Banking Line Of Credit

a customer, if an the customer already has an existing line of credit open with the same bank but it has a zero balance? The problem being my brother who had my mother's POA opened a second home quity line of credit for our mother without closing the existing line of credit, therefore leaving two liens out there of the property. Was that legal for the bank to do so?

Yes, there are no limits to how many liens can be placed on a property.

Edit: If anything it would be more of an issue for the title company than the bank. But having 2,3, or even 4 liens isn't unheard of.

2007-11-01 07:37:44 by sam

That's right. I don't care how much you dislike debt. Learn why everybody needs a line of credit.

I need to obtain a 300,000 credit line, any banks or institutions i can try? Thank you.

300,000 pennies? Most banks will allow a credit line of this many pennies.. Now dollars, that's another story.

2007-11-11 22:33:06 by Shawn A

Price: $6.97

I have good credit with a few other debts car loan and 1 credit card that I still wish to pay off.

they'll still come after you for the money - if they sell the house for less than you owe them, they'll sue you for the balance, plus fees and interest - your credit will be severely affected for years

2008-06-13 06:30:14 by Biggs

Price: $5.95 $5.95

Please, no self-advertisement if you're a loan agency, etc... I simply want to be informed about APL's and getting a personal line of credit from the bank.

Robby, you have been asking a lot of questions about finance; personal loans, credit cards, etc. But you have not mentioned anything about systematic ways to save some of your money.

You are young, I believe 22 years of age. Unless you will at sometime inherit a large fortune, you probably are not a wealthy individual. But I can tell you how you can be wealthy one day.

A portion of every paycheck should be set aside in a form of savings. If you could set aside a certain percentage of every paycheck into an investment portfolio, it's possible that you could be a millionaire by the time you retire.

It doesn't matter how much money you earn, if you have a lot of credit, other than a home mortgage and car loans, you won't have much left to save. Remember this, that with forty or so years from the time one begins a job or career, it will be time to retire. All that will be there at retirement when get there is what you send on ahead.

My suggestion for you is to see a Certified Financial Councelor to help you plan for your future, and forget about all the different ways to get yourself and your future in budensome debt.

2008-05-28 20:19:36 by Robby Lace

I applied to credit line increase on Bank of America via online and they were unable to approve an increase because of the following reasons:

-Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high.
-Length of times accounts have been established.

What do the bank with these?

PLEASE HELP..
I mean, what do the bank mean with those reasons?

The banks are saying that you are using too much of your credit limit. For example, if you have a $1000 credit limit and are using $900 then you are using 90% of your credit limit. Also, they are saying that you do not have that much of a credit history to trust you with more credit.

2009-10-05 20:18:19 by henry