new investment purchase in the next 3-4 months as my work situation will prevent me from doing any real estate deals for the next two years and I will no longer live in this area where I want to buy.

Any advice would be greatly appreciated.