Home equity loan vs. line of credit??

here's the stats: 611 credit score $3,400 a month income (but it's under the table and goes up or down sometimes) my banking deposits are not the same every month, but it always shows that some kind of deposits are made never paid a bill late score is lower due to high debt own my... show more here's the stats:

611 credit score

$3,400 a month income (but it's under the table and goes up or down sometimes)

my banking deposits are not the same every month, but it always shows that some kind of deposits are made

never paid a bill late

score is lower due to high debt

own my home "free and clear," and it appraised for $570,000 in california about... 3 to 4 months ago...


i want to take out, like less than $160,000.. i need at least $100,000 to pay off all my student loans, car, credit cards, etc. but would like more to get one of my cars fixed and do home improvements (and have a little amount of "back-up" money)..

will i qualify for anything?? and what's better in my situation, a line of credit or an equity loan?? the bank can cut the checks to my creditors and i will close my accounts too (on all of my credit cards, except maybe one or two) so they know i won't be getting back into debt.. what do you guys think??

and what's a good company to
Update: what's a good company to go with??
4 answers 4