 TITLE: What Is a Draw Period on a HELOC? CONTENT: Use the HELOC Draw Period Wisely\n--------------------------------\nA HELOC can give you the financial cushion you need to handle a major expense. However, taking out a HELOC is a major decision that could affect your finances for decades to come. Carefully consider the pros and cons, and investigate other alternatives for managing a financial emergency or funding a major project, such as home equity loans, personal loans or credit cards.\nIf you decide a HELOC is right for you, check your credit report and credit score before you apply. You'll generally need a FICO® Score of at least 680 to qualify for a HELOC. If you're not quite there yet, taking the time to improve your credit score can help you qualify for a loan with better loan terms and a larger credit line, giving you more financial power to achieve your goals. END