Apply For Line Of Credit

You are in debt of $2500. Should you apply for a line of credit? If so, what would be the benefits and the con associated with doing so.

If you are in debt, why would taking on more debt be a good idea?

2009-04-26 15:59:48 by Rae Y

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I have applied for a student line of credit through scotia bank. Both my parents have co-signed it. I dont have very much savings because I just paid half of my tuition. Do you think i will qualify?

If your parents are considered strong co-signers then you will get your student line of credit. (because if you default and run up the card and then not make your payments on time... they get to pay it off).

It is the same as a credit card.

You get a preset spending limit and of course a monthly bill.

2009-08-15 08:43:07 by Nick *

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I just had a house built this year, I have been living there since April 7th 2009. My home has some equity already because I built this on my own property, it is appraised at 500,000, I took out a mortgage for 245,000. My question is, can I apply for a home euity line of credit or do I have to live there for a couple of years first?

I think you can apply for one anytime you want. Since you have substantial equity in the house, there will probably be no problem.

2009-07-29 09:15:59 by Adam A

Price: $17.95 $17.95

With H AND R BLOCK- there is the refund anticipation loan AND a line of credit-Can one apply for both?I already did the line of credit last month, can i now apply for the anticipated refund?

Oh, if it is not too late to undo your plan, do not do a refund anticipation loan. They are ridiculously expensive. Get your W-2 and if you make less than $50,000 a year, use a free online tax filing service such as on the IRS's website.

In the future, adjust your withholding down a little so you get the money in your pocket each week, rather than having to wait until the end of the year to get it back in taxes. You are giving the government an interest-free loan, and then paying fees on top of that, to get it back from them. You wouldn't pay your employer a fee to get your paycheck, and that's what you are doing with using these services.

2008-12-30 07:11:45 by Rain

need to know full details of line of credit amount,interest payments,and how to begin.

Line of Credit is a loan you take out with a financial institution. You fill out loan applications with the bank, mortgage company, etc. and they determine how much you are qualified to borrow.

The money is held by the bank, and you do not make payments or pay interest until you actually draw the money out of the bank. You can take it as one lump sum, or as several small amounts over the months or years, until all of the money you have drawn out equals the amount you qualified for.

The interest rate varies because of the time gaps between taking amounts out. The montly payment varies with the amount you have drawn out and the change in interest rates.

Two types of line of credit. Collateralized and Signature. Collateralized loans use something like the equity of your house fo ensure the lending institution will be paid back.

Signature loans are given to people with really good credit and don't require collateral. They are like a personal loan to the borrower, and no collateral is involved. Usually given out by credit unions or the such where they know they can take the payments out of your pay check before you see it.

2009-03-21 07:10:29 by dyonnebauer