Can I get a home equity loan with a credit score under 500?
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Yep, not a problem. You will probably want a regular home loan not a credit line since they are more expensive. Ask a local mortgage broker, they should be able to help. This will not be cheap, but it is possible.
Can I get a home equity loan with a credit score under 500?You could if you don't mind paying a huge finance charge and 25% interest.
Getting a home loan to pay off credit cards rarely works in the long run...
People get the home equity loan, the credit cards have 0 ballance... they say "WOW we can buy stuff!" and... pretty soon the credit cards are maxed again AND they owe a huge mortgage and they can't pay any of the payments on anything.
So...
QUIT BUYING STUFF YOU DON'T NEED.
Turn off the cable TV and satellite.
Turn off your internet connection... you can't afford it. Use the computer at the library for e-mail.
Don't buy ANYTHING if you don't have actual green cash in your pocket to pay for it.
Don't put the green stuff in your pocket until all the bills are paid every month.
Learn to live within your means.
BTW... look at how much you are paying in finance charges every month. Think how much more you could afford if you didn't have to pay that interest and late charges....
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