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If you have bad credit, the interest rate you'll pay on a line of credit may be much higher than what you'd pay if you had strong credit. And that's if you can find a lender who'll approve you for a line of credit ? many only grant them to people with good credit.
While all lenders have their own requirements as to what credit scores they want their applicants to have for a line of credit, it's a good bet that some lenders will approve applicants with scores that hover around 660 to 712, which qualifies as a Fair score.
A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application. 30 days after receiving an incomplete credit application. 30 days after taking action on an existing credit account.
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including extensions of credit to small businesses, corporations, partnerships, and trusts.
Once a creditor has obtained all the information it normally considers in making a credit decision, the application is complete and the creditor has 30 days in which to notify the applicant of the credit decision.
Regulation B defines the term ?application? to mean an oral or written request for an extension of credit that is made in ance with procedures used by a creditor for the type of credit requested.
A completed application means an application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested (including, but not limited to, credit reports, any additional information requested ...
A creditor must notify an applicant of action taken on the applicant's request for credit, whether favorable or adverse, within 30 days after receiving a completed application.