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
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.
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.
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.
home equity loans are scarcer and scarcer in this marketplace.
