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Valued Contributor
scottwagnon
Posts: 1,344
Registered: ‎02-07-2010
0

Re: Line of credit


cdtotten wrote:

For a borrower with good credit scores, you should have no problem securing a LOC (secured) in the Prime +1 to Prime +2 range. Anything over 6% for a good borrower I would consider high in the current economy.

 

Both Fifth Third and my Credit Union (Alliant) are offering LOCs at prime +.5.



but i am not interested in a HELOC, if that is what you are referring to. i am interested in an unsecured LOC to cover my checking account. If they can offer a LOC with an interest rate of 13.99 or less, it would be beneficial to me, in case i needed to carry a larger balance, and provided i decided it was beneficial to carry the balance on the LOC.

 

i like knowing i have access to pure cash whenever i need it. i want to be able to cut someone a check, if i felt it was the right thing to do, if i am in a situation where i know when the need is there and knowing the end result will very likely benefit me.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Valued Contributor
scottwagnon
Posts: 1,344
Registered: ‎02-07-2010
0

Re: Line of credit

if i am correct, with the unsecured LOC, i receive the benefit of free overdraft protection. so that is also something i would like to have.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859

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