A soft pull doesn't affect your score
A soft inquiry lets a lender review your credit without the score impact of a hard inquiry. MyExpressHELOC™ uses a soft pull for the initial eligibility check, so you can see whether you're likely to qualify at no cost to your credit. A hard inquiry may be needed later to complete the application.
What is FICO 9?
FICO 9 is a version of the FICO credit scoring model. Compared with older FICO versions that many mortgage lenders have traditionally used, FICO 9:
- Ignores paid collection accounts. Once a collection is paid, it no longer counts against you.
- Treats unpaid medical collections less harshly than non-medical collections.
- Can consider rental payment history when it appears on your credit report.
Because the model differs, your FICO 9 score may be different from the score you see in a banking app or credit-monitoring service, which may use another model or bureau.
Minimum scores for this program
| Occupancy | Minimum FICO |
|---|---|
| Primary residence | 600 |
| Second home | 600 |
| Investment property | 680 |
Higher scores typically qualify for better pricing and higher line amounts.
How to prepare your Experian credit
- Pull your Experian reportMake sure accounts, balances, and payment history are accurate.
- Dispute errorsIncorrect late payments or collections can be disputed directly with Experian.
- Pay down revolving balancesLower utilization is one of the fastest ways to lift a score.
- Avoid new creditHold off on new cards or loans until your HELOC closes.
Check your credit before you apply
Want to see your credit profile first? Use the credit-check resource below. Checking your own credit doesn't affect your score.
Check your creditAdvertising disclosure: we may receive compensation if you use this link.