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CAN ANYBODY TELL ME

Discussion in 'Credit Talk' started by TASHA, Mar 30, 2001.

  1. Mar 30, 2001 #1
    TASHA

    TASHA Guest

    Can Anybody Tell me what A secured line of Credit Is. Not a secured credit Card I know What that is??
     
  3. Mar 30, 2001 #2
    Dustin

    Dustin Well-Known Member

    Secured line of credit is where you take out a loan with your savings or CD as collateral. Just like a secured credit card, but you get a regular installment loan, with cash in hand.

    Dustin
     
  4. Mar 30, 2001 #3
    Erica

    Erica Well-Known Member

    I believe that a secured line of credit is like this:

    YOU: deposit $2000 in a CD
    Bank: obtain a line of credit using the CD as collateral.
    Should you default on the loan payment, the CD is subject to reposession.

    This also works for cars and the like.

    Erica
     

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