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What is the best place to get LOC

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Red1Blue
Super Contributor

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?

Message 1 of 22
21 REPLIES 21
Creditaddict
Legendary Contributor

Re: What is the best place to get LOC

USBank has a pretty good credit line product

Message 2 of 22
Red1Blue
Super Contributor

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.

Message 3 of 22
Creditaddict
Legendary Contributor

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

Message 4 of 22
Red1Blue
Super Contributor

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.

Message 5 of 22
Creditaddict
Legendary Contributor

Re: What is the best place to get LOC

 


@Red1Blue 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?

 

Message 6 of 22
Red1Blue
Super Contributor

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.

Message 7 of 22
Creditaddict
Legendary Contributor

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?

Message 8 of 22
Red1Blue
Super Contributor

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.

Message 9 of 22
Creditaddict
Legendary Contributor

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.

Message 10 of 22
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