Author Topic: Where can I get a secured line of credit?  (Read 1209 times)

MoonShadow

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Where can I get a secured line of credit?
« on: June 19, 2016, 11:44:14 PM »
I'm looking for a bank, credit union, whatever that I can buy a $10K bond/CD/Share-cert and use it as collateral against a secured line of credit.  Like how one might use a home equity line of credit, but not with home equity.  I would like check writing privileges & a bank card, but that isn't critical for what I'm trying to do.  I'm having real trouble finding this locally to myself.

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MoonShadow

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Re: Where can I get a secured line of credit?
« Reply #2 on: June 20, 2016, 10:05:46 AM »
Thanks for the reference.  I looked it up, then called them.  The deal killer is that they charge a 6.5% rate for a secured line of credit plus $25 per year account fee.  I can get a secured loan just about anywhere for 2-3% over the CD rate, and I'm pretty sure that Wells Fargo's CD's aren't paying 3% right now.

ShoulderThingThatGoesUp

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Re: Where can I get a secured line of credit?
« Reply #3 on: June 20, 2016, 10:42:18 AM »
Schwab will issue pledged asset lines secured by your investments, and my impression is that their rates are very good, but I don't have one myself.