If you have an open home equity line of credit you were counting on for renovations or other projects, you might want to read CNN Money’s article about how lenders are freezing them around the country. The main triggers for HELOC freezing are credit score changes and a rapid drop in home value in your area. The freeze may also be a computer-determined action, so if your HELOC suddenly goes away and you don’t think it was justified, it may be worth checking your FICO score and then contacting the lender to reopen the line or renegotiate it.
Is Your HELOC In Danger Of Being Frozen?
By cwalters April 22, 2008
More From Consumerist
- I Can’t Buy A Car Because Acura Thinks I’m Dead
- Will Costco’s Switch From American Express To Visa Affect My Credit?
- Facebook Patent Would Allow Lenders To Determine Creditworthiness By Looking At Your ‘Friends’
- Sports Authority Almost Had To Shut Down Liquidating Stores, Still Pays Millions In Bonuses
- Would You Break Up With Someone For Having A Bad Credit Score?