Open Question: Does getting a 2nd mortgage bring down your credit score?

[Administrator]

My husband and I are refinancing because we have an ARM and it's about to go up. Our house now appraises at $20k lower than it did in 2004 because of a foreclosure in our neighborhood. So, after we refinance, the home's equity is not going to be enough to cash out. But, if we do a equity line of credit for $9k for upgrades on the home, will that bring down our credit scores? My FICO is high right now, the only thing I'm in debt to is the mortgage and I want to keep my credit score high. Thank you in advance!


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