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Checking line of credit inquiry.

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jazzyvar84
Regular Contributor

Re: Checking line of credit inquiry.


@LawStudentCivilis wrote:

@jazzyvar84 wrote:

They're all federal loans. I just don't see how I could do it with my salary. I'm going to give them another call today. Thanks so much for responding. 


Sounds like you need to consolidate your federal loans into one (NOT consolidated into a private loan), and stick with IBR. There are some holes here, please be sure to adequately answer questions as members here have a wealth of knowledge and give great advice.


You are so right. I had just given up Hope of even trying, but these guys have been a godsend. I received a helpful direct message from a member as well. Thank you all so much!!!!!

Message 21 of 25
Dmessina666
Frequent Contributor

Re: Checking line of credit inquiry.

I never heard of a checking line or credit. Are you referring to overdraft line or credit??? Most banks only give you about $600 in overdraft protection. 

Personally, I don't think that's your answer to the student loan possible-default. 

Message 22 of 25
SouthJamaica
Mega Contributor

Re: Checking line of credit inquiry.


@Dmessina666 wrote:

I never heard of a checking line or credit. Are you referring to overdraft line or credit??? Most banks only give you about $600 in overdraft protection. 

Personally, I don't think that's your answer to the student loan possible-default. 


I have personal lines of credit of 40k, 25k,  and 15k.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 23 of 25
FinStar
Moderator Emeritus

Re: Checking line of credit inquiry.


@SouthJamaica wrote:

@Dmessina666 wrote:

I never heard of a checking line or credit. Are you referring to overdraft line or credit??? Most banks only give you about $600 in overdraft protection. 

Personally, I don't think that's your answer to the student loan possible-default. 


I have personal lines of credit of 40k, 25k,  and 15k.


Right.  But, in general, overdraft or checking lines of credit (which are typically tied/linked to a deposit product) have different terms than traditional personal lines of credit.  So, a CLOC/OLOC from NFCU is not the same as a PLOC from PenFed or BECU, for example.   Most standard overdraft lines of credit are not approved with very high limits.  Even a CLOC from PenFed has different characteristics from their traditional PLOC.

Message 24 of 25
SouthJamaica
Mega Contributor

Re: Checking line of credit inquiry.


@FinStar wrote:

@SouthJamaica wrote:

@Dmessina666 wrote:

I never heard of a checking line or credit. Are you referring to overdraft line or credit??? Most banks only give you about $600 in overdraft protection. 

Personally, I don't think that's your answer to the student loan possible-default. 


I have personal lines of credit of 40k, 25k,  and 15k.


Right.  But, in general, overdraft or checking lines of credit (which are typically tied/linked to a deposit product) have different terms than traditional personal lines of credit.  So, a CLOC/OLOC from NFCU is not the same as a PLOC from PenFed or BECU, for example.   Most standard overdraft lines of credit are not approved with very high limits.  Even a CLOC from PenFed has different characteristics from their traditional PLOC.


I have overdraft lines of credit of 40k, 15k, and 10k.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 25 of 25
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