2007-12-17 10:36:22 · 3 answers · asked by jerigail1230 2 in Business & Finance ➔ Personal Finance
a line of credit is when a lending institution such as a bank will allow you to write checks up to a certain limit and the bank will cover it -- myself i have two -- it is base on your credit and ability to pay the credit back -- to apply for one go talk to your banker --- there is no fee until you use the money!!!!
2007-12-21 00:45:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A line of credit is the credit limit when you get a credit card or take out some kind of a loan (e.g. mortgage, student loan, vacation loan, etc.). The more credit cards or other debts you have the longer your credit line is, and the more complicated your financial situation becomes.
2007-12-17 10:44:55 · answer #2 · answered by Richard B 7 · 0⤊ 0⤋
http://www.investorwords.com/2830/line_of_credit.html
An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period. also called credit line.
It is just a loan that you can usually withdraw from many times, repay and take a loan out again. Anybody can apply.
2007-12-17 10:44:31 · answer #3 · answered by wearecara 2 · 0⤊ 0⤋