Getting a Line of Credit (1 Viewer)

[Moe Maishlish]

Does anyone know approximately what kind of FICO (i.e. Credit Rating Score) one would require to obtain a line of credit?

About a year ago I applied for one with 2 different banks, but was denied because of my Credit Rating. Curious as to what was going on, I obtained my rating and noticed some unconsistencies with a few of the entries. After contacting those responsible for the erronious entries, the problems were solved (suprisingly easily, as I thought I'd be fighting this for months!), and I was told that the corrections would be applied within a couple of months.

I pretty much forgot about the whole line of credit issue until a couple of weeks ago when I was on the phone with a bank-representative who told me that I had a great record and should apply for a line of credit with them. It told her to hold off on the idea while I checked my rating to make sure everything had been corrected. I checked it earlier this week, and all the previous mistakes were wiped out, and my FICO score has jumped significantly!

Of course, applying for additional credit affects your FICO, so I don't want to go applying for a line of credit again and have it negatively affect my score. I'm on the fence here as to whether or not I should apply again, or wait.

Thanks!

Moe.

 

[Mike Blais]

Try ING Direct (http://www.ingdirect.ca/en/) , my bank (BMO) wouldn't even consider it even though we have good credit because our car is a 91(doesn't matter that it still worth 13k), and don't own a home (yet).So we applied online at ING, I had the money in a week. That included faxing in my salary info and everything. I would recommend you at least check them out (good rates too). I only wish that they could do all my banking.

Cheers

 

[Moe Maishlish]

Funny enough, ING was one of the institutions that I originally contacted over a year ago when there were errors on my credit report.

I've acutally had an account with ING for the past couple of years, and I'm extremely pleased with their service, accounts, and above all INTEREST RATE (2.75% compared to my 0% savings account at CIBC).

I suppose I could contact ING and see if I can find out what their minimal FICO rating would be (if they have such a thing).

What kind of line-of-credit did they give you?

Moe.