Can You Get A Home Equity Line Of Credit With Bad Credit
It is possible that homeowners with less than stellar credit will have more difficulty qualifying for a home equity line of credit. It is possible to have a low credit score due to a history of financial difficulties. What exactly is a credit score, and how does it affect my financial situation? It is possible to have a credit score between 300 and 850. The credit score was invented by the Fair Isaac Corporation. Using the homeowner's credit score, home equity line of credit lenders determine the interest rate that will be charged. Mortgage interest rates will be higher for those whose credit is less than outstanding. A credit score above 700 is a sure bet when it comes to getting low interest rates on a loan. Lenders also consider a homeowner's credit score when deciding whether or not to give them a loan. Decisions on homeowners' credit limits are also made based on their credit score. In order to calculate an individual's credit score, the amount of credit he or s...