Getting a home equity loan without perfect credit can help you pay for home repairs, consolidate debt, or provide a college education. Even with poor credit, you have several factors going for you, including your equity investment. And with online lenders, you have several choices when it comes to lenders. Being a smart shopper with your terms will ensure that you get a good deal on your second mortgage no matter what your credit score.
What You Got Going For You
Maybe you have a couple of bad marks on your credit, but remember the positive factors you do have. For one, the equity in your house can secure a potential loan at lower rates than other forms of credit. You also have probably made several on time bill payments.
Unless you have looked at your credit score lately, dont assume you have bad credit. There are hundreds of factors that determine your score besides payment history. And time will eventually erase all your credit mistakes, even a bankruptcy.
If you are concerned about your credit history, take a look at your credit report. You can verify the information is correct and know where you stand credit-wise.
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