Comments on: Personal Line of Credit vs Credit Card

By: andrea

andrea — Fri, 06 Jan 2012 18:43:24 +0000

@curtis davis — touche

By: TFB

TFB — Tue, 20 Dec 2011 00:41:16 +0000

@NadineParkes – Because a line of credit is usually harder to get and you would have to pay interest if you draw from the credit line, I think a secured credit card is better. You will build credit history when you use the card and you always pay it back in full, on time.

By: NadineParkes

NadineParkes — Mon, 19 Dec 2011 23:43:34 +0000

I have good credit score but poor credit history. Is it better for me to apply for a line of credit or a secured credit card. Which is better? and which will look better on my credit score. I was just denied a loan because of poor credit history, although the three credit companied scored me to be over 700. I am very new to this credit thing I need all the advise I can get. I only have a macy’s card.

By: curtis davis

curtis davis — Wed, 14 Dec 2011 20:43:13 +0000

a personal line of credit

By: andrea

andrea — Tue, 19 Jul 2011 23:51:18 +0000

This is a wonderful article. I will check the links you provided.

I am from Canada where personal unsecured Lines of Credit are commonplace. I owned a $15,000 Lines of Credit at a large Canadian bank. The money was meant for emergency use only. Interest was very low, prime plus 2% and re-payment was 2% of balance.

When I moved to the USA, I was shocked that Personal Lines of Credit were not available at our own bank, but that I could qualify for a $28,000 Credit Card far more easily.

By: Ranjit

Ranjit — Sun, 27 Feb 2011 14:01:04 +0000

Great article. Thanks for the info.
My question is – Is it possible to get a secured line of credit backed by CD or Savings account.?

By: keisha

keisha — Sat, 30 Oct 2010 23:23:15 +0000

To whom it may concern i feel if you have poor credit you should be giving a second chance on your credit i brought a car about 3 yrs ago my husband went to go look at thr truck and i like it but i just found out since he head of the signing that his credit scored is good but mine is still the same pooor and he get all the benifit from me for making my car payment on time i just some could he me build my credit i desevered a second chance of a line of credit thank

By: cameron

cameron — Fri, 09 Oct 2009 18:14:38 +0000

There are much better rates than primes + 8.5

By: Rick

Rick — Mon, 22 Jun 2009 19:20:07 +0000

TFB,

I applied for $1,500 and rec’d an instant (+) answer at Navy Fed for a NAVchek® Line of Credit. I wasn’t considering the benefits you’ve mentioned but wanted the overdraft protection for my checking account. I picked $1,500 because my largest payment each month is my mortgage and if I needed to reallocated those funds elsewhere, I could always make the mortgage payment. (re. Emergency-Proof Your Emergency Fund). – Rick

By: TFB

TFB — Mon, 22 Jun 2009 19:03:20 +0000

I chose an unsecured line over a HELOC because a HELOC will complicate my mortgage refinance in the future. I explained why in a comment to my previous post.