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Minimum score for a home equity?


5greatkids
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It depends on how much your want to get "added on", they figure this by taking the appraised value, then figure what the LTV (percentage of your 1st mortgage you have compared to the value of your home) Lets say that it is now at 80%. Then the figures for the next mortgage are added to that, for what is called a CLTV (combined...) so if you want a loan that will take you to 90% CLTV, you will need about a 625 score, to higher, then higher FICO score will be needed.

Charles

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I have gotten myself up to about 675 with help from this board. No collections, just a few scattered 30 day lates before March 2003. The only real biggie holding my FICO down is one 60 and one 90 day (prior to March 2003) late on a CC that is now current. I have asked for them to delete with no luck. I'm getting ready to try again though soon.

My question is do you think I'm even getting close to getting a favorable rate at this point or should I wait till next summer after all lates have passed the 24 month mark. Everyone says the FICO will jump after 24 months, just not sure how much.

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