Opening Home Equity Line of Credit Good for My FICO?

[Mark Beekman]

I have a current FICO of around 740. I have a consolidation loan with a $9,000 balance, a car lease, and two credit cards. I realize that opening a new line of credit hurts your FICO in the short term, but I'm wondering if getting a home equity line of credit would ultimately raise my FICO.

I've read that it's hard to break the FICO 800 barrier unless you have a mortgage, but since I own my home outright I'm thinking a home equity line of credit might be the thing to boost my credit.

Thoughts?

[Bryan Balk]

Get the Heloc payoff the credit cards its probably the smart move not even considering the FICO. you won't see much movement for 6 months. By the way where I'm at a 740 is the same as an 800+.