Posted: Fri Apr 09, 2004 3:07 am Post subject: Revolving Credit
Revolving Credit is a credit agreement that allows a customer, to borrow against a pre-approved credit line when purchasing goods and services, for example a credit card. The borrower is billed for the principal (borrowed amount) plus any interest due.
For example, Mike owns a credit card; he purchased shoes of $100 through the credit card. Later he will be charged the actual amount i.e. $100 and the interest on it (if any).
A home equity line of credit (HELOC) is a revolving credit, so you can borrow more than once by keeping the line of credit within the actual loan amount. This will help you to finance your home repair work easily. Moreover, interest on mortgage and home equity products being tax deductible unlike a personal loan, you can save up to a certain limit by using a revolving credit line.
Thanks,
Jerry
Marina Guest
Posted: Thu Dec 22, 2005 3:27 am Post subject:
I am almost set to take a home equity line of credit, is it possible to take a HELOC without revolving credit?
Posted: Thu Dec 22, 2005 3:33 am Post subject: RE:
Hi,
According to me getting a home equity line of credit with a restriction on how much you are allowed to spend is pretty difficult. But there are different programs that may help you out.
Sam
