There’s no legal minimum credit score for a HELOC. Each lender sets its own, and the lowest published floors sit at 600, from Figure, Upstart Home Lending and Achieve (for debt consolidation). A 600 could get you in the door, but the best APRs go to scores closer to 780, so your score decides what you pay as much as whether you’re approved.
Our take: If you’re at 600 to 679, apply where the floor is published at 600 and check your rate with a soft pull first. Under 600, a HELOC gets hard, and a home equity investment or a credit cleanup may be the better next step. Equity and debt-to-income ratio matter almost as much as the score.
HELOC minimum credit scores by lender
These are the floors lenders publish themselves. Meeting one doesn’t mean you’ll be approved, it just means you won’t be turned down on the score alone.
| Lender | Product | Published minimum score | Other details |
|---|---|---|---|
| Figure | HELOC | 600 | 15% to 20% equity, terms of 10, 15, 20 or 30 years, full draw at closing |
| Upstart Home Lending | HELOC | Available for credit scores starting at 600 | APR 6.52% to 18.00%, $26,000 to $250,000, 10 and 15 year terms |
| Achieve | HELOC | 600 for debt consolidation | Fixed rate APRs from 6.10% to 15.17% |
| Hometap | Home equity investment (not a HELOC) | 575 FICO | At least 25% equity, no monthly payments over a 10-year term |
| Unlock | Home equity agreement (not a HELOC) | 500 for a single-family home or townhome you live in, 550 for other property types | $15,000 to $500,000, term of up to 10 years |
Minimums come from each company’s own site. Big banks and credit unions often don’t publish a HELOC minimum at all, so ask before you apply.
What about everyone else? Lenders generally prefer scores over 620, and a lower score doesn’t by itself rule you out. Some lenders, like PenFed and Spring EQ, don’t spell out a HELOC minimum in one clear place, and the reviews quoting them disagree, so ask the lender directly.
For lender-by-lender details, see our Figure HELOC review, Upstart HELOC review and Achieve HELOC review.
How your score changes the APR
Getting approved at 600 and getting a good APR at 600 are two different things.
Here’s a clear example. A HELOC from Upstart Home Lending has an APR range of 6.52% to 18.00%. The lowest APR is available only to borrowers who meet specific eligibility conditions, including a minimum FICO score of 780, a combined loan-to-value ratio under 70% and a debt-to-income ratio under 45%.
So a borrower at 640 and a borrower at 790 could both be approved and still see very different offers.
Same story at Figure. Your rate is based on several factors, including your credit score, and lower credit may mean a higher rate and higher monthly costs.
| Score range | What to expect |
|---|---|
| 780 and up | The best shot at the lowest APR a lender advertises, if your equity and debt also line up |
| 680 to 779 | Approval at most lenders that publish a floor, at APRs above the advertised low end |
| 600 to 679 | Approval could be possible at lenders with a 600 floor, usually at higher APRs and with less room on equity |
| Under 600 | Most HELOC lenders are off the table. Home equity investments and credit repair are the realistic paths |
These bands are a general guide based on the published floors and APR conditions above, not any one lender’s pricing table.
What lenders look at besides your score
Your score gets you in the door. Three other numbers decide how far you go.
Equity is the big one. Lenders measure it as combined loan-to-value, or CLTV: your mortgage plus the new HELOC, divided by the home’s value. Figure needs 15% to 20% equity, and Upstart Home Lending’s lowest APR needs a CLTV under 70%.
Then there’s your debt-to-income ratio, the share of your monthly income that goes to debt payments. Upstart Home Lending’s lowest APR needs it under 45%. A big HELOC payment on top of your mortgage can push you over a lender’s limit even with great credit.
And income has to be documented, since HELOCs and home equity loans depend on your income and credit. If you’re self-employed or have income that’s hard to show on paper, our guide to a no doc HELOC covers what’s possible.
| Factor | What it means | Why it matters |
|---|---|---|
| Credit score | Your FICO score, usually pulled from all three bureaus | Sets the floor for approval and a big part of your APR |
| CLTV | All loans on the home divided by its value | More equity left over usually means a better offer |
| Debt-to-income | Monthly debt payments divided by gross monthly income | Too high and you could be declined even with good credit |
| Income | Pay stubs, tax returns or other proof | Shows you can handle the payment, especially after the draw period |
If your score is under 600
A HELOC is going to be tough.
