Jump to content

Line of credit....what to do?


Recommended Posts

The limit is 9500. I had it before, used it and I came into a lump sum of money and paid what I used. It boosted my credit score, and improved my debt/income ratio.

But now I am like what can I do with it. I know not to close it and these boneheads won't lower the interest rate. Wouldn't it be in their best interest to do that so I would be at least tempted to use it?

Link to comment
Share on other sites

Leave it alone. And don't use it. You seem rather logical and concerned about your credit (you are here, aren't you?), so my suggestion is to do what is obvious and dare not borrow from a home at 24.99 apr. That's absurd.

I'm not a fan of HELOCS at all (your home is not a bank). but if you need the cash for a crucial reason, many HELOCS are below 4.00% right now. So apply for one that isn't geared toward subprime credit.

Link to comment
Share on other sites

But now I am like what can I do with it. I know not to close it and these boneheads won't lower the interest rate.

Do what anybody with common sense should do when presented with a bad offer, decline it, like you have done.

This is still America and a business/bank still has the right to present you with a horrible offer that will make them an obscene amount of money. You have the right to decline it. As long as there is full disclosure of the terms, what can you do? other than decline the offer.

Like you said, their boneheads. However, nothing personal, but you also posted you have used it before. So they might be thinking your going to use it anyway and just trying to get a lower rate. Getting instant cash is just too tempting a lot of times, especially when you need it right then.

Most likely they did not put that much thought into it and that is just the deal their offering.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.