Line Of Credit
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Answers
My fiance mailed out an application and $300 money order to USBank for a secured credit card yesterday. We were just curious if the bank could deny him, and if so, what would be some reasons? The bottom of the application says that it will be denied if the applicant is under the age of 18 or has filed bankruptcy, but are there other reasons he could be denied?
You won't be denied as long as you reside in a state where US Bank is licensed to do business (and it is, in most states). Your money is the card's security. If you don't make payments or default, the issuing company has your money to pay off the debt.
LeahCoss.ca Hi everyone. How are you? It's Leah Cross with The Mortgage Center. There's hammering in the background, so just ignore that ...
I went to bank the other day and the teller told me that my husband and I have been preapproved for a secured line of credit. What does this mean exactly? Do we really have the loan? What do they want for security?
Thank you so much everyone for the good advise and opinions.
Pre-approved mean the bank does a thorough credit check on you, finds out much income you make, and do other financial research on you. Basically it means the bank did lots of work to find out how big the loan should be and what interest rate should they charge you.
Another term you might hear is "pre-qualified". Basically the bank estimates what you can afford base on some information you given to them.
Anyway, you don't have the loan until you sign the contracts.
I need to get a credit line (not a credit card) but my home has no equity. I was told that if I put cash into a CD that I can get a CD line of Credit but I don't know which banks offer them? Does anyone know which bank will offer me a CD Line of Credit in the US more specifically in the Florida/Georgia area? Thanks.
BOA
A line of credit works like a credit card in the sense that you have a credit limit and can borrow as needed and pay at least a minimum payment based on your balance. A loan usually refers to borrowing a fixed amount at one time and paying a set amount each month for the term of the loan. Secured means the loan is backed by a specific asset that the lender can take if you don't make the payments.
Yes, I've already check with my bank. I haven't had an open trade line in so long that I'm pulling up as no-file when my credit is checked.
Try a paypal account refer your bank account this enable you to get their credit cards with a higher credit line
Bank Secured Credit Cards FAQ's «
Is a secured credit card a real credit card?
A secured credit card is a real credit card, but it is one that is backed, or “secured” by an upfront cash deposit. A secured card allows a bank to offer credit to consumers who have poor or non-existent credit scores. By having the consumer make a deposit that is equal to the line of credit, the bank is protected if the customer doesn’t pay.
Sounds great for the bank, but what’s in it for the customer?
From a consumer standpoint, a secured credit card may be worth it if you can’t get credit anywhere else. Paying your bill on time each month will allow you to improve your credit history, and many (but not all) secured cards can be converted to regular revolving credit cards after a period of on-time payments.
...News
Gerdau Ameristeel shrinks $950M line of creditThe Associated Press - Dec 23, 2009
Gerdau Ameristeel Corp. said it has replaced a $950 million secured line of credit due next October with a new smaller $650 million line of credit that Gerdau Ameristeel announces credit arrangementsGerdau Ameristeel Reveals New $650 Mln Credit Facility And $300 Mln Debt City proposing 5-year tax break for Gerdau Ameristeelall 76 news articles »Red, White, and Blue Press (blog) - Dec 26, 2009
Those looking for a line of credit do not always consider secured credit cards, but they can be of assistance especially during the holiday season. and more »Red, White, and Blue Press (blog) - Dec 24, 2009
A secured credit card is an excellent way for someone with a low credit score to either get a line of credit or help repair their credit. Low Credit Score, Repair Bad Credit With A Secured Credit Cardall 6 news articles »Bizjournals.com - Dec 23, 2009
Coinciding with the closing, the Georgia Gulf (NYSE: GGC) said it has entered into a new senior secured asset-based revolving line of credit. Georgia Gulf announces closing of debt offeringall 70 news articles »BusinessWeek - Dec 23, 2009
Oil and natural gas distributor Martin Midstream Partners LP said on Tuesday that it has amended and extended a secured line of credit that had been set to and more »PR Web (press release) - Dec 30, 2009
dollars to Bank A on their first mortgage, and $100,00.00 dollars to Bank B on their second mortgage and/or equity line of credit also known as a HELOC. and more »
Boston Globe - Dec 28, 2009
The credit line, first disclosed by the Globe last year, was secured by a third mortgage on DiMasi's North End condo. Although DiMasi had already allegedly and more »