Can you get a home equity loan if you have bad credit?

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asked Dec 16, 2018 in Real Estate - Renting by lethyioi (320 points)
Can you get a home equity loan if you have bad credit?

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answered Dec 16, 2018 by g47greenwould43 (280 points)
Having bad credit will almost always disqualify you for a home equity loan even if you have a current mortgage through the bank you apply for the home equity loan.

To qualify for and be approved for a home equity loan your credit score needs to be a minimum of 600 or above.

The higher the credit score the more likely you're to be approved for a home equity loan but unless your credit score is at least 600 then you're unlikely to get approved for the home equity loan.

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