Hi all, I am self-employed and liquidity has been tight during COVID in 2020, got better in 2021, and is tight again in the high interest rate environment we've been experiencing the past couple of years. As a result, I have been late on a few consumer payments (never more than 30 days) that have negatively impacted my credit. My credit score is 580 at the moment, but usually bounces between 580 up to around 600-610 as I run up/pay down credit cards.
I am looking to get a HELOC or other credit line to pay down the credit cards and handle a couple of large-ticket items. My house is free and clear and would appraise for ~$900k if I had to guess. Is it possible to get a low-LTV (20-40%) heloc given my credit situation? Are there other avenues I should explore instead?
original posted by Easy-Cancel-7724 to r/personalfinance on Tue, 05 Mar 2024 21:11:21 GMT.