Zillow Advice: Home Equity Loans - I have good amount of equity but my credit score is 620 due to chap 13 filed 2004. Can I b approved http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ Zillow Advice | Zillow Real Estate Its 2 years for a discharge ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ <p>Its 2 years for a discharge and 4 years for a dismissal from a Chapter 13 Bankruptcy filing.&nbsp;<br/><br/>You will have to pay all collections over $500, unless lender accepts them as medical and waives that requirement.&nbsp; Talk to your Loan Consultant.<br/></p> Fri, 24 Sep 2010 22:29:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-24T22:29:00Z My credit score is low because ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ <br/>My credit score is low because i had lates on the mortgage on may and june 2009, (but since then current) and some medical bills in collection.&nbsp; I have paid down my 2 credit cards&nbsp;recently and expecting that the score will go back up to 640-680 at least in the next few weeks.&nbsp; BTW, we got discharged from chap 13 in march 2009, do we need to wait until march 2011 to refinance?&nbsp; Thanks for your advice. Fri, 24 Sep 2010 19:47:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-24T19:47:00Z Posted the wrong response ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ <h2 style="text-align: right;"><strong><br/>Posted the wrong response on the wrong thread. Sorry.<br/><br/> I recommend you call&nbsp;</strong></h2><strong><a rel="nofollow" href="http://www.2NDCHANCECREDIT.net">2nd chance credit</a></strong><h2 style="text-align: right;">&nbsp;&nbsp;</h2> Fri, 24 Sep 2010 19:42:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-24T19:42:00Z Depends on several factors, ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ Depends on several factors, the minimum FICO for most Conventional 30 yr loans is 620.&nbsp; Why is your score so low?&nbsp; Do you still have accounts from your bankruptcy showing in a collection status?&nbsp; Get a copy of your credit report online.&nbsp; <a href="http://www.myfreecreditreport.com/" rel="nofollow">www.myfreecreditreport.com</a> is one place that you can get one for free.&nbsp; I wouldn't pay for any extra fees for your score, as that is not the&nbsp;intention for obtaining your report.&nbsp; Once you have the report, go through each account to make sure that if it was included in your bankruptcy, it is reporting correctly, IF NOT CORRECT, you must have it corrected to improve your credit score.&nbsp; Fri, 24 Sep 2010 17:57:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-24T17:57:00Z For a HELOC it is possible ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ For a HELOC it is possible but you will pay for it in your rate.<br/><br/>Your best option may be to have a credit expert help you analyze your credit report to see what you can do to fix your scores.&nbsp; It may be possible to improve your credit scores in less than 30 days which could save you thousands in your HELOC interest payments. Mon, 20 Sep 2010 18:33:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-20T18:33:00Z Most lenders that do HELOC ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ Most lenders that do HELOC loans require a 720 fico score, try cleaning up your credit to improve your fico score. Sat, 11 Sep 2010 01:03:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-11T01:03:00Z Did you look at your credit ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ Did you look at your credit report and make sure all the accounts that were discharged are reported correctly?<br/>"The discharge really has aged enough to not have any impact BUT there has to be a reason why your score is just 620.&nbsp; I would first look at that - pay down (not in full and absolutely do not close) your credit cards.&nbsp; Make sure all credit lines are showing payments on time and current. <br/>Other contributors have said that you can get a Home Equity loan type but it has been my experience that you need a higher score UNLESS you hae a ton of equity in your house.&nbsp; That is a major factor.<br/>I would call and ask a credit union or financial lender the following:<br/>1.&nbsp; What is the minimum FICO score needed for a Home Equity loan?<br/>2.&nbsp; If I have ____ equity in my home and my home is worth _____ and I owe _____ will you be able to help me?&nbsp; (get this info - its important) <br/>If you need help w/ issues on your credit report&nbsp;you can ask for a broker that helps with this and&nbsp;offers this as a free service."<br/>Hope this helps<br/>Sincerely,<br/>Celia Fri, 10 Sep 2010 17:21:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-10T17:21:00Z Mark, I appreciate the support ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ Mark, I appreciate the support for brokers because I am one. And a banker.<br/><br/>The reason I normally suggest a credit union or bank for <u>HELOC</u>s is because they will&nbsp; generally do them for very little or no cost,&nbsp; Particularly in this lending environment I'm betting most portfolio these loans and they will earn some good interest.<br/><br/>The minute you use a mortgage broker, mortgage banker, or some other non-depository banking originator, the cost can become prohibitive.&nbsp; Even if the originator was willing to do the loan for free there's still a couple of thousand dollars in hard costs - appraisals, Underwriting, title and escrow, etc.<br/><br/>I recommend the broker/banker in two cases:<br/>1.&nbsp; The bank denies the loan and you need additional resources to shop the loan.<br/>2. The loan is large enough ($100k plus) to make it financially feasible.<br/><br/>The reason we can be competitive with the depository banks and credit unions on the first mortgages is because we're all essentially getting the money from the same place - Fannie Mae or Freddie Mac.&nbsp; That same competitiveness just doesn't exist in the HELOC marketplace.<br/><br/> Thu, 09 Sep 2010 23:43:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-09T23:43:00Z I believe you can get&nbsp; ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ <p>I believe you can get&nbsp; a loan with a 620 score. Sometimes your best bet is a mortgage broker who can shop from a wide group of lenders.</p> Thu, 09 Sep 2010 22:56:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-09T22:56:00Z I agree with Michael.&nbsp; ... http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ I agree with Michael.&nbsp; Try your local bank or credit union.&nbsp; Although you might pay a higher rate that advertised you should be able to get it.<br/><br/>Simon Mills<br/>Mills Realty Thu, 09 Sep 2010 22:50:00 GMT http://www.zillow.com/advice-thread/I-have-good-amount-of-equity-but-my-credit-score-is-620-due-to-chap-13-filed-2004-Can-I-b-approved/365553/ 2010-09-09T22:50:00Z