HELP! HELOC has resulted in drop in my credit score
Looking to all of you (the experts) to find out how I can successfully carry mortages on multiple properties without impacting my credit score. I have one conventional mortage on my STR and just starting drawing on a HELOC for further investment and my credit score is falling fast. Is this to be expected? My rentals are paying the loans successfully but I am worried this will impact my ability to harness financing for further investments. I would really appreciate your advice!
Thanks!
Elizabeth
Most Popular Reply
Credit scores have nothing to do with your income or DTI. Credit bureaus have no way of monitoring your income. A new line of credit does affect your credit. Keep it paid and current