In my HELOC Q&A video, I explain that most lenders require a minimum credit score of 620-650, with better rates available at 680+ and the best rates at 750+. I discuss how HELOCs typically come with variable interest rates rather than fixed rates, differentiating them from home equity loans which often have fixed rates and longer terms. Finally, I recommend using HELOCs to pay off high-interest credit card debt since they offer much lower interest rates (around 8-9% versus 20-30%) and tax-deductible interest, though I caution this strategy only works if you avoid accumulating new credit card debt afterward.
