I’m in the process of attempting to open a line of credit through Advanced Media’s bank. We’re doing so many internal developments right now that I want something their as a just in case factor as well as cushion during these crazy times. FYI, a line of credit is different than a credit card or a traditional loan. With line of credit, you have ability to transfer X amount (whatever your line of credit is valued at) to your bank account as you need it. You then pay interest an the amount you still owe. Very close to the concept of a credit card.
So… shouldn’t be that difficult, right? Banks always advertise how easy it is to obtain loans. Well let me tell you it isn’t that easy. Unless you need a credit line or loan of only a few grand…
Anyways, the bank looks at quite a few variables. In particular, if you don’t own a lot of assets (home, car, property, etc), it makes it very hard to get anything. Even if you make enough money to cover the loan, the bank doesn’t want to take the risk. In event something happens to you financially, the bank wants to be able to take everything you own. Can’t completely blame them… but again, it is much more difficult than I thought it would be. Even with great credit, it is difficult.
I put in a few applications today. One of them already turned back declined. Fingers crossed for the others.
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