Best Line Of Credit

I recently made a one time purchase from a store with a 0% APR credit line in which they offered. I have paid the balance in full and never intend on using the card again. Is the best option still to not close the account?

As long as the loan balance is not that high, there is no need for closing it. If it is high, your credit report will reflect it by showing a lot of credit available ot you, making a lender more weary at lending you money. If you were to max it out, would you still be able to pay there loan back. But what if you need it again 5 years from now.

2007-08-21 11:40:22 by matt W

The best ways to pay off a home equity line of credit are by making payments over and above the minimum payment. Find out how to pay off a home ...

I've slipped and let me credit score get a little low. Today I applied for a home equity line of credit through CITI where I have my first mortgage and was declined. I would like to obtain this loan to payoff credit card debt and get my finances under control. Where or what financial institution is my best chance to be approved for a home equity loan or line of credit?

Ask Citi why they declined it.... and then work on the areas you need to improve to qualify for this type of loan.

Be careful not to run from one bank to another... everytime they check your credit... your score drops even further.

If Citi, who holds your mortgage, does not approve you... then chances are no other bank will do it either.

Ask yourself: Do you have enough equity built up in your house?
What is your house worth right now. Compare listing prices of similar homes in your area. How much of the mortgage is paid off already?
If you bought within the last 5 years... chances are you still owe too much to qualify for a home equity line of credit.

Cut up the credit cards and start paying them down... the times when you got a HELOC to pay off the cards are over.

2009-05-27 18:11:11 by Unbreakable

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What is the best way to pay off a $7,000 debt on my Line of Credit? I used it to pay off my Credit Card bills on the most unexpected repairs and other unexpected expenses. My interest charge is 5.75% and I find it hard to pay that off. Is there another way to pay this off with lower interest payments without owning any house or properties?
Thanks Patricia, I'll be looking into those ideas.

Hey Tim-

Congrats on making a smart decision to pay off your $7,000 debt on your line of credit. Although the 5.75% is lower, likely lower than you previously paid, you probably want to get rid of the debt as soon as possible. the good news is that there are many ways that you can pay off the line of credit debt.

Here are some of the most common:

1. Ask for a raise. You could ask for a raise from your boss and then apply all of the funds to paying down the debt.

2. Get a new job that pays more. Find a new job and then apply the bonus and additional payment to paying down your line of credit debt.

3. Start a home based business. You could start a home based business and apply all of those funds to paying down your debt. Some great businesses to star would be selling items on eBay, internet marketing,etc. One site that lists all kind of ideas is the Chicago Work at Home Examiner site.

3. Get a government grant. You could also seek small government grant specifically for debt reduction. Note that these are difficult to obtain and there are a lot of scam artists out there so be careful. One great site to check out is http://debtreliefgranthelp.blogspot.com/ as they lists a ton of information about debt reduction.

4. Cut expenses. Get on a budget and cut expenses. Then, you will apply all saed money to paying off that line of credit.

Either way, if you are committed and serious about getting out of debt and work hard, you can most certainly do it. Good luck.

2009-09-21 08:40:14 by Mr. Freeman

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I was tolled that american express do not have a limit in there credit line (total money available) , is that true?

That is true for their very good customer, but NOT all their customers. They are not about to give hood rats a blank check! LOL By the way, the word is TOLD.

2009-10-15 17:42:12 by Mohandis

I have a start-up business. I haven't sold or bought anything, due to the fact I don't have any start-up funds. I have never used a credit card so I have no clue what my credit score is or even if i have one. I need a line of credit of at least $100,000. I don't have anything to use as collateral except stock in my company. Where can I get a line of credit that my business would qualify for? And yes I do have a business plan.
My business plan has down a Line of Credit as the source of start-up funds and/or investors i.e. selling shares of the company. But regardless I need at least $100,000 to start it up.
I live in Idaho. Hopefully that covers enough informationwithout me having to make to many "Add details" hehe.

First, you will need to draft a business plan for your company. Hopefully you have already done this. If not, it is going to be a requirement for just about anyone wanting to either invest in your business or loan your business money; banks, investors, vendors, you name it.

Your LOCAL bank should be the best source of captial for a start-up business. But, be warned, loan officers prefer to loan money to established business that simply need an infusion of capital to grow. As a business friend once told me, "Poor people need to borrow a little bit of money. Rich people need to borrow a lot of money." Banks and other lending institutions prefer to loan money to the wealthy. Why? Two reasons. First, there are assets to back-up the loan. Second, it's easier to put together one deal for one million dollars, than it is to put together ten deals at one hundred thousand dollars each.

Good luck!

2007-07-11 22:32:03 by Mike E