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Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
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What is the best place to get LOC

I am done with Credit Card hunting. I want to get one good LOC account from a good place.

 

 I want one good line that will grow as needed, provides best customer service and one I can depend upon as my needs change.

 

I just got Penfed Card, probably I should wait for 6 months or wait until they give me preapproval.

I have tried with Citi few times in the past and they declined. I dont want to try it again with Citi.

USAA keeps declining my App for Credit Card. I dont think they will approve me for LOC.

 

What is the best place to go for it? Any thoughts and suggestions?

Epic Contributor
Posts: 24,083
Registered: ‎10-23-2007
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Re: What is the best place to get LOC

USBank has a pretty good credit line product

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: What is the best place to get LOC


Creditaddict wrote:

USBank has a pretty good credit line product


I tried for their credit card. They declined me. I dont think they will approve LOC for me.

Epic Contributor
Posts: 24,083
Registered: ‎10-23-2007
0

Re: What is the best place to get LOC

do you have a house, why don't you get a loc off that... then you could get rates around 3 or 4% vs a unsecured loc that is going to be in the 10-15% most likely

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: What is the best place to get LOC


Creditaddict wrote:

do you have a house, why don't you get a loc off that... then you could get rates around 3 or 4% vs a unsecured loc that is going to be in the 10-15% most likely


When we bought the house 20 years ago, we bought it on my wife's name due to bad credit at that time. We do have LOC on her name.  I dont have mortgage reporting on my CL. I want to get LOC on my own. My daugther is going to school at AU though I have paid off her tution fees,  I want to have some safety cushion in case if I need to draw cash for emergency purposes.

Epic Contributor
Posts: 24,083
Registered: ‎10-23-2007
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Re: What is the best place to get LOC

 


concorduser wrote:

Creditaddict wrote:

USBank has a pretty good credit line product


I tried for their credit card. They declined me. I dont think they will approve LOC for me.


for what reasons? you try talking with credit?

 

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: What is the best place to get LOC


Creditaddict wrote:

 

for what reasons? you try talking with credit?

 


Couple of months ago, I think it was for Key Bank card, I applied which is issued by US Bank / Elan. Pretty standard decline, deliquent accounts, inq's blah blah blah. I am not sure if it makes any difference if Apply for US Bank product. Come to think of it, they did decline stating they do not issue cards in NH. It was couple of years ago though.

Epic Contributor
Posts: 24,083
Registered: ‎10-23-2007
0

Re: What is the best place to get LOC

who do you bank with?

BBT offers overdraft lines of credit up to $7500

how big of a line are you hoping for?

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: What is the best place to get LOC


Creditaddict wrote:

who do you bank with?

BBT offers overdraft lines of credit up to $7500

how big of a line are you hoping for?


May be 10k - 20k. This is in case of emergency. So far I have been getting generous 0% balance transfer offers  from BOA / Citi. I want to get a decent LOC that I can tap into for emergency and hopefully grow if needed. I am pretty much depending on my savings now for emergency.

Epic Contributor
Posts: 24,083
Registered: ‎10-23-2007
0

Re: What is the best place to get LOC

CU is the only place you could probably get that big of an unsecured line.

I had a 15k line of credit that was open for 1 year of borrowing, then it locked and went into a 5 year repayment. now if you hadn't used it or you had a small balance, they would probably approve for it be opened again or something.

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
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