No ender there is no fee. it does state they will charge 20.00 if the account is inactive for 12 months.
Congrats Momof3!! I got the LOC on early Jan. with a APR of 11.7% without a enrollment fee. At the same time I also applied for the Visa Plat and both approved instantly but the APR was 1% higher than the LOC. They are both great lines which report to all three monthly. Herman
Love my USBank creditline. Wonderful APR, great flexibility. They do report (like clockwork!) and are even one of those companies that will report your balance on the day they report even if it is not your statement ending balance. I'm not sure I said that clearly. Let's say that your July ending balance was zero, and that was what they reported in July. You then write a check for $1000, making your balance $1000 on August 1st. Your statement doesn't close until August 10th and you send a payment in for $950 that posts August 8th. Your ending balance is ony $50, but they report the $1000 you owed on the 1st, so watch for that. Only other complaint is that you cannot make a payment online, unless you have another US Bank account, however, you can make free phone payments.
Congrats! Interesting product: I assume you mean http://www.usbank.com/personal/products_and_services/loans_and_credit_lines/usb_creditline_ps.html ? Anyone know how they assign rates? 5.70-12% is a big range...
I did some digging about this product, and would love more information about it. I posted a thread with the little I found at http://www.fatwallet.com/forums/messageview.cfm?catid=52&threadid=100890 . Would be very interested in more information on this product there or here. Cheers, Dave
Herman and Calyspo, can I ask how long it took for you to get your checks?? Do they also send a bank card as well?? DaveH, not sure how they determine your rates, my Equifax is by far my best looking, most of my accounts are actually up to date, but not all. I was happy with the rate. But not sure how they determine it.
Thanks Momof3, it appears it isn't easy to get good info about this. I may just have to visit a branch.
I can't remember how long it took to get checks, but they are great about sending new ones even before you ask. You also get a card that looks like a regular CC (although it does say "Credit Line") I think that this is the coolest product. Only thing that could make it better (IMHO) would be if it was hidden! (Alas we miss you AmexLOC At least they report accurately and quickly!! (hint hint Citibank). That means that if you utilize your line and then pay it down, you can count on your lower balance being reported accurately. OH-- and I also wish they had an online payment option, although the phone payment is free as long as you do it through the voice menu and not through a *live* operator. I highly recommend this credit line.
Do you have to have a checking account with them or can you just apply for the LOC ? I wonder if I would qualify with an equifax 647 ?
