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WACHOVIA - LOC

The last post in this topic was posted 4722 days ago. 

 

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I opened up a wachovia checking account with about $ 10,000 and applied for a 50k bloc the same day. I was approved within 48 hours. No docs financials or anything. It was an easy process. They pulled eq for me. Good luck!

 

 

Was this a business LOC or personal LOC?

 

 

This is a business credit forum. We are seeking input from people who obtained a business LOC, not a personal LOC.

 

 

Yes, it was a BLOC.

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I opened up a wachovia checking account with about $ 10,000 and applied for a 50k bloc the same day. I was approved within 48 hours. No docs financials or anything. It was an easy process. They pulled eq for me. Good luck!

 

 

Was this a business LOC or personal LOC?

 

 

This is a business credit forum. We are seeking input from people who obtained a business LOC, not a personal LOC.

If u notice they said "they applied for a $50k bloc"...bloc=Business Line Of Credit, their in the right forum.

 

thanks dizy.........

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Yeah I KNOW. We were lucky! When I get our stats up I will try again for other banks since people say there are others that are so "easy." But I know that's all relative. I also see posts about Wachovia lowering their No Doc BLOC to $25k. Wonder if everyone has been told that.

I dont belive they went dwn to $25k IMO. If they went dwn to $25k no doc then they wouldnt be in competition w/the other big banks such as BOA,WF,Chase etc they all offer $50k

 

I hope that's not the case because I really like Wachovia!

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Yeah I KNOW. We were lucky! When I get our stats up I will try again for other banks since people say there are others that are so "easy." But I know that's all relative. I also see posts about Wachovia lowering their No Doc BLOC to $25k. Wonder if everyone has been told that.

 

 

Lots of banks are tightening their BLOC requirements due to the massive amounts of money they started to lose early this year from all the defaulted loans and credit from real estate investors, which are one of the major sources for small business credit for banks.

 

I am unsure of the details but I heard that several banking lenders may be lowering limits to 25k for no doc and other tougher underwriting policies due to this mess.

 

Of course the flip side is that lenders want to lend as much credit as possible, and they need to find more business borrowers now that they are going to have a major drop in real estate investors.

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ouch,

 

i agree w/ur statement about how the banks are tightening up w/guidelines on getting the bloc. It is possible that some banks are actually lowering their amts that their extending to indiviuals/banks i havent heard it but it would make sense if it were tru.

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I'm in Florida and spoke to a bank rep today,she says they will approve a BLOC up to 50K with no docs, I applied over the phone they tried to pull EQ, it was a no go cause EQ is frozen, I was hoping for a TU pull. ;)

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I'm in Florida and spoke to a bank rep today,she says they will approve a BLOC up to 50K with no docs, I applied over the phone they tried to pull EQ, it was a no go cause EQ is frozen, I was hoping for a TU pull. :angry:

 

 

Same thing here in PA. No docs up to 50k.

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