Getting A Line Of Credit

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

www.businesscreditvideos.com. Learn about how to get a Line of Credit for Small Business. A great video with all the details small business owners ...

This may sound like a dumb question, but these are my circumstances: I have a secure job, own my own home, have considerable savings and no debt. My lover of the past 25 years has credit card debt and she has just asked me if I would take out a line of credit for $30,000 so she can pay off her debts and only have to pay the amount owed on the line of credit. I trust her implicitly. Will taking out this line of credit hurt me in any way?

It hurts your credit to have that much credit in use; if you need to open new credit for something in that time, it will affect you. It may also affect any other credit cards you have, they may raise rates due to changes in your credit history like this, due to higher risk; though it sounds like you're the kind who tries not to carry balance on them, so this may not affect you anyway.

The biggest risk is putting that much money into someone else's hands. You do say you trust her implicitly, but, have you discussed how she ran up that much debt in the first place, and how she can afford to pay it back to you now? Unless it was some emergency circumstances like medical bills for a car accident or uninsured cancer, then that much debt tends to indicate a problem with finances that could easily affect her ability to repay you.

It also raises the risk to your relationship. It is very difficult to borrow or lend in a relationship, it changes things; you become banker and client, instead of just friend and friend, or, in your case, lovers. And, that much money at once is especially likely to put things on a somewhat different footing, unless you are used to lending her money frequently (in which case you're used to it). She becomes responsible to you in a very different way. Guilt or irritation can easily creep in if there's any problems in repayment. I do my darnest not to lend to or borrow from friends, exactly for this reason; even if someone asks to "borrow a quarter since they're low on change for a Coke", I consider it a gift, not a loan, since I don't want to get annoyed over it when they forget. Big stuff, I don't lend. I'd rather keep my friends than become their banker.

2008-01-10 15:25:55 by gwenleonhard

Price: $34.99

What is a good business I can join and make good money online or else where I from NY new york like typing data surveys or more with help instructions and a phone numbers and also provide me with a coach that will help me make money. I burrowing a line of credit to make money online.

They are all scams, I suggest you to better stay away from this BS.

2009-05-10 16:19:06 by keld2682

Price: $9.95 $9.95

My credit score is 702 and I pay off my credit cards every month. I called VISA to see if I can get an increase in my credit limit and they denied me. They said the reason for the decline was ACCOUNT ULTILIZATION. Does anyone know what that means.

Actually, that usually means you are using too much of your credit line.

Paying it off each month does not reduce your chance to get a credit line increase.... it's very good to do that.

2007-08-19 19:04:58 by Moe C

at the same time I also have a first mortgage in which the house is under water. When I talked with B of A, I was told whoever is the highest bidder at the auction ( on the second ) will get the house. For example, my second I owe 65k, and the first 280k. If the highest bidder on my second is 80k, then he/she will own my home, and whatever the amount not covered by the bid will be charged off. Is it right? .. the person I talked also indicated B of A will buy off the first eventhough they lose money, and then resell the property. Is it something B of A usually does ? Pls explain. Thanks.

threatening?

They are or they aren't doing it tomorrow...that is a fact or a lie.

Your question sounds like somebody doesn't know what they are talking about or they are trying to intimidate you into doing something.

The first always has priority. In the current market, I would be surprised if anyone would actually do what BOA is suggesting. Yes, this happened from time to time in the old days...back when a company might have one or two a week. In most cases right now, bidders will just wait until the first goes to foreclosure to see how cheaply they can get the first claim. Then they will deal with the others if they have to.

In other words, the second buyer would have to pay $280,000 for your first (or something very close to it). These days a first that is underwater might sell for 50% (or less) of the mortgage balance depending upon the details. Why pay $280,000 now for something that might only cost $200,000 or $150,000 in a month or two.

Many 2nds are completely wiped out by the foreclosure process. Meaning that they have no right to the house after the foreclosure. They must seek payment from the mortgage holder -- you -- directly or get nothing.

2009-12-29 14:56:11 by ti h