Understanding Credit Score Requirements for Pool Financing

When homeowners decide to install a new pool, they face significant financial considerations, especially with an inground pool which involves expenses from excavation to filtration system installation. For those lacking the full funds upfront, pool financing options are available, though they vary by lender and depend on factors like credit score and loan type.

Common financing methods include home equity loans or HELOCs, allowing homeowners to leverage their home equity. These loans typically require a minimum FICO score of 680. Alternatively, pool loans, a type of personal loan used specifically for pool purchasing, offer a non-collateral option with more flexibility, generally accepting FICO scores of 600 or higher.

To improve their chances of qualification and better APRs, homeowners can adopt measures such as timely bill payments, reducing credit card balances, limiting new credit applications, and diversification of credit accounts. While the exact credit score needed varies, timely financial practices can enhance applicants’ credit scores, subsequently improving their pool financing options.