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ING Orange Loan Account: Any reason not to accept the offer?

10 Jun

So I recently received an email and a paper letter saying,

Your Orange Loan Account is available at a variable rate of 9.9% APR. There’s no minimum withdrawal, no transaction charges and no pre-payment penalties. Just financial peace of mind.

It’s a free line of credit.  I’m not sure why I’m hesitant on accepting the offer other than adding more unused credit to my credit history.  I asked myself the question, “Can I imagine myself ever needing it?”  I answered, “I don’t know.”  Isn’t that the reason you get a line of credit?  Just in case?

I’m leaning towards accepting the offer.  Would you?

Update 1:  Found a link that details whether this does a hard pull on your credit:  http://www.creditboards.com/forums/lofiversion/index.php/t423819.html

Hard Pull vs. Soft Pull:  http://www.thesunsfinancialdiary.com/credit-report/credit-inquiries-hard-pull-and-soft-pull/

Update 2:  I just signed up…

 
6 Comments

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  1. The Borrower

    June 11, 2010 at 5:25 am

    The rate seems a little high for an LOC. Mine is at 4.5% right now. I don’t think I would take this. Is there an annual fee to keep the line available (most have this)?

     

  2. freedumb

    June 13, 2010 at 11:28 am

    No annual fee. There aren’t any strings attached either from what I can see, except that if I don’t use it in 18months, they will offer it to someone else. I guess it’s a “free” emergency, emergency LOC for me.

     

  3. G

    September 30, 2010 at 8:37 am

    I got a little confused by the creditboards discussion. Was it a hard pull? I think that would be the only reason for me not to do this.

     

  4. freedumb

    November 30, 2010 at 8:28 am

    Hi G, No, it wasn’t a hard pull.

     

  5. Anonymous

    December 30, 2010 at 4:52 pm

    would like more info…..

     

  6. Loan top up

    May 25, 2011 at 3:20 am

    No need for a loan top up you could be owed £2400 if you’ve had a loan in the last 10 years! forget about a loan top up and get a refund instead!!