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personal lines of credit

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personal lines of credit

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

 

6 REPLIES 6
Frequent Contributor

Re: personal lines of credit


@Junior123 wrote:

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

 


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.

Credit Scores: (FICO 8) 831 Experian July 2019 | 819 TransUnion July 2019, (FICO 9) 840 Equifax August 2019
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $3000 | Simmons Bank VISA Platinum $7500 | Capital One No Hassle Rewards VISA Platinum $500
Message 2 of 7
Super Contributor

Re: personal lines of credit


@Junior123 wrote:

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

 


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


FICO 8: EQ 735 TU 760 EX 729 Total revolving limits 713500 (592500 reporting)
Message 3 of 7
Valued Contributor

Re: personal lines of credit

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.
BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 4 EQ 3 TU 1
AAoA 5y2m
UTIL 1% - 3%

$180K+ Total Limits







New cc TLs 1/12(11 month old) & 3/24
Message 4 of 7
Frequent Contributor

Re: personal lines of credit


@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.

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%. 

$mart $$$: #1 Invest, #2 Prioritize health, #3 Limit debt
Garden Goal: Mortgage ready and below 5/24
Message 5 of 7
Valued Contributor

Re: personal lines of credit


@Namaste7 wrote:

@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.

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%. 


 

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

BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 4 EQ 3 TU 1
AAoA 5y2m
UTIL 1% - 3%

$180K+ Total Limits







New cc TLs 1/12(11 month old) & 3/24
Message 6 of 7
Valued Member

Re: personal lines of credit

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.

$2500 FNBO Visa, $10,600 Quicksilver One, $6000 US Bank Kroger, $3300 Barclay Apple Visa, $5000 Chase United Explorer, $2100 Discover, $2900 Wells Fargo 1% Cash Back, $2000 Chase Unlimited, Amex Gold with $30,000 POT, $3500 PayPal Credit, Walmart $1500, Citi CostCo $5500, Citi AAdvantage $2900, Delta Amex Gold $1000, WF PLOC $7500.
Message 7 of 7
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