Does a person need good credit to open a "line of credit"?

Question

My friend who is on disability for having a bad back. For some reason he receives a monthly check (Social security Income) He should of had Social security disability income. Some how it got into the wrongs hands of people and he only gets half of what people on SSDI.

He received a letter from his bank.  Telling him he can open a line of credit from his bank. The maximum he can borrow is $12,000. He spends most of  his monthly check on stupid stuff. He has a tablet and a drone on lay-away at some pawn shop/ Then he is going to try to sell it later on.
For some reason he has his mind on a travel camper. Which he can not afford because of his income. He thinks if he gets approved  for the line of credit (12,000) He will use that on a down payment. He has no transportation. He was in an accident with a lady two yrs ago. The cops found an open beer bottle and he refused a sobriety test. So the state suspended his license. It will cost him 750.00 to get them back

Anonymous · Accepted Answer

you have no idea what you are talking about re SS.  the letter from the bank would be a conditional offer...they would actually require an application and would end up denying him

linkus86 · Answer

The letter from his bank is teaser marketing designed to gain a response..  Your friend will discover that because his income is so low, he will not qualify for the credit.

Maxi · Answer

Stay out of 'your friends' business......... banks offer loans all the time, it is part of how they earn money he will not qualify for ANY loan, he needs to be working and earning for that

Anonymous · Answer

As I told you one week ago, I doubt he'll qualify for a loan given his credit history.   Your friend is a big boy and can ruin his credit history all by himself.  Stay out of it.

Slickterp · Answer

He will not qualify for a line of credit.

Does a person need good credit to open a "line of credit"?

5 Answers