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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.