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Credit line |
Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
Credit line. A credit line, or line of credit, is a revolving credit agreement that allows you to write checks or make cash withdrawals of amounts up to your credit limit. When you use the credit -- sometimes called accessing the line -- you owe interest on the amount you borrow. But when that amount has been repaid you can borrow it again. A home equity line of credit (HELOC) is secured by your home, but other credit lines, such as an overdraft arrangement linked to your checking account, are unsecured. In general, the interest rate on a secured credit line is less than the rate on an unsecured line. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Most businesses maintain an operating credit line on an ongoing basis, and may also hold a term loan at any given time for a specific purpose such as the purchase of a new piece of capital equipment. has closed a $400 million revolving credit line to be provided by a 14-bank syndicate led by Bank of America. The new line of credit is made up of a $25 million reducing revolver line, an uncommitted $15 million increase to the reducing revolver and a $10 million revolving credit line. |
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