Posted by JT-IN on May 22, 2002 at 09:45:51:
James:
LOC are based more on assets, and of course the track record of how you meet your obilgations, than a pure credit score.
An individual that has a $ 2 mil net worth and a 660 FICO could get a LOC. One with a 3K net worth and a 660 FICO can forget it.
It is all about “how collectable you are”. If and when things go wrong, can the banker go after hard assets…? If not, then they will pass.
JT-IN