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Non/Sub-Prime HELOC with bad credit and no mortgage??

The last post in this topic was posted 805 days ago. 

 

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My husband and I own our home outright and we would love to get a HELOC to help us do some home improvement as well as help raise our credit scores some. Currently we have a mid 500 score. But I have been told it is next to impossible to get any type of equity loans on our house with that credit rating because we do not have an existing mortgage. You all are the credit experts, so I am asking if anyone has any advice on getting some sort of loan against our house with a low credit score. It isn't about the income, we have it plenty to pay off what we barrow. In fact other than our car note, my student loans, and a few medical things our debt is zero. We just have crappy scores from past errors. I am trying to dispute things to get them off our reports or reported correctly but that is a slow process now. I really would like to get some sort of loan with our house as collateral to help raise our scores.

 

TIA

Megan

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I guess without seeing the entire credit profile, I'm not a giant upside. I've found having the house paid in full makes it EASIER rather than harder to get a HELOC with all those other things being equal. If you're already working on those things in the past, you're also in good shape to make PFD offers possibly. And paying down the car note would be a good other option, depending on how old it is, and the rate. Just my thoughts from reading the initial query.

 

Regards,

 

Z

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Not having a mortgage isn't an obstacle. How much negative stuff do you have reporting, and how recent is it?

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You should also get a couple of secured credit cards. There is a master secured card thread that lists the main attributes. Look for ones that are most friendly to bad credit.

 

This will kick start your credit score and probably get it up to low 600s. Further, it is even more value in the future as you get rid of baddies or when the fall off. Of course you are and should focus on trying to get the baddies removed but do this now.

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