Hi all, first time poster here. I am in the process of refinancing my HELOC that is currently @ $ 40k and had a question about the $ 50k that I keep seeing for it not to count against your score so hard. Right now they have it approved at exactly $ 50k which is what I asked for, is that ok or does it need actually need to be above that number? Thanks in advance for any advice you have.
Little history. I filed bankruptcy in 2010 and apparently my lawyer didn’t do it right so my mortgage and HELOC stopped being reported on my credit. I’m trying to get my scores back up. To this day, even before the bankruptcy I’ve never had a late payment on anything in my life. The only negative on my report is the bankruptcy. Anyway, my vantage score before the bankruptcy was mid 700’s (due to credit utilization) and now is low-mid 600’s. I have no idea what my FICO is. I am in the process of refinancing both my mortgage and HELOC. The mortgage because it’s a slightly better rate, lesser term, and to get it back on my credit, and the HELOC because it matured.