Posted by Dave(WNC) on February 18, 2002 at 08:20:20:
Hi Gerry,
I would like that Word doc if you have it. I am in the same boat with JD and would certainly appreciate the leg up with BB&T.
Thanks in advance,
Dave
How do I establish a $50,000 Credit Line - Posted by M Rizzi
Posted by M Rizzi on February 07, 2002 at 14:59:30:
Anyone know how to get started ?. I know I can get a personal loan for $10,000 with no collateral. How does one pump this number up ??
Re: How do I establish a $50,000 Credit Line - Posted by KC Questions
Posted by KC Questions on February 08, 2002 at 12:11:29:
Firstar offers a $35k unsecured small business line of credit. I was told that it can be approved in 2-3 weeks. They were just purchased by USBank who offers a $50k unsecured small business line of credit. I am waiting on the changeover to finish so that I can take advantage of USBanks higher unsecured line. I am in Kansas City, Missouri, but if either of these banks are in your are you might want to look into their programs.
Re: How do I establish a $50,000 Credit Line - Posted by GerryH VA
Posted by GerryH VA on February 07, 2002 at 22:57:53:
I used BB&T in Virginia to get me a 50k credit line. Their rules for unsecured credit lines are 25% of your net worth. Thus, you would need to get your net worth to 200k in order to do business with them at 50k.
I would also like to know other lenders and banks who will loan to me as well so I can increase my unsecured money. I am tapped out with BB&T.
GerryH VA
Re: How do I establish a $50,000 Credit Line - Posted by JD
Posted by JD on February 09, 2002 at 22:05:00:
Not surprisingly, most of my net worth is in Real Estate equity. Do they give real estate equity full weight in the net worth caluclation or do they discount it? Do they do appraise all your properties or do they accept your stated estimate of property value? What is the interest rate, and what kind of loan fees were involved?
Re: How do I establish a $50,000 Credit Line - Posted by Jose
Posted by Jose on February 08, 2002 at 20:38:24:
Gerry H
Try Wells Fargo and Key Bank they both have $50K
unsecured lines of credit.
Jose
Re: How do I establish a $50,000 Credit Line - Posted by GerryH VA
Posted by GerryH VA on February 14, 2002 at 11:26:46:
BB&T uses anything of value to compute net worth and they accept (at least for me) my estimate of value for which was pretty close to street value. They gave me full value for properties and charged no points. Interest rate is variable and currently holding at 8%. Let me know if you would like the WORD Document they gave me to estimate my net worth. It is the best and easiest to fill out and can be emailed to other banks.
Good Luck
GerryH