What is an open line of credit?

Answer If you need to make a purchase, an open line of credit allows you to do so and pay for your purchase over time rather than in one lump sum. In addition, you can use your open line of credit to buil... Read More »

Top Q&A For: What is an open line of credit

How do I use an open line of credit to pay off credit cards?

OrganizationFind all of your most recent credit card statements. Organize the statements by the highest interest rate to the lowest. If you must choose which cards to pay off with the line of credi... Read More »

What is Home Equity Credit Line of Credit (HELOC), whst is the advantage and disadvantage of that?

A Home Equity Line of Credit is a line of credit based on the precentage of your home you have already paid for. For Ex. you have a loan for $100,000 and you have paid 30,000 of it off and owe $70... Read More »

How to Merge an Equity Line With a Secured Credit Line?

A home equity line of credit is secured by the equity in a home. For example, if you owe $150,000 on a home and the property value is $200,000 ,you have $50,000 of equity. A secured credit line is ... Read More »

How long do you need an active credit line to achieve a valid credit score?

On One Hand: Just a Few MonthsIf a borrower opens up a trade line and uses it frequently, it should take him just a few months to create a valid credit score. However, it should be noted that the c... Read More »