Access Equity with 600 Credit Score

[Anonymous]

Hello all,

I am new to these boards.

I'm interested in acessing my home equity to consolidate my debt, but only have a credit score of about 600. I tried working with my current mortgage company, but I need a 620.  I have about $70K in equity.  I wish I would've known about cash outs when I refinanced last year. :-)

Are you aware of any loans given my score?  Even if it's a higher rate or an ARM. I can always refinance later. My credit score will shoot up after my credit cards are paid off.

Either cash out, home equity, or HELOC or any other suggestions.

The reason my credit score is so low, is because I have a high debt ratio and my cards are almost maxed out. I don't have a history of late payments, and I have a good income.  11 years with current employer.  10 years in my home.

[Bmac66]

I am in the same exact situation as you! Scores are right at 600, most credit cards are maxed out and if I could just access the equity in my home I would be so much better off.  I am current with mortgage, auto loans and credit cards. It's the damn utilization that's killing my scores and I just need a break.  I've been in my job for almost 9 years with a good income and my spouse has been in his job for over 3 with good income.  I have a 3.25% mortgage with Wells Fargo so I really don't want to refi because the rate with sky rocket.  I just want to use my $60,000 in equity to pay off my credit card debt.  I'm hoping there's somebody on here with some suggestions!