Line Of Credit Term

The banking industry term "line of credit" makes my blood boil for some reason. First, it is an ambigious terms that can refer to any number of things, but mostly relates to home collatoral loans, why not just call it that?! Most people have no idea what it means for good reasons, but the banking industry insists on stuffing the term down our throats via commercials and advertising.

The term "Line of Credit" is used to refer to a lot of things. I work at a Credit Card company and the term "Line of Credit" and "Credit Limit" and "Credit Line" are all interchangeable. There are a lot of terms that the banking industry use that are ambiguous and not direct. "Finance Charges" should just be called "Interest", "Pre-Approved", and "Pre-Selected" mean different things but yet both are meaningless, and they should both be abolished, and never used again. The list could go on forever. The banking industry is far from perfect and never will be...

2007-03-29 12:59:11 by AmericanPsycho

A revolving line of credit is money from a credit card, loan or second mortgage that is available for use to the borrower. Avoid using credit ...

I was thinking about putting in $100,000+ in the bank and earn interest annually and ask for a line of credit of $200K or more for real estate investment. What exactly term do I ask or they are the one who makes the offer?

Thanks!

(said in an Arnold Schwarzenegger voice) " Your money, give it to me NOW"

2007-08-10 08:05:28 by Magnix2k

Price: $9.95 $9.95

Can that line of credit term change if the property depreciates?

It depends on the amount of your credit line, but it never hurts to have some emergency money in savings or a money-market account also. Also, the prime rate is now 8.25% and most home equity lines of credit are in the 9.15-9.5% (very high rate).

If you have already been granted a line of credit, that amt will stay the same. It's only when you request an increase in your credit line, that they might require a re-appraisal of your home.

2006-08-24 13:14:47 by Paul M

Price: $9.95 $9.95

I need to know what should I do to establish referral relationship with banks and whom should I talk at banks. Right now I am trying to call their toll free numbers and do not get any response.

I owned a company that funded small businesses, micro-businesses, and mezzanine corporations. I searched for information on how you can start. Information is limited. I wonder why it is such a well kept secret. Possibly because there is lots of money to made financing business, but there also is a lot of risk. The only info is
http://www.businesslenders.com/why_histo ry.htm
My advice is, unless you have unlimited financial resources, start small with micro-loans. They are easy to do and their is tremendous funding out there for companies and organizations to give consumers. Grants are available through the government for the micro-loans but only to organizations who give the loans. Banks also offer money as well as foundations.

If you have any questions contact me. I will assist you and if I do not have all the answers I will try to get them

2007-01-07 09:40:22 by Hemant

Lines of Credit are typically considered Short Term liabilities. Same as a credit card.

2007-06-14 07:35:43 by naive