Home equity loan vs. line of credit??

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

here's the stats:

611 credit score

$3,400 a month income (but it's under the table and goes up or down sometimes)

my banking deposits are not the same every month, but it always shows that some kind of deposits are made

never paid a bill late

score is lower due to high debt

own my home "free and clear," and it appraised for $570,000 in california about... 3 to 4 months ago...

i want to take out, like less than $160,000.. i need at least $100,000 to pay off all my student loans, car, credit cards, etc. but would like more to get one of my cars fixed and do home improvements (and have a little amount of "back-up" money)..

will i qualify for anything?? and what's better in my situation, a line of credit or an equity loan?? the bank can cut the checks to my creditors and i will close my accounts too (on all of my credit cards, except maybe one or two) so they know i won't be getting back into debt.. what do you guys think??

and what's a good company to

Home equity loan vs. line of credit??

home equity loan has a fixed rate...and you can only draw once.

heloc...is like a credit card...you can draw the money...pay it back..draw again etc....the rate is variable usually with the PRIME RATE

Home equity loan vs. line of credit??

With such a low credit score and no verifiable income the odds of you finding a loan with a decent interest rate or a loan period is slim. Stated income loans are very hard to come by nowadays and you would need good credit. Plus if you have very high debt and only earn $3400 a month you probably have a high debt to income ratio. Check with a broker to see if they can find anything for you.

FirstPrevious12 Next End

Home equity loan vs. line of credit??

Topic