Personal Line of Credit

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Replied by ColoNative on topic Re: Personal Line of Credit

Congrats Meya!

See you are up and coming. I wonder if Provident will give you one also :cool:
10 years 4 months ago #1

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Replied by Meya on topic Re: Personal Line of Credit

Walked into US Bank yesterday to pay off a stupid mistake that I had made. Sometimes it pays to only have one bank account.:upset: I had paid 7 bills using US Bank card, and they were suppose to be paid through Bofa bank card. I thought the drop box was still on Bofa because I do not pay bills with US bank unless I know for sure I am about to do some manual transferring since they are right across the street from each other. I forgot that I did pay the same ones with US Bank last time. Well, the bank branch called me and told me that I have 3 overdrafts with some more charges coming through at 12 midnight. I was like what the...., are you sure? :shocked: I ran to PC to double check, and lord and behold, there it was.

I get to the bank, confessed that I made a stupid mistake that I always (well at least thought I do) double check my box. But I had to realize that I check it only if I intentionally done it. Well, she removed one of the $19 OD fee (OD
10 years 4 months ago #2

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Replied by charonh on topic Re: Personal Line of Credit

You're right Kellbell, but the particular one I had was more like a credit card, because it was a revolving line of credit. My limit and balance are both reflected in my credit reports based upon usage the same as credit cards are.
10 years 9 months ago #3

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Replied by KellBell on topic Re: Personal Line of Credit

I don't think that personal lines of credit are the way to go if you are concerned with your FICO score dropping. I believe they are considered part of the "personal loan" catagory. If you even use a penny of the credit line, you appear "maxed out" on your credit file.:dumbfounded:
10 years 9 months ago #4

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Replied by charonh on topic Re: Personal Line of Credit

While speaking with a BOA rep today I found out that I was selected for a Personal LIne of Credit. They (the bank) said my limit would be based on Credit scores and my relationship with the bank. It ranges from $500 to $50k.

I did my research and saw some benefits for a Personal Line of Credit and also the drawbacks. What bothers me most is the Hard hit on your credit report and maybe qualifying for just a few thousand dollars to start with.

Does anyone here have a Personal Line of Credit through their financial institution and other than possibly a lower apr vs a standard Credit Card what differences or benefits do they have with their Personal Line of Credit over a high limit credit card?


I have a Citi Flex Line of Credit at 7.9 variable, but I recently closed it. The initial limit was $9500, but they recently decreased it to $8400, but I really did like it. They will send you checks or you can call them and they will deposit into your bank account with no additional charge (usually appears within two business days), or they will send the check directly to the creditor/place you specify. No fees were ever associated with either type transaction and you can change your repayment terms with a phone call. However, I've heard they've discontined this particular product and only offer lines of credit to Citi checking account customers. The downside is there's no online access, which is pretty big downfall IMO.
10 years 9 months ago #5

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Replied by hjm331 on topic Re: Personal Line of Credit

Sorry, I confused it with the other one. I haven't seen this posting for a while so it threw me off.
10 years 10 months ago #6

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Replied by Meya on topic Re: Personal Line of Credit

That was a different thread https://www.financeglobe.com/SocialNet/forum/showthread.php?t=1043&highlight=personal

This one was different and also interesting. Thought I would update it.
10 years 10 months ago #7

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Replied by hjm331 on topic Re: Personal Line of Credit

What happened to the other postings?
10 years 10 months ago #8

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Replied by Meya on topic Re: Personal Line of Credit

update 11-24-08
10 years 10 months ago #9

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Replied by porgy1000 on topic My line is unsecured credit

My line is unsecured credit and it is fixed rate at 9.9% It is NOT tied to my house at all. I never used it though. I guess it is good for an emergency
11 years 8 months ago #10

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Replied by jnjsarauer on topic I don't have a personal

I don't have a personal line of credit and am not familiar with them other than those that stem from home equity. Are the rates fixed or adjustable? Seems like a good financial tool if the rates are fixed and reasonable.
11 years 8 months ago #11

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Replied by porgy1000 on topic I have a GOLD RESERVE

I have a GOLD RESERVE credit line with B of A. It was with Fleet bank but went to BofA when they purchased Fleet bank.

They send you checks to access the credit line, and NO CREDIT card is involved. Interest rate is 9.9%. I never had a credit line increase on it. It is still at the original $35,000 that I had with Fleet. I also never used the account so maybe thats why.
11 years 8 months ago #12

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While speaking with a BOA rep today I found out that I was selected for a Personal LIne of Credit. They (the bank) said my limit would be based on Credit scores and my relationship with the bank. It ranges from $500 to $50k.

I did my research and saw some benefits for a Personal Line of Credit and also the drawbacks. What bothers me most is the Hard hit on your credit report and maybe qualifying for just a few thousand dollars to start with.

Does anyone here have a Personal Line of Credit through their financial institution and other than possibly a lower apr vs a standard Credit Card what differences or benefits do they have with their Personal Line of Credit over a high limit credit card?
11 years 8 months ago #13

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