What is the difference between a credit card and personal line of credit?

Question by blue11: What is the difference between a credit card and personal line of credit?
I have just applied for a Wells Fargo Credit Card–I also have a checking account with them as well. Anyways, i was approved for a secured credit card of 800 dollars and denied a personal line of credit? I have to send them 300 dollars for collateral to get my card. Can someone explain this to me more thoroughly. Thank you.

Best answer:

Answer by jrzeegrl71
Your best bet is to actually ask Wells Fargo.

Being a Banking industry vet, I can assume that what Wells Fargo terms a “personal line of credit” is actually an unsecured credit card.

You may not have enough credit or a low credit score, so they have offered you a secured credit card, i.e. one backed by some collateral (your $ 300) and most likely a higher rate of interest.

Hopefully after some time with responsible usage and on-time payments, they will reconsider.

What do you think? Answer below!

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