Draw Down Line Of Credit

I use an american express card and I wanted to know if there was a way to actually draw down from the available credit in the form of cash or funds into my bank account?

It depends. There is a difference between available credit for purchases and available credit for cash advances. If your particular American Express account allows for cash advances, they should have an option to set up a PIN just like an ATM/Debit card... you can withdraw cash at any ATM and deposit it into your bank account.

Be wary of fees though... many credit cards charge you big fees for cash advances, and the financing rate for an advance can be 5x as much as your normal interest rate, maybe more.

2007-01-21 20:32:45 by yoko3822

four uh... said that ford one c nine billion dollar line of credit they want no money no they don't want to draw they want to be able to have ...

I was thinking about with drawing my RRSP's to pay it off and free up that money!? I and in my mid 20's and have 30 plus years of work ahead of me. I know its hard to get back the years we miss out on when it comes to making a pension. what should i do?

I would like to know more about your finances, but $8k is hardly enough debt to dip into your RRSP. With careful spending, you could pay off $8k in six months to one year.

2007-11-15 01:43:58 by skidder87

My 48 y/o sister has asked me a question and I don't want to give her bad advice. Here's her question and her stated financial info:

Should they pay off balance on their 8.25% (prime for life) credit card (with a long and excellent credit history) and put that balance towards their home equity loan? Both have high FICOs.

They currently have a 1st mortgage of $200K fixed at 4.25% until 5/09. They also have a fixed (locked in) rate of 7.65 on their home equity line at a 10-year term with a current balance of $50K ($18K avail). Their home is worth between $550-580K. They only have one credit card they use, but it's $12K (prime for life) currently 8.25% and she makes at least double the monthly payments in an attempt to pay down. They would like to eliminate the credit card debt if possible to be able to save more and not feel so stretched each month. Plus one teen now needs a car (more outflow).

Banker will lock addt'l draw and combine both for 7.6%. Yearly income $90K. Advice?
Forgot to mention that mortgage is $1375/month, she pays $700 on equity loan (min $685), and she pays $700-1000/month down on the credit card. If CC was eliminated, the banker told her the new lock on the equity loan would make that monthly payment $763, which she could also pay more down on with no penalty. She's really nervous about fooling with the equity in the home because of their old(er) age. Should she keep things as is and pay down aggressively or transfer to current home equity or other great idea? Thanks again.

That Home Equity Line is almost maxed out. I wouldn't recommend transferring the credit card balance to the Equity Line at this point because that only ties up monthly cash flow. Because they'd be paying back interest and principal over that 10-year term on the Equity vs. a couple % on credit card balance of minimum monthly payment it wouldn't be worth "saving" .6% of interest on the balance. There's also the inherent risk of running up the credit card balance again which would put them in a very tight situation.

I think in this situation what they're currently doing is fine. Keep focusing on paying down that credit card debt though and keeping the balance from growing instead of shrinking.

Good luck.

2007-09-06 12:27:31 by Bella

Can anyone answer this for me?

For example, someone survives an accident in which many others die and the first thing they do is thank God (even say they prayed) that they survived.

But no one ever mentions all the dead victims and their families who also prayed, and whom God apparently turned down ignored or abandoned. To them it was a disastrous "accident", and often as not some human being is blamed. But God is never ever blamed.

Not to mention, since God pre-ordains everything, blaming him for the accident in the first place doesn't seem all that out of line. Does it?

The old-timers used to say "The Lord moves in strange ways." which sound like a half-baked apology for holding him responsible.

I mean if God is real and his workings are real where do you draw the line between credit and blame? Why do babies die? Why do we have wisdom teeth? Why create dinosaurs?

How can such questions be ignored?

It's called brainwashing. There is not greater more pervasive mental illness today that religious worship.

2007-04-16 04:00:23 by My yahoo tool bar disappeared?

I am considering buying a house with 20% down, which will likely allow me to avoid PMI Insurance and give me as much equity. I am wondering, however, whether: 1-Upon purchase, are there time limitations before one can request a line of credit on equity? 2-If I draw from the 20% equity in the form of a line of credit, could the lender required that I start paying PMI Ins? Thanks!

LTV=Loan to Value.

If you want to draw on the home equity side there are usually some covenants in the mortgage note which relates to that, so that really has to be reviewed with your legal adviser. PMI is an issue that really does not really affect the matter of the home loan, what does affect it is Life insurance. have you got any life cover ?

2006-12-13 08:17:19 by BGOQ