Check out: http://banking.americanexpress.com/products/linesofcredit.jsp It's a line of credit by American Express. I've applied twice, but will only qualify next month, when I have a 12-month-old open tradeline. This requirement is a must and can't be waived. They seem to pull exclusively from Experian and their inquiries show up as *SOFT*! What a bargain. Their APR is "as low as" 9.74%. If your credit is not stellar 12.74% is more likely, but still is an excellent APR. In comparison, Citibank's "Checking Plus" line of credit carries 18% APR. Saar
I want to apply, but I'm terrified it's going to mess up my pending mortgage. I have had Amex for 39 months so I meet that requirement. Somebody talk me out of this, please. Dani
Re: Inquiry-free line of credit by Well I can try LOL There's always a chance they've changed their policy, and instead of pulling one soft inquiry, they pull 5 hard ones from each bureau. Plus, after you're approved, they may want to sell your account to another lender, for example, Cross Country Bank. Then, You'll have a $1,000,000 unpaid debt on your report, and would be forced to file for BK. Now, don't you feel much better? Glad I could help Saar
Re: Inquiry-free line of credit by Thanks, Saar. I think I will wait until after we get into the house before I apply. Dani
Re: Inquiry-free line of credit by I just applied. Got the typical , no you'll get the denial in the mail response with 638 experian. It was a soft-inquiry, so i dont care!! Good call. Folks should try this with good scores, and it won't cost an inquiry.
Re: Inquiry-free line of credit by Sam, Which line of credit did you apply for? I don't want Amex to hold collateral on my home. Dani
Re: Inquiry-free line of credit by After you click "apply now", choose "Individual Line of Credit" (last on the list). No collateral! Saar
Re: Inquiry-free line of credit by yah individual line of credit. Good luck, post your scores (experian) if you get approved. I was denied with 636, soft inquiry i promise you! I pulled experian right afterwards to check.
Re: Inquiry-free line of credit by I'm a wimp. I can't do it. I got all the way to the name/social security number section and wimped out. If I knew it wouldn't hurt my chances on the mortgage I would do it. But, if I'm fortunate enough to get the tradeline I don't need the broker asking what is this when she pulls our credit report again three days prior to closing? Dani
Re: Inquiry-free line of credit by Dani, Smart move. Mistakes can and do happen. Also, if they would deny you by the soft inquiry (which may only give them the header info) they may think they are doing you a favor by going ahead and looking at the full hard inquiry report unbeknownst to you.
Re: Inquiry-free line of credit by Well, I went and applied. Got a message something like 'we want to do everything we can to approve you, so we have to take another look' (really nice message!). At least it wasn't instant denial. Guess that means I'm borderline!? Dani, I should have taken the advice offered to you. Good job being strong!
Re: Inquiry-free line of credit by Jacqui, Does that mean there going to pull a hard inquiry now? If they do, that stinks. Dani
Re: Inquiry-free line of credit by You're right - it would stink. Hope they don't, though. I plan to wait until this weekend, then pull my Experian report to see what's there. (I have one coming because of my Chase increase decline last week).
Re: Inquiry-free line of credit by Naaah. I believe all it means is, your application was routed to a human (underwriter) or is approved subject to some verification. Saar
Re: Inquiry-free line of credit by I just applied and was approved for 25,000.00 with a 9.74 apr.. Do I need it? NO, this bosrd just tempts me for offers I don't need, all the time. It's fun, though. My experian score is 798. AZMDX
Re: Inquiry-free line of credit by Congratulations. I'm tempted to apply, just to see if I can get it, but I will wait after closing (only 3.5 more months). Dani
Re: Inquiry-free line of credit by Geez, I wasn't going to do ANYTHING else for 6 months but this sounds pretty neat! ARRRGH...should I, should I not.....????? (I don't need it either but I sure like the idea of another boost to my bal/cl ratios!)
Re: Inquiry-free line of credit by How can we check the status of an application for the line of credit? I got the needs further processing message.
Re: Inquiry-free line of credit by OK, I did it...I applied...message received was... -------------- Application Status Thank you for successfully completing the account application for Membership B@nking. We are making every effort to complete your enrollment and will notify you as soon as possible of the final status of your application.
Re: Inquiry-free line of credit by Everyone: If you've got the same message Mist posted above, you were probably declined. As for the message JacquiG posted, I'm not familiar with it but it seems much more promising. If you want to know for sure, call 1-888-356-1006 & you'll get an instant yes/no. Good luck, Saar
