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Getting a home equity loan


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Hi, everyone,

I'm wanting to do some fix-ups on my house, in preparation to sell it, and seriously interested in getting a home equity loan.

I have $15,000 equity in this house, and there are no liens on it. I'd like to take between $2,000 and $5,000 now. I've owned the home for 5 years.

I have a 555 Transunion and 546 Equifax, and, last I checked, Experian was reporting me as dead, but I spent some time on the phone with them fixing that mistake.

Anyway - does anyone know of lenders that will not look at (or will take less consideration of) my credit score - since the loan will be secured by the home equity?


Any suggestions are welcome!


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Hi John,

Several problems with your request.

1) The scores. To get a HELOC, you need to be 620+.

2) the loan amount. Most of them are for a 10,000 minimum loan amount/minimum draw.


Try a local bank, if there is such a thing in your area. They may lend you 5K, but it maybe too small for them also.

If you are a member of a credit union, try them.

You may qualify for credit cards like the Aspire card, Cap 1, etc. They are very expensive cards fee wise, and they won't extend much credit, but it may add up to buying the paint etc that you need to get your home ready to get the highest price, and having those cards will help you improve your credit scores.


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