Quote:
Originally Posted by FireFly
I've tried that. They want a cosigner and I don't want my parents to put up a million dollars worth of land on a $10,000 LoC. It's stupid. I'm going to go to the bank tomorrow though and see what they say.
|
Odd. When I went in for one, my car was used as the collateral (it was paid off, thankfully), and I was able to get a $10,000 LOC without issue. The only condition was that of my two credit cards at $5k each, one had to be cut up, and the other its limit lowered to $3k, which I had no issue with. Typically, the bank offered to double my limit two months after that... *******s.
If you believe that you can maintain the payments without problems, and if your parents trust you to do the same, then see if they will co-sign. In my case, it meant an extra $50-60 a month that I wasnt spending on interest, and an extra $600 per year that went to reducing debt.