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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.