@Citylights18 wrote:
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.
Interesting... How does the 0% personal loan covering the monthly debt payments keep the DTI low?
