An unsecured line of credit is reserved for only the most pristine borrowers. Even then, some lenders won’t touch such a product. Getting approved for an unsecured line of credit is difficult. Getting approved for an unsecured line of credit without proof of income is nearly impossible. Without proof of income, the bank has no idea if you have the capacity to repay the loan. To overcome this, you will need to have near-perfect credit and a significant deposit relationship with the lender.
Obtain a copy of your credit report. You have the right to one free copy per year from each of the three major credit bureaus – Experian, TransUnion and Equifax. The bureaus have established a website for consumers to pull their reports.
Review your credit report. First, make sure your score is close to or above 800. Then, make sure all obligations listed are yours. If you see any discrepancies, report them immediately via the numbers on the back of the report. It can take up to 30 to 60 days for these items to clear, so you may need to put your application on hold until then.
Contact your primary financial institution and inquire about unsecured lines of credit. Since you already have a history with that bank, you will be in a better position to obtain the unsecured line of credit. If your current bank can’t accommodate you, contact other lenders to determine your options.
Complete an application. Provide the lender a copy of your credit report along with 12-month histories on your bank accounts. If you show that you have significant deposits, you will have a better chance at getting approved. If you have $500,000 in your savings and are requesting a $10,000 line of credit, you clearly have the means to repay the line. If you go with a lender other than your primary bank, you will likely have to open an account at that particular bank as a condition of closing.