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I would like a heloc but my credit score is around 620, is there anyway to get aproved?

Posted on: 22nd Sep, 2008 04:35 pm
credit score with equifax is 619 and with transunion 635.
i own my house valued is about 55000. and owe nothing on it.
I gross about 38000/yr
Hi cprusik!

Welcome to the forums!

Normally lenders prefer people with a high credit score for HELOC. But as you have 620 credit score, you can get approved for HELOC at a prime interest rate. But the underwriter will check various things including your employment history. He will take a look over the W-2 forms which you submit, check your pay stub and can verify your current employment. In case you are just employed for 2 years in the industry, he will ask you to provide additional employment information.

Feel free to ask if you have further queries.

Sussane.
Posted on: 22nd Sep, 2008 10:01 pm
local lenders such as credit unions or community-based banks are your likely best bet for such a loan.

home equity loans are scarcer and scarcer in this marketplace.
Posted on: 23rd Sep, 2008 12:34 pm
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