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What about personal lines of credit???


The last post in this topic was posted 1329 days ago. 

 

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I have 3, they are revolving lines of credit just like a credit card. You can pull credit out of them like money, but you start paying interest from day 1, where credit cards don't charge interest unless a balance remains unpaid from one statement to the next.

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I've got one, from NFCU. It seems to me to be a tool to be used sparingly, due to the interest starting on day 1. Even though the rate is much lower than any of the cards I have, in the long run, I think you could really hurt your wallet using it without a clear ability to pay it off ASAP.

It's not lost on me that for the LOC, NFCU sent me the checks to use for that account for free, but for the checking account, if you want your checks to look "normal" with your name and address, unlike the temporary "name-only" type, you'll have to pay for those.

Edited by ukaserex
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I do see that as a challenge but if you need big $$$ to purchase something. It is very easily available thru a check vs running credit card that they may not take.

I am wondering does LOC report differently than a CC on your report.

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It usually reports as "other" revolving line of credit.

 

I have to agree with hege. It seems to be the least desirable option in any situation where you have another option. I can see where it may be useful too depending on the particulars.

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It usually reports as "other" revolving line of credit.

 

I have to agree with hege. It seems to be the least desirable option in any situation where you have another option. I can see where it may be useful too depending on the particulars.

I can write checks from a MMA for free if someplace is too subprime to accept credit cards :)

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Whose got them? Most people are very familiar with CC but why not get a Line of credit instead??? Which banks offer?

 

First Question: You obviously have 2 LOC from NFCU (Personal/Business)

 

Second Question: You should be able to know which banks offer them since you are a customer of many banks

 

Now with those answers, you can answer the question in the middle

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It usually reports as "other" revolving line of credit.

 

I have to agree with hege. It seems to be the least desirable option in any situation where you have another option. I can see where it may be useful too depending on the particulars.

I can write checks from a MMA for free if someplace is too subprime to accept credit cards :)
Not everyone has your cash to cash cycle on their budget.
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The last post in this topic was posted 1329 days ago. 

 

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