5000 Line Of Credit

I know there are a lot of variables such as interest and length of loan. Say the loan would be paid in 18 months and the person had a 690 credit score.

Thank you!!!
Oh, and the line of credit came from a credit union.

IMPORTANT! Make sure your loan has a FIXED interest rate. This means the interest rate doesn't fluctuate during the fixed rate period of the loan. It's based on the lender's assumptions about the average discount rate over the fixed rate period. With a FIXED interest rate you are able to calculate your payments (if made on time) consistantly.


A FLEXIBLE interest can get you in trouble sometimes. You can never accurately tell when your bill will be consistantly. Every place has different guidlines for how flexible your interest rate can be, but in laymans terms, it means it can raise and lower where as a FIXED interest rate remains the same.

Take your $5000 dollar loan and divide it by the mode by which you will be paying:
monthly= $416.67
quarterly= $1250
semi-annual= $2500
annually= $5000

then add your interest to that
for example if your interest rate is 8% then 5000*.08 = $400 interest (for 1 year)
otherwise take the $400 and divide it by your mode...for example monthly (12 months in a year) would be 400/12 = $33.33 interest per month and so on...

GOOD LOAN TIPS:
*A good interest rate should be between 8-13% interest.
*If you can, pay double the amount of bill, never pay only interest or you will paying forever! and your loan will end up being way over $5000
*Pay on time, duh :)
*Occasionally call the loan officer or advisor and check out if you can lower your interest rate (I've done this with school loans and it's paid off, only a couple times, but way worth it.)

2009-01-12 08:07:46 by river family

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I am financing dental work and the provider applied to Capital One and Care Credit for 5000 dollers to cover my expenses, I was apporved for both and since Capital One had the lower interest it is what we went with. I still have to $5000 credit line available to me from Care Credit, would it be wise to close that or do nothing, or even another option, use it for other expenses (i.e. my out of pocket expenses when/if I go to the doctor and then pay that off at the end of the month? I would most likley use it rarely so is that really a better option then just closing the credit line?

Closing won't improve your score, and closing it might ding it a little bit. But I wouldn't recommend leaving it open. Since you don't need it then close it down.

If you want to have almost like a virtual line of credit, I would encourage you to save up $5,000 of your own money in a liquid Money Market Account with check writing capabilities and a cash card (like a debit card for use at an ATM). This could be your little fund for unexpected emergencies, etc. And the good thing is it could earn you a little interest while sitting in the MMA.

2008-04-17 19:28:54 by Danny

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I'm 18 and I need to but something that $4500 and I can't get a loan because I have no credit (not bad credit). So I'm trying to get a secured line credit of $5000. If I used $4500 in one month, how long do I have to pay it back? I'm still confused with the workings of credit cards. Do you have to pay the amount you used in full in one month or do you have an extended period of time? Where can you get a loan that doesn't require credit and can give an amount of $4500?

You deposit $5000 into an account to a secured credit card.

The terms are dictated by the financial institution.

2008-04-15 15:13:52 by phillip

Anyone out there want to help me, or give me any cards u dont want???

If you have bad credit, no one is going to start you off at $5000.

You might be able to get a secured card from your bank. You have to put the money up before you get the card.

2006-12-18 20:42:20 by michaelhermelee

I have a credit card statement from bank of america. The statement says the i have $5000.00 credit line available and $3000.00 cash available. Can i go to the bof and get monet out of the cash available?? how would that work??? Do i use it as it atm?? I dont have no money in my checking account and i need to take money out? i need help on what does that mean about my credit and cash available. thanks.

I would only do it if I was in a real emergency. You could do it at an ATM. You put in your pin number for your card and you get cash out of the ATM.

2009-10-05 16:09:00 by Nick L