What is better - a personal line of credit or a credit card? NOT THAT I'M THINKING OF APPLYING FOR EITHER - a friend (cough) wants to know
You have no business asking for your "friend" telll him or her to post it themselves. Or is it really for you and you know you are on application punishment for a while. Thought I forgot huh, Go back to your room and do not come out until you reports a squeak squeaky clean. Shame on you using your "friend." (LOL) Seriously Mark I have no idea, but here is a bump for you.
also - friend wants to know; does Fico "like" personal lines of credit in the mix - or does it count as another cc?
Shame Shame Shame on you!! You are thinking of applying however the question you just ask is a good one that I was wondering myself. So board why don't we just answer that question for MarkLA and nothing else. He knows he is on application punishment.
LMAO I don't think my 9 month pregnant lady who is due on the 21st would be so happy with that. But I will still think about it. Depends on your credit history and FICO scores
I have a loc that is reported as revolving, which it is. It reports with a credit limit, balance etc just like a cc, so I assume it is calculated just like a cc.
A credit card is far more convenient than an LOC. The LOC may have check writing charges or fees typically associated with cash advances. However, the APR on an LOC may be lower than the cash advance rate on a credit card. You would have to compare specific cards to specific LOCs to determine which is the better deal. Generally, the minimum payments on a LOC are going to be higher than on a credit card but credit cards may offer a smaller line of credit for cash than LOCs. You just have to shop around to find the deal that best meets your needs.
This statement does not apply to MarkLA. So don't thing because someone said you should shop around it means, apply to a couple and see what you get or who gives you the best. For you it simply means look, but don't touch, if you touch, you cannot taste and if you taste it. YOU WILL NOT ENJOY IT. Why? Because you know you are not supposed to be applying for anything. Daveberk, thanks for the answer.
For reporting purposes, I've seen most locs showing up as revolving.. which means the extra credit there but not used will dramatically help your revolving ratios (those being one of THE most imp driver of score)... so an unused loc reporting as revolving can really help your score... However, if you want to use it fully.. then if you can get an installment consolidation loan or other installment loan you'd be better off from a fico perspective... financially.. you'd just have to shop to see which is better in terms of cost... I've seen people get credit consolidation loans... personal loans etc as installments just as easily as locs... and if it's going to be maxed... it can actually be cheaper to do the installment route and take it all out at once since locs also have fees normally associated with the checks... but again... shop around
Okay just make sure it isn't your credit score they use to get it. You might need it to finance my engagement ring. I prefer Tiffany's fancy intense yellow 5 carats. (lol) This is the ring my lady wants and guess what her name is Tiffany.
