HELOC Question

[MrTom]

What are the chances of a HELOC approval with a PAID-Charge off?

The property is currently free and clear of mortgages.

[ShanetheMortgageMan]

Each HELOC program out there will have slightly different guidelines when it comes to what negatives are acceptable to have in your past.  The paid charge-off will most likely be OK, but you could have trouble finding a HELOC with a 650'ish score.

[MrTom]

OK... what about a 680ish score?  I hd an account update on Experian today that did not on Eq or TU.  Those are also FICO8 I have posted.

[ShanetheMortgageMan]

680 is often the minimum score a lot of HELOC's are looking for.  Remember to review your mortgage scores.  Not every HELOC out there uses the middle of 3, a few (usually small community banks or credit unions) will just check one or two bureaus.  HELOC's aren't products that at resold on the secondary market, so each bank can dictate their own guidelines.