Bank Of America Home Line Of Credit

I called to check on the status of my application and hear it is "temporarily approved pending two confirmations." These include making sure my house is not in a flood zone, and the value of the house. In order to do this, the application has to be assigned to someone, and that has not been done in over a week.

Since I am requesting under $500,000, the bank absorbs the costs associated with the confirmation of the value of the house.

How long does it normally take? I assume they checked my credit score already, the purpose is to consolidate debts and I am in the red. Could they reject the application on the basis of poor credit now?

call them. they could be waiting for an appraisal, there could be a snag or two on the credit report. being is debt is usually ok its if you are behind that matters. and yes if they just pulled the credit, it can still get rejected. the process usually takes a few weeks so relax

2006-10-07 10:20:08 by Pia

Brian Mckeon discusses a Trade he made on Bank of America Bonds

What I like about this unsecured loan is: 1. It is not secured
2. Can have it as available cash

WHY DON'T YOU LOOK AT THE INTEREST RATE OF EACH ONE, BOZO, AND THEN YOU CAN ANSWER YOUR OWN IGNORANT QUESTION.

2007-01-28 17:36:07 by MRLOVE

Price: $14.98

I'm a first time home buyer and would like to start shopping for loans. I have a line of credit with Bank of America and I bank with Chase. Would it lower my score if I went to both? Or should I go through a broker. My credit score is 770.

The problem is that they all run credit checks and that could lower your credit score. Generally though, 2 credit checks are fine.

Have a look at both banks you mention. Just stay the hell away from PHH Mortgage. Also I assume you know the person who posted above me is a scammer.

2009-06-25 08:59:01 by bella

Price: $5.95 $5.95

Or do Creditors/ Credit Bureau/ Bank Mortgage Lenders, want to see you have different credit lines from different credit sources? My goal is to have established credit to purchase a home. Credit score is in the 640's with history in the past. Seems established credit is what hurts me. Have less than half a year with a secured credit card at bank of america. Pondering to open another since they don't charge me any fees up front.

It might help your FICO score, but it won't help you prosper personally.
If your goal is to have a good FICO score, you should ask yourself why. All that score measures is your profitability to banks and other debt sellers. Having money will always trump having a good FICO, but "building credit" makes it harder to hold on to your income.

2009-02-08 13:17:17 by RobEri

I'm going through BOA (Bank of America) for a home equity line of credit. I thought my house was worth about $125k based on comps and market analysis. They did a "desktop" appraisal and it came back at $72k. I just purchased the house for $35k and was hoping to get a HELOC to do some work and upgrades to the house. THey said they "upgraded" the appraisal and were doing a drive-by (I did not mention I thought it was low). Is there anything I can do in hopes of recieving a higher appraisal? Any tips??

Your comps and market analysis - are they based on your having the repairs/upgrades complete? If yes, then the number they have is probably based on "as is" value - meaning right now, before you've had opportunity to make the upgrades.

Request to know what comps they used. If theirs are closer/newer/more similar than the ones you used, you are a little out of luck, probably. However, if yours are newer/more similar/closer, you may be able to successfully change their value by sharing this info.

(just to be clear: when I say newer comps I mean sold more recently as in sold in last 3 months vs in the last 12 months)

Good luck!

2008-03-07 19:53:10 by Brad F