01-22-2009 09:06 AM
Are the approval requirements the same as a credit card? My bank is BoA and they
denied me a credit card because I had too many new accounts (not enough that are a year old)
I was able to land a citi business but I know boa hates me. So, I wonder, would a LOC
application also lead to the same results? For those that have both cc's and LOC's, have you noticed
a difference in lending requirements for each unique offering?
Thank you very much.
01-22-2009 09:47 AM
I have a CC with FIA and an unsecured LOC with BoA. I've had these accounts for some time, but at the time I apped, I couldn't find any difference between the two accounts as far as underwriting goes. After all, they are both unsecured revolving accounts. Unfortunately, today's bad economy is throwing a wrench into everything.
01-22-2009 11:12 AM
National City Declined a Business Line of Credit for my mom, but then 1 week later approved 15k Business Credit Card. Fifth Third declined a line of credit but then approved a $17,500 Credit card also in my moms name.
The only place we have successfully received a line of credit was our local credit union, and part of the approval they paid off 1 credit card to bring util into the range they except.
They are much stricter in my experience then credit cards.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO