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Updated over 3 years ago,
Does drawing from a HELOC affect your credit usage?
I understand a HELOC will appear on your credit, but does it affect your credit USAGE? For instance when I setup a HELOC, they pull my credit and that impacts my score. If I already have 100k available in credit (from credit cards alone) and my current usage is 0%, will the HELOC INCREASE my "available credit" to 100k + HELOC amount? If I draw my entire HELOC balance, will it increase my usage (which will then hurt my credit score)?