Using A Line Of Credit

Before I did what I did, I realized that by not using the line of credit, not only will I loose interest paid on my savings, I would also not be able to take advantage of any potential write-off's. Absolutely, no gain. However, using the credit means monthly payments to my already stretched budget. I'm curious though what the majority would have done in this situation if both resources are available.

It is the same as if you borrowed on your HELOC to put into savings. If you make more in savings than the interest rate on the HELOC it is a good idea.

2008-03-05 23:15:19 by Navigator

This is a five part video series explaining different options for how to pay for senior living and assisted living. This is the second video and ...

I am going back to college and want a line of credit, using my business as collateral, the problem is my credit is not good due to some bad business deals. Is there a lending institution that could help. I have two other people who have good credit and are willing to cosign. Also have paid for house I could use as collateral.

I would never co-sign for a person with bad credit. Credit is the ability to go into debt. Credit is a good thing. Using it is not.

If you elect to used credit, thereby going into debt, you need to pay that debt. How can you expect someone else to lend you money if you haven't made good on previous obligations?

2007-01-04 08:31:04 by angelone46

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I'm trying to decide whether to take an open variable mortgage versus a credit line. Is there any difference? I live in Ontario, Canada

In Canada mortgage interest is not tax deductable, unless you're doing the smith maneuver.

Will a bank give you a line of credit to cover your mortgage or are you referring to a product like manulife one? The rates on the line of credit tend to be higher than on the variable rate mortgage.

2008-01-15 15:56:02 by Roland F

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I have only one negitive on my credit report, 90 day late payment on a student loan from 2003. The loan has been payed in full for over a year now. But, I am unable to get a line of credit to consolidate my debt which is minimal. What options are out there? I am currently on a waiting list for housing and my number should be up in a year and a half. I need to get rid of my credit cards and put together the down payment for my place in this time. Any suddgestions?

to start the process of buying a house this is what I did:
To boost your credit score:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.

www.equifax.com
www.experian.com
www.transunion.com

Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.

Then make sure you pay all your revolving accounts to below 50% of your credit limits.

Make sure that you make all your payments no more than 20 days from the date it is due.


Good Luck!

2007-05-01 20:40:19 by d m

a friend of mine told me that i could ask a bank to release my credit line money as cash to my checking account. i think the rate is like 7%. in this case wouldnt be smart to pay off my credit card debt which is at 19% with my credit line money? any hidden traps here?

1. Check for any extra fees or annual charges the bank may impose. 2. If I understand what you want to do you are replacing an unsecured loan, albeit at a lower rate, with a loan backed by your house, 3. The real trap is that you probably will continue to use the cards thereby running up a new balance while still having the original loan due.

2009-05-23 12:47:45 by Selatson M