#59 - The Credit Score Conundrum: HELOC Eligibility Unveiled

Replace Your University

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11M ago 3:42

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In this episode, Michael tackles a common question: What credit score is needed to qualify for a Home Equity Line of Credit (HELOC)? HELOCs operate in a more flexible and less regulated space compared to mortgages, making credit score requirements highly variable among lenders. While some credit unions may not have strict minimum scores and use their own scoring systems, larger banks often demand higher credit scores due to their brand reputation. In Michael's view, a credit score of 680 or higher is a strong starting point for HELOC consideration, except in the case of Bank of America. Overall, understanding the unique criteria of your chosen lender is crucial when venturing into the diverse world of HELOCs.

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