Tomorrow I'm supposed to help a friend hunt down and apply for a home equity loan. He has definitely decided to go HELOC and not equity loan. But what he's really interested in is finding a bank that issues a credit or debit card to access the LOC funds rather than him having to write a check--I don't know why, he's an oddball (no internet access! geez). Anyway, I found out that BofA has their Equity CreditLine Visa but it's not an option for him because they don't do equity loans in his state. Any ideas?
Re: Who does HELOC credit/debit car Not sure where you are, but Fifth Third Bank does that. I keep seeing their damn advertisements for exactly what he is looking for. I'm in Indiana, and I know they are based in Ohio. Not sure where else they have locations. You can check out www.53.com for more info..
Re: Who does HELOC credit/debit car Thanks Matt! Yep that's what he's looking for but thy don't do the east coast. Correct me if I'm wrong: Couldn't he get the same effect by getting the HELOC from wherever. Then write one of the special checks they give him to *himself*, put that money into a checking account and then access the money using a check card for that account? Wouldn't that pretty much be the same thing?
Re: Who does HELOC credit/debit car jonesing, If his credit isn't perfect, he can maybe look into a couple of products from Wells Fargo Financial (formerly Norwest Financial): the Nowline Platinum Visa, as well as a Cash on Demand revolving line of credit, which can be tied to your home's equity. Some banks have daily limits (like $1,500 or so) as to how much you can "charge" against a check card, if I'm not mistaken... wajaba
Re: Who does HELOC credit/debit car Yep! I forgot all about that...one of the reasons he didn't want to go that route. I guess he's really thinking things out after all! Thanks for the tip, we'll look into Wells Fargo tonight.
Re: Who does HELOC credit/debit car You mentioned at Wells Fargo for these two lines of credit, you didn't have to have perfect credit. What scores are they looking at and what about BKPT still showing? Thanks Roni
Re: Who does HELOC credit/debit car I spoke with a WF Financial rep at a local office some time ago (like back in '00) regarding their underwriting standards for their regular and gold Visa cards (didn't get into personal or auto loans). He was surprisingly candid--well, up to a point. He said that Visa approvals are almost entirely score driven, e.g., collection accounts, unpaid tax liens, and yes, BKs won't by themselves get you a denial, so long as your score is adequate and you have enough off-setting positive tradelines. ...which led to my next question: what exactly was the cutoff score, or the minumum amount/age of positive trades? Well, he either couldn't tell me or wouldn't tell me. He just said that their software decides, and even then it changes from time to time. However, he has seen people get approved with serious derogatory marks (not really saying what constitutes 'serious'). So anyway, I know it didn't really answer your question, but I hope it helps... [on edit]I almost forgot to add (but you probably already surmised this anyway): WF Financial is definitely in the sub-prime business, and you can be sure that your terms will be set forth accordingly. wajaba
Re: Who does HELOC credit/debit car Thanks for the info. I just applied on line for the Nowline. It was just what we were looking for and we still have the BKPT reporting until 12-02. Said rep would call, so, I will post when I know.
Re: Who does HELOC credit/debit car I called ealier today and the rep was non-comittal but said they have interest rates and terms to accomodate most any applicant. He said that when I asked him about scores...my buddy has a 580 or so and the rep said that shouldn't really be a problem depending on how much of a line he wanted and the equity in his house.
