I just checked my Fico score and it showed I have a score of only 700… Which I know is not good. I went through a rough patch where my some of my bills were late so my credit took hit. My house is worth around $800K and I have a mortgage of $440K. I wanted to apply for an ELOC but don't really know how it works. Do I automatic qualify because I have equity in my house or is it base on my credit score? Thank you in advance for any response.
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