You’ve got a few real options, though.
First, look at a home equity loan at a lender that works with lower scores. Our guide to a home equity loan with bad credit breaks down what you could get at each score.
Or look at a home equity investment. It’s a different product from a HELOC, with no monthly payments during the term, and you settle the investment later through a sale, a refinance or savings. Unlock has a minimum of 500 for a single-family home or townhome you live in. Hometap could be an option if you have at least 25% equity in your home, a FICO score of 575 or higher and the property is located in an eligible state, among other qualifying criteria.
These cost real money when you settle, so read our HEI vs HELOC comparison and the top home equity agreement companies before you sign anything.
See what Unlock could offer for your home before you decide.
How to raise your score before you apply
If you can wait a few months, a higher score could save you more than any lender shopping will. Start here.
- Pull your credit reports and dispute anything that’s wrong
- Pay credit cards down, since the share of your limits you’re using is a big part of the score
- Pay every bill on time from here on, because late payments hurt the most
- Hold off on new credit cards and loans until after you close
- Leave old accounts open so your history stays long
Errors are more common than you’d think. Our guide on how to dispute an error on your credit report walks through it.
How to check your rate without a hard pull
Most online HELOC lenders let you see a rate before they run a hard credit check. With Upstart Home Lending, the initial soft inquiry won’t affect your credit score, and a hard inquiry happens only if you accept the rate and move forward. Figure also lets you get your rate without affecting your credit.
- Check your FICO score so you know which lenders’ floors you clear.
- Estimate your equity. Take about 80% to 85% of your home’s value, subtract your mortgage balance, and that’s a rough ceiling on what many lenders could offer.
- Add up your monthly debt payments and divide by your gross monthly income to get your debt-to-income ratio.
- Check rates with two or three lenders that use a soft pull.
- Compare the APR, the fees, the draw rules and the term, not just the rate.
- Apply with the best fit. That’s when the hard pull happens.
Want a second quote? See what Upstart Home Lending offers before you pick one.
Who a HELOC fits, and who should wait
A HELOC could fit if
- Your score is 600 or higher and you have solid equity
- Your debt-to-income ratio leaves room for another payment
- You want to borrow over time instead of all at once
- You can handle a payment that may rise later
Wait or look elsewhere if
- Your score is under 600
- You’re behind on your mortgage or other bills
- Your mortgage already takes up most of your home’s value
- You need cash with no monthly payment
Bottom line: 600 is the floor at a handful of lenders, and 780 is where the advertised low APRs start to show up. If you’re in between, check a few rates with soft pulls and let the offers tell you whether to apply now or work on your score first.
HELOC credit score questions
There’s no legal minimum. Each lender sets its own. The lowest published floors are 600, from Figure, Upstart Home Lending and Achieve (for debt consolidation). Many banks and credit unions don’t publish a minimum, so ask before you apply.
It could be possible. Figure’s minimum is 600, Upstart Home Lending HELOCs are available for credit scores starting at 600, and Achieve’s is 600 for debt consolidation. Expect a higher APR than the advertised low end, and you’ll still need enough equity and a workable debt-to-income ratio.
Usually a high one. For a HELOC from Upstart Home Lending, the lowest APR requires a minimum FICO score of 780, a combined loan-to-value ratio under 70% and a debt-to-income ratio under 45%. Other lenders price differently, but the pattern is similar.
Not at lenders that use a soft pull to show your rate. Upstart Home Lending’s initial soft inquiry won’t affect your credit score, and Figure lets you get your rate without affecting your credit. The hard inquiry comes when you accept an offer and apply.
Neither is easy under 600, but some lenders that offer home equity loans work with lower scores. A home equity investment is another route, since some companies list minimums of 500 or 575 depending on the company and property.
Yes. Your equity (measured as combined loan-to-value), your debt-to-income ratio and your income all matter. A strong score with too little equity or too much debt can still lead to a decline.
How we put this together
This guide is Banks Done Right’s editorial view. Every minimum score in the table comes from the lender’s or company’s own website, and the APR conditions come from Upstart Home Lending’s rate page. Where a lender doesn’t publish a minimum and third-party reviews disagree, we said so instead of picking a number.
The score bands in the APR section are our general guide built from those published floors and conditions. They aren’t any lender’s pricing table.
Sources
Keep reading
Credit requirements, APRs and availability change. Check the current terms on each lender’s site before you apply.