Looking to apply for LOC who is better (Wells? Chase? B of A? Or other?)

[trboda92]

Hello all,

I am looking to apply for LOC for about 100k. My credit and finances are in line. I currently have a banking relationship with Chase.

I am looking for the best bank to have my LOC.

I have been doing some reaserch and have found out that I don't want the line with Chase and here's why.

1. They require the line to be paid to 0.00 every 12 months.

2. They monitor the use of the account heaviliy and if they don't like how you are using it they will cut your line or even close it. (Heard this from the actual business banker at the bank). 

I am in a networking group where someone is a branch manager with Wells... He informed me that Wells Fargo does not do neither of the above which I like. Although I likely wont be in a position not to pay the line every 12 months Id rather not have that added pressure to need to do so.  

I have no knowledge of what B of A process and procedures are but would like some insight.

For the most part are any of the big banks the best for the LOC and the fee's or can I attain the same by looking elsewhere? This is ofcourse with rates being equal.

Please let me know anything else I might need to know before I possibly apply next week.

Thanks in advance.

[-Cal-]

Given you don't want to deal with Chase, I would look into Citibank. If your affairs are in order you should be able to get over 100k pretty easily. I don't remember if they require you to reset to 0 every 12 months (we reset to 0 balance fairly frequently), I do know like most banks they'll want to be in the first position. 

Beyond obvious reasons, I would avoid Wells. I had a LOC with them, they weren't generous with limits and their service isn't great. 

[SouthJamaica]

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@trboda92 wrote:

Hello all,

I am looking to apply for LOC for about 100k. My credit and finances are in line. I currently have a banking relationship with Chase.

I am looking for the best bank to have my LOC.

I have been doing some reaserch and have found out that I don't want the line with Chase and here's why.

1. They require the line to be paid to 0.00 every 12 months.

2. They monitor the use of the account heaviliy and if they don't like how you are using it they will cut your line or even close it. (Heard this from the actual business banker at the bank). 

I am in a networking group where someone is a branch manager with Wells... He informed me that Wells Fargo does not do neither of the above which I like. Although I likely wont be in a position not to pay the line every 12 months Id rather not have that added pressure to need to do so.  

I have no knowledge of what B of A process and procedures are but would like some insight.

For the most part are any of the big banks the best for the LOC and the fee's or can I attain the same by looking elsewhere? This is ofcourse with rates being equal.

Please let me know anything else I might need to know before I possibly apply next week.

Thanks in advance.

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Personally I think you should go with Chase.

It's a reasonable requirement for a line of credit.

[sarge12]

In my opinion the best bank to borrow from is a Credit Union, not a bank...but that's just me. Only thing a bank is good for is Rewards cards that are PIF.

[trboda92]

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@-Cal- wrote:

Given you don't want to deal with Chase, I would look into Citibank. If your affairs are in order you should be able to get over 100k pretty easily. I don't remember if they require you to reset to 0 every 12 months (we reset to 0 balance fairly frequently), I do know like most banks they'll want to be in the first position. 

Beyond obvious reasons, I would avoid Wells. I had a LOC with them, they weren't generous with limits and their service isn't great. 

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Thank you for your input. I will look into Citi and see what they offer.

[trboda92]

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@SouthJamaica wrote:

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@trboda92 wrote:

Hello all,

I am looking to apply for LOC for about 100k. My credit and finances are in line. I currently have a banking relationship with Chase.

I am looking for the best bank to have my LOC.

I have been doing some reaserch and have found out that I don't want the line with Chase and here's why.

1. They require the line to be paid to 0.00 every 12 months.

2. They monitor the use of the account heaviliy and if they don't like how you are using it they will cut your line or even close it. (Heard this from the actual business banker at the bank). 

I am in a networking group where someone is a branch manager with Wells... He informed me that Wells Fargo does not do neither of the above which I like. Although I likely wont be in a position not to pay the line every 12 months Id rather not have that added pressure to need to do so.  

I have no knowledge of what B of A process and procedures are but would like some insight.

For the most part are any of the big banks the best for the LOC and the fee's or can I attain the same by looking elsewhere? This is ofcourse with rates being equal.

Please let me know anything else I might need to know before I possibly apply next week.

Thanks in advance.

---

Personally I think you should go with Chase.

It's a reasonable requirement for a line of credit.

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Any particular reason to stick to Chase? I just heard a couple of bad stories on how they run their lines and as I said I like the option of not having to 0.00 out the line if I don't have to.

[trboda92]

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@sarge12 wrote:

In my opinion the best bank to borrow from is a Credit Union, not a bank...but that's just me. Only thing a bank is good for is Rewards cards that are PIF.

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I am a NFCU both on the personal and business side. I dont think NFCU offers a busines LOC for 100k but I may be wrong. The only thing ive seen is the Checking LOC which the APR is very high around 14% much higher then Prime + 2-5% which is what I would get elsewhere.

[sarge12]

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@trboda92 wrote:

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@sarge12 wrote:

In my opinion the best bank to borrow from is a Credit Union, not a bank...but that's just me. Only thing a bank is good for is Rewards cards that are PIF.

---

I am a NFCU both on the personal and business side. I dont think NFCU offers a busines LOC for 100k but I may be wrong. The only thing ive seen is the Checking LOC which the APR is very high around 14% much higher then Prime + 2-5% which is what I would get elsewhere.

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I have not seen that the OP was looking for a business LOC...my credit union has checking LOC at 8.9% interest, but I doubt they would go up to 100k unless secured. EDIT::::Now I see this was posted in the business credit catagory...I was trying to figure out why someone thought it was a business LOC...now I see it!!

[trboda92]

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@sarge12 wrote:

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@trboda92 wrote:

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@sarge12 wrote:

In my opinion the best bank to borrow from is a Credit Union, not a bank...but that's just me. Only thing a bank is good for is Rewards cards that are PIF.

---

I am a NFCU both on the personal and business side. I dont think NFCU offers a busines LOC for 100k but I may be wrong. The only thing ive seen is the Checking LOC which the APR is very high around 14% much higher then Prime + 2-5% which is what I would get elsewhere.

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I have not seen that the OP was looking for a business LOC...my credit union has checking LOC at 8.9% interest, but I doubt they would go up to 100k unless secured.

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Yea thanks, Im looking for the best bank to open a 100K LOC, I know i'll get approved for it based on income and taxes. I just wanted to get some guidence of where to stay away from etc before I pull the trigger with the wrong bank.

[-Cal-]

Make sure you speak with a Business Relationship Manager if you contact Citibank, they'll be the ones who can help with above 100k LOC. Also, the rate should be around 4-5% APR depending on your credit profile. 

If you already bank with Chase and you have sizable deposits with them, you should use the offer you receive from Citibank as leverage to get better terms with Chase. When speaking with Chase you'll also want to make sure you speak with a Business Relationship Manager. 

In my experience, BRMs are way more knowledgeable and helpful than normal banking/business representatives.