My wife and I have a $130,000 Home Equity line of credit with Bank One. We are now having a sunroom built and are adding about $80,000 of debt, as we write checks from this account to pay the contractor, in stages. We each have excellent credit, with FICOS in the 740s. We have credit card accounts which we pay off monthly (limits $13300, $14,500, $10,000, $15,000). We have opened some new accounts and closed some, so our "age" may not be ideal (oldest account AMEX 2001). We have inquiries also, when we have requested credit increases. What kind of 'damage' will the debt increase in the Home Equity line do to our credit scores/ratings? Any advice on how to minimize the damage (if any)?
do NOT do this before thinking about it carefully: dispute the HELOC as "not mine" and if you get it off all 3 reports, then it will be like a "biz" credit line... being that you have good high limit cards and a mortgage, I doubt you would suffer anyt sort of loss of FICO points by the account being deleted. however, I can see some possibility of you FICO dropping in the short etrm if that is one of your older accounts.
Explain to me why he would want to report it as "NOT MINE" as it is HIS and he owes it? Do you not think the lender is going to verify it?
