How Does One Qualify For A Line Of Credit?

[jbh]

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.

[Red1Blue]

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.

[jbh]

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. 

[fused]

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.

[jbh]

Thanks, Fused.

[Creditaddict]

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.

[FretlessMayhem]

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@Creditaddict wrote:

They are much stricter in my experience then credit cards.

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NFCU seems pretty generous with their LOC FWIW.