"Understanding Bad Credit Approval"

This is a HELOC news story, published by Yahoo Finance, that relates primarily to DTI news.

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Yahoo Finance

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Business

Business & Economics

How to get a HELOC when you have a bad credit score

Summary

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72% Informative

A home equity line of credit ( HELOC ) is a second mortgage that lets you borrow against the equity you’ve built in your home.

A major advantage of HELOCs, like credit cards, is that you only pay interest on what you borrow.

Lenders typically want borrowers to have a minimum credit score of 680 with a debt-to-income ratio ( DTI ) of no more than 43% .

You may be disqualified from getting a HELOC loan if a lender views you as a significant credit risk.

A poor credit score, low amount of equity in your home, high DTI ratio, and unstable income and employment history could all leave your application in the “denied” pile.

Alternions include cash-out refinance and personal loans.

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