Is it hard to get a line of credit?

It can be challenging to obtain a line of credit with favourable terms and a low interest rate. Traditional lenders, such as banks and credit unions, typically offer low-rate lines of credit to individuals with high credit scores and a reliable income. It’s relatively easy to get approved for a line of credit in the alternative lending market, but you must be prepared to commit to a steep interest rate.

What credit score do you need for a line of credit?

You usually need to have a “good” to “excellent” credit score to be eligible for a line of credit from a bank or credit union. A credit score between 660 and 724 is considered “good,” 725 to 759 is “very good,” and “excellent” is a score of 760 or higher. You can still obtain a line of credit if you have a poor credit score (any score below 660) in the alternative lending market. However, lenders operating in this sphere often charge exceedingly high rates.

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