personal lines of credit

[Anonymous]

Hello, which banks or credit unions are the best for personal lines of credit.

[Gollum]

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@Anonymous wrote:

Hello, which banks or credit unions are the best for personal lines of credit.

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That question is simultaneously too hard and too easy. The best answer I can think of is: whichever bank or credit union you like that is willing to extend to you a personal line of credit with terms that you are willing to accept. Your FICO score is probably the major determinant.

[SouthJamaica]

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@Anonymous wrote:

Hello, which banks or credit unions are the best for personal lines of credit.

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In my experience, credit unions are better than banks. If you have a geographically restricted credit union, or other limited membership credit union, for which you qualify, look into their offerings for a personal line of credit. The main thing I would be looking for is low interest rate.

As to credit unions with more open membership, the best personal lines of credit I know of would be with

-Hanscom FCU

-Unify FCU

-Langley FCU

-Summit CU

-Affinity FCU

[JR_TX]

Without much DP to start with we’re all gonna be throwing stones in the dark. But if your EQ FICO 9 is in the mid 700s and higher with less than 8.9% UTIL and low HPs and new accts then PENFED’s PLOC with 6.49% APR might sound enticing to you. Good Luck and keep us posted.

[Namaste7]

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@JR_TX wrote:
Without much DP to start with we’re all gonna be throwing stones in the dark. But if your EQ FICO 9 is in the mid 700s and higher with less than 8.9% UTIL and low HPs and new accts then PENFED’s PLOC with 6.49% APR might sound enticing to you. Good Luck and keep us posted.

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The personal loan is as low as 6.49%. The PLOC is fixed at 14.65% and the check line of credit is 17.99%. 

[JR_TX]

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@Namaste7 wrote:

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@JR_TX wrote:
Without much DP to start with we’re all gonna be throwing stones in the dark. But if your EQ FICO 9 is in the mid 700s and higher with less than 8.9% UTIL and low HPs and new accts then PENFED’s PLOC with 6.49% APR might sound enticing to you. Good Luck and keep us posted.

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The personal loan is as low as 6.49%. The PLOC is fixed at 14.65% and the check line of credit is 17.99%. 

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Didn’t realize that. Thanks for catching my mistake.

[redheadtempe36]

Most credit unions offer them, so if you can join one, I'd check there first.

Of the "big" banks, I believe only Wells Fargo and US Bank offer them.  Chase, Citi and BOA do not.

[Anonymous]

Wells Fargo

US Bank

TD Bank

HSBC

[Anonymous]

I simply love open ended questions like this with absolutely no info to go on!

The first few answers pretty much summed up what i would have said, CU's generally have better offerings etc. There really is no best across the board, as it's always in the eye of the beholder.

[Citylights18]

My opinion on PLOCs is that there isn't much point unless you can get lines that are upwards of 20k+ for them. Some of these Air Force Base credit unions listed in this thread are known to dish out some tiny credit lines and not worth the hassle IMO.

For the ones that are worth the trouble I break them up into 2 categories: Unsecured and secured products.

Unsecured PLOCs

US Bank 25k (must have a banking relationship first)

Pen Fed 25k

NASA FCU 30k (can combine with no cash advance CC for 50k total)

TD Bank 50k

Wells Fargo 100k (usually they issue a smaller amount)

Secured PLOCs

Western FCU 50k

Union Bank 100k

First Republic 100k

Baxter 100k

SunTrust 125k (requires 500k to secure or that amount)

City National 250k

For the unsecured don't expect a really big line but if you can get a line from multiple issuers it can add up. To put your best foot forward in getting approved its recommended that you have a 760 credit score with low 700's at the minimum. A low DTI is also best for approval.

One way to use them for real estate is take out whatever downpayment amount you need say 75k from the lines of credit. Then get a 0% APR for 12 months personal loan to finance the monthly debt payment to keep your DTI low. Then use the 75k as a downpayment to ensure you are getting a top tier interest rate. Finally write a 100% LTV HELOC to pay off the personal loan. This way you can have a 100% financed property with a low interest rate and no PMI.