Comments on: Guest Post – Managing Credit when Unemployed

By: LAL

LAL — Tue, 21 Apr 2009 14:34:40 +0000

I have no idea what my HELOC rate is to be honest.

By: JoeP

JoeP — Tue, 07 Apr 2009 12:47:32 +0000

I like the idea of a HELOC for certain things, and opening one up when you’re employed is a good idea. Ours is 3% right now with zero balance, and car loans at my credit union are in the high 6’s. As much as I despise car loans, if a tragedy struck, I feel better borrowing at 3%.

By: LAL

LAL — Tue, 07 Apr 2009 00:26:05 +0000

I think it depends on what you put down and what the house is worth.

By: Weekly Round Up | Master Your Card

Weekly Round Up | Master Your Card — Mon, 06 Apr 2009 07:17:47 +0000

[...] Living Almost Large has a helpful guest post on managing credit when unemployed. Just because you’re out of work doesn’t mean your credit is put on hold. Make sure you [...]

By: fengshui

fengshui — Sun, 05 Apr 2009 04:39:11 +0000

Gotcha… I also was under the impression that many lenders are not as generous with HELOCs as they once were…..

By: LAL

LAL — Sat, 04 Apr 2009 21:32:53 +0000

You probably should have a HELOC in place before you get laid off as an extra safety net.

By: fengshui

fengshui — Sat, 04 Apr 2009 19:34:01 +0000

How can you apply for any credit, let alone a HELOC without a job???? Usually unemployment is only 40% of what your wages were (or is it 60%)?, and that impacts peoples income debt ratios. I know that here, the max unemployment is $385 a week, which is a fraction of what I would normally make.