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Established Contributor
jbh
Posts: 763
Registered: ‎07-04-2008
0

How Does One Qualify For A Line Of Credit?

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.

Super Contributor
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: How Does One Qualify For A Line Of Credit?

BOA is pretty tough no a days. I had more luck with Citi than BOA for Credit Cards. I could not get LOC from BOA or Citi. I would try after 6 months again.
Established Contributor
jbh
Posts: 763
Registered: ‎07-04-2008
0

Re: How Does One Qualify For A Line Of Credit?

Well, just to clarify I never tried for LOC before and, as for cc's, I might just

go with credit unions in the future. 

Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: How Does One Qualify For A Line Of Credit?

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.

 

 

Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Contributor
jbh
Posts: 763
Registered: ‎07-04-2008
0

Re: How Does One Qualify For A Line Of Credit?

Thanks, Fused.
Epic Contributor
Creditaddict
Posts: 22,064
Registered: ‎10-23-2007
0

Re: How Does One Qualify For A Line Of Credit?

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.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: How Does One Qualify For A Line Of Credit?


Creditaddict wrote:

They are much stricter in my experience then credit cards.


NFCU seems pretty generous with their LOC FWIW.

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