Required Scores for CHASE HELOC Approval - Does Anyone know

[Anonymous]

Does anyone know what score CHASE requires for HELOC approval or what they want your credit to look like?  They pull TU in OH and my score is 638. I have an upaid PR for a tax debt ($266) that is almost 6 yrs old and an unpaid collection for $65 which is 4 yrs old. My revolving/Open acct balance is $11,161 and my total CL available is $15,200 (hence why I want the HELOC). I have a cc late that is 3 yrs old, a mortgage loan late that is 1 1/2 yrs old a 60 day student loan late that is 1yr old (and under dispute) and 3 30-day late car pmts from 2002.

I was speaking to someone via live chat and she stated if you dont qualify for the HELOC you may qualify for a subprime offer ... not sure what that means or how bad the rate is. One of the debts I want to pay off is $8000 HFC at 24%. Any help anyone can provide would be appreciated.

[fishbjc]

Denial here at 621 TU OH. 

[BrianB_The_Loan_Professor]

Do you have sufficient equity in the home - I dont know Chases requirements but most HELOCS are looking for 680 scores and will only go to 85-90%

You may be better off looking at a cash out refi on the first and just do it all together?

How much is the home worth and how much do you owe?

Brian

[Anonymous]

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@BrianB_The_Loan_Professor wrote:

Do you have sufficient equity in the home - I dont know Chases requirements but most HELOCS are looking for 680 scores and will only go to 85-90%

You may be better off looking at a cash out refi on the first and just do it all together?

How much is the home worth and how much do you owe?

Brian

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        Estimate is $116,000 - owe $78,000.  What is a cash out refi?  I purchased as a first time buyer and my rate is 5.75%. I dont believe there are any lower rates out there that I have seen.

[Anonymous]

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@fishbjc wrote:
Denial here at 621 TU OH. 

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The online rep I spoke to mentioned being offered a subprime loan.  Was this offered to you or just a flat out denial?

[BrianB_The_Loan_Professor]

A cash out refinance is just that you refinance the first and get the cash you need. It can be more expensive but you will get the money at a good rate.

Rates are up a little and while 5.75% is available it would cost you some in origination and or discount points

Brian