Bank Line Of Credit For People With No Credit

I need to obtain a 300,000 credit line, any banks or institutions i can try? Thank you.

300,000 pennies? Most banks will allow a credit line of this many pennies.. Now dollars, that's another story.

2007-11-11 22:33:06 by Shawn A

biz-cashnow.askjakefor.info Get non-bank working capital Short on operating capital. No up-front fees. Use for inventory, supplies, equipment ...

I have good credit with a few other debts car loan and 1 credit card that I still wish to pay off.

they'll still come after you for the money - if they sell the house for less than you owe them, they'll sue you for the balance, plus fees and interest - your credit will be severely affected for years

2008-06-13 06:30:14 by Biggs

I applied to credit line increase on Bank of America via online and they were unable to approve an increase because of the following reasons:

-Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high.
-Length of times accounts have been established.

What do the bank with these?

PLEASE HELP..
I mean, what do the bank mean with those reasons?

The banks are saying that you are using too much of your credit limit. For example, if you have a $1000 credit limit and are using $900 then you are using 90% of your credit limit. Also, they are saying that you do not have that much of a credit history to trust you with more credit.

2009-10-05 20:18:19 by henry

Please, no self-advertisement if you're a loan agency, etc... I simply want to be informed about APL's and getting a personal line of credit from the bank.

Robby, you have been asking a lot of questions about finance; personal loans, credit cards, etc. But you have not mentioned anything about systematic ways to save some of your money.

You are young, I believe 22 years of age. Unless you will at sometime inherit a large fortune, you probably are not a wealthy individual. But I can tell you how you can be wealthy one day.

A portion of every paycheck should be set aside in a form of savings. If you could set aside a certain percentage of every paycheck into an investment portfolio, it's possible that you could be a millionaire by the time you retire.

It doesn't matter how much money you earn, if you have a lot of credit, other than a home mortgage and car loans, you won't have much left to save. Remember this, that with forty or so years from the time one begins a job or career, it will be time to retire. All that will be there at retirement when get there is what you send on ahead.

My suggestion for you is to see a Certified Financial Councelor to help you plan for your future, and forget about all the different ways to get yourself and your future in budensome debt.

2008-05-28 20:19:36 by Robby Lace

I would like to take out a line of credit at the bank to get lower interest rates on some credit card debt. I make $24,000 a year and my credit rating is 670. So, how much of a line of credit can I get? If I request too much I will get denied.

The first 2 posters made some valid points. Your score is 5 points lower than the average, which isn't bad, but don't expect an instant approval or the line that you were looking for. Also what makes up your score has a lot to do with it. I have some basic questions that may help you understand a little bit better.

1. Have you been late on ANYTHING? If so, a late payment can be toxic to your score. Payment history counts as 35% of your score so that's why it's important to pay on time.

2. Are you maxed on your credit cards? How close are they to their limits. The scoring system is set up to where 30% usage of your available credit is acceptable. Although it may sound crazy, it may help to pay your cards down a little to get it as close to 30% of your combined available credit as possible.

3. Another factor would be how long have you had these accounts? 3 years seem to be the magic number when it comes to scoring accounts. If you've had them older they'll tend to have a heavier weight because of the age. If they're less than 3 years, they still may be considered a "new account" under the scoring system and won't hold as much weight than one that's been around for some time. Keep in mind that 15% factors into your score as well.

4. Types of credit established- Although it's not mandatory, the scoring system suggests that you have 3 revolving (credit cards, line of credit) and at least 1 paid or currently paying installment loan (car,furniture,applicance, personal loan, mortgage) in order to provide a balanced mixture of credit usage. Your score may be viewed differently if you have all credit cards rather than credit cards and a car loan, or a mortgage, furniture loan and a credit card, or various combinations. This makes up 10% of your score.

Lastly, have you applied and been approved for new credit? Each time that you apply for new credit, an inquiry is created, which can drop your score up to 5 points regardless if you're approved or not. Although the inquiry no longer affects your score after about a year, it still remains 2 years. Also it takes time for the new account to establish and be properly calculated. The ratio of new vs. established accounts can be affected if you apply and get approved for too much credit. This makes up 10% of your score.

Hopefully my explanation may give you an idea what to look out for when you applying for your loan

Good luck!

2007-06-03 08:19:47 by Ryan D