Current Market Terms for Line of Credits

[Anonymous]

Hi all, very fortunate and excited to have come across this forum.

I'm reaching out to get a feel for what institutions are actively issuing lines of credit and at what balances and interest rates you all are seeing them at.

My research on here thus far suggests PenFed and NASA FCU are pretty popular and issue up to $25k at 10%+. Is this about right?

Any institutions going above $25k? I'm looking to get my first one for a business I'm starting (new business, no financial history), so I presume it will not qualify and I'll have to get a personal one.

Thanks in advance for any feedback and insight.

[SouthJamaica]

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@Anonymous wrote:

Hi all, very fortunate and excited to have come across this forum.

I'm reaching out to get a feel for what institutions are actively issuing lines of credit and at what balances and interest rates you all are seeing them at.

My research on here thus far suggests PenFed and NASA FCU are pretty popular and issue up to $25k at 10%+. Is this about right?

Any institutions going above $25k? I'm looking to get my first one for a business I'm starting (new business, no financial history), so I presume it will not qualify and I'll have to get a personal one.

Thanks in advance for any feedback and insight.

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The ones I know about are PenFed, NFCU, Langley FCU, Santander Bank, Affinity FCU.

Rates I have range from 8% to 14% all variable.

[Anonymous]

Many places go higher.

Some examples.

Wells Fargo $100K

Santander $35K

Key Bank $50K

[Anonymous]

Thanks SouthJamaica.

Anyone have insight on what FICO score is used for LOCs?

I just ran my Experian. Sitting at the scores below. Per the FICO 8 simulater, it seems like I have two 30 past due payments from July 2011 holding me back, becuase my score pops +75 to 811 in 16 months of on-time payments 

736 - FICO 8

740 - FICO Bankcard 8

772 - FICO 9

781 - FICO Bankcard 9

[Anonymous]

Just wanted to follow-up on my original post.

I ended up applying for a $25k PLOC with PenFed. Equifax score came in at 792 (out of 950). They counter offered $10k at 14.65% (fixed), which I accepted.

I was expecting to get some where between $15-20k, although I did get their lowest interest rate. Does applying for more unsecured credit at this point (either a credit card or 2nd PLOC) through another CU seem reasonable or would having a fresh PLOC show up on my credit report and applying for more credit weird out another Bank? I'd like to finance a ~$10k purchase and was considering going with a 0% intro-rate credit card.

I got the following adverse credit report comments:

• "Lack of recent retail account information" - ??
• "Too few active accounts" - I only have one credit card. Usage was at 1% when I applied for the PLOC.
• "Time since delinquency is too recent or unknown" - approx. 6 years ago...!
• "Delinquency on accounts" - approx. 6 years ago...!