What Happens to Your Credit Score If You Lose Your Home Equity Line of Credit?
October 31, 2008 by admin
What Happens to Your Credit Score If You Lose Your Home Equity Line of Credit?
More and more banks are re-calculating the estimated value of your home because of the declining property values hitting our entire country. Let’s face it…..they’re scared. If they determine that the current value of your home has dropped severely enough, one of the ways they can reduce their possible risk it to freeze your existing credit line, (if you have any portion that is un-used anyway) so you no longer have access to those funds.
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