Re: Looking to apply for LOC who is better (Wells? Chase? B of A? Or other?)
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.
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.
I just think it's a solid business bank which is respected and understands business.