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Credit line |
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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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These things require a sizable investment credit lines and credit cards may not offer a sufficient source of funding. Before the housing boom, home-equity credit lines (also known as home-equity lines of credit, or HELOCs) were a cheap, often tax-deductible way for homeowners to renovate their property, pay Go through your credit report again and try to figure out if any of your credit lines have a high limit of $3,000. |
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