A home equity line of credit (HELOC) is a second mortgage loan secured against your home. If you are a homeowner and need a HELOC for home repairs, debt consolidation, medical bills, education, an entrepreneurial endevor, etc – you may be worried about your ability to get a loan, if you have a poor credit score.The recent subprime market crash adds an extra dimension of difficulty in securing low credit score mortgage loans. If you have a credit score below 600, your best bet will be to shop around for loan quotes. Beware that since your credit score is low, your interest will be high – this is to be expected and cannot be avoided. Your focus should be to find the best interest rate available to someone with your credit rating.If your credit score is between 600 and 650, your chances of securing a second mortgage loan will be significantly better. Lenders consider credit scores between 600 and 650 to be fair or good, depending on the lender.Points to consider when taking out a second mortgage loan1. To find the best interest rate, it is advantageous to have as much equity in your home as possible. For example, if your home is worth $200,000 and your current mortgage loan is $150,000, you chances of getting a HELOC at a good interest rate for $20,000 is strong. If you have no equity in your home, your chances of securing a loan, becomes more difficult.2. When shopping for a loan, be honest in your assessment of your credit. If your credit score is below 600, indicate that you have “poor” credit – don’t indicate “fair” credit. Eventhough, a reputable lender does not require a credit check to offer quotes, eventually once you select the loan product that interests you, a lender will ask for your permission to pull your credit file. If the information on your credit report is inconsistent with the information that you provided this may halt the loan process.3. Ensure that you understand all terms of the HELOC. What is your interest rate? When does HELOC rate adjust? Are there any prepayment penalties, etc.