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A 0.5% difference in mortgage rate on a $350,000 loan saves over $35,000 in interest over 30 years. Always get at least 3 quotes before choosing a lender.
Getting a HELOC with a 580 credit score is very challenging. Most lenders require a minimum of 620–640. Your best options are credit unions, FHA-approved lenders, and specialized subprime HELOC lenders. You'll need significant home equity (25–30%+) and may face higher rates.
At this score range, you'll qualify for some products but with higher rates and stricter terms. Subprime lenders are your primary option.
Expect rates 5–12% above prime borrowers.
Dispute any errors on your credit report — even one removed negative item can push you into the fair range.
Timeline: 6–18 months of positive activity can improve your score significantly.
Why we recommend it: One of the few lenders that accepts 580 credit scores for HELOCs. Fully online process with fast funding.
Why we recommend it: Accepts lower credit scores with sufficient equity. Flexible terms available.
Why we recommend it: Credit unions often have more flexible underwriting than big banks. Check your local credit union's HELOC requirements.
Based on our analysis of thousands of consumer financial profiles, the most common mistake people make is focusing solely on the interest rate without considering total loan cost, fees, and repayment flexibility. Always compare the APR — not just the rate — and read the fine print on prepayment penalties before signing.
It's very difficult but not impossible. Most major banks require 620–640 minimum. Specialized lenders like Figure and Spring EQ may approve 580 scores with sufficient equity (25–30%+) and strong income.
With a 580 score, most lenders will require at least 25–30% equity in your home (70–75% LTV). The more equity you have, the better your chances of approval.
If possible, yes. Improving from 580 to 620 could open up significantly more lender options and lower your rate by 1–3%. Even 6 months of focused credit improvement can make a meaningful difference.
WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.
Last reviewed: April 2026 | How we rank products →