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What is the difference between line of credit and revolving credit?
Wiki User
∙ 8y ago
A line of credit is one type of revolving credit, which works similarly to a credit card. Both a line of credit and revolving credit have a set amount available to use, and when you pay down or pay off the amount, the credit is available for you to use again. A line of credit may use collateral to secure the loan, such as a business building, or it may be unsecured or without collateral, such as a credit card.
Wiki User
∙ 8y ago
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What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
What is the difference between credit and revolving credit?
credit is any money loaned to you including cards/installments/mortgages etc and revolving indicates a line of credit or credit card which has a limit available and you can use and pay and reuse where an installment has a specific amount and you pay it off and it closes
What is the meaning of revolving line of credit?
The meaning of a revolving line of credit is a line of credit that is not linked to a certain number of payments. It is the complete opposite of installment credit.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
What is the difference between refinance and line of credit?
There are a few differences between refinancing and a home equity line of credit. One difference is that the interest rate on a refinanced mortgage is generally lower than the interest on a home equity line of credit.
What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
What is the difference between credit and revolving credit?
credit is any money loaned to you including cards/installments/mortgages etc and revolving indicates a line of credit or credit card which has a limit available and you can use and pay and reuse where an installment has a specific amount and you pay it off and it closes
What is the meaning of revolving line of credit?
The meaning of a revolving line of credit is a line of credit that is not linked to a certain number of payments. It is the complete opposite of installment credit.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
What is the difference between refinance and line of credit?
There are a few differences between refinancing and a home equity line of credit. One difference is that the interest rate on a refinanced mortgage is generally lower than the interest on a home equity line of credit.
What is RC loan?
RC loan refers to Revolving Credit Loan. Revolving Credit is a line of credit, which maybe used whenever a company needs funds. Usually, such credit doesn't have fixed number of payments.
What are the difference between line of credit and credit limit?
Answering "http://wiki.answers.com/Q/What_are_the_difference_between_line_of_credit_and_credit_limit"
How does a revolving line of credit work at a bank?
is the hump in the back of the neck hereditary
On credit card what is difference between initial credit line and partial line amount?
According to Citi, the partial line amount is the available cash advance amount, and the credit line is the limit on the account
What is the difference between an open-ended credit account and a revolving account?
Only two types of credit card accounts in consumer credit. This is when a store or company issues a card with credit line say $1000. 1st is revolving credit which is like MBNA, Capital One, MasterCard, Visa, Orchard Bank, etc. Anything can be purchased at any store. A charge account is like Macy's, Foleys, Wal-Mart, etc. only items at that specific store can be purchased. Good Luck.
Where can one get details about an Orange Home Equity loan?
The home equity is a line of credit, a loan, or both. It starts with a home equity line of credit which is a form of revolving credit with a variable interest rate.
Will closing a credit card account after paying off the balance negatively affect your credit score and would it make a difference to try to reopen the account?
if you are habitually late on your monthly payments, your credit is being "ruined" as they say. it's the ability to make your obligation on time every month. closing the account really prevents you from using it and falling into this trap again. there is the issue of your revolving credit accounts total line of credit and the percentage of use between them. Usually you want to stay around 30-40% of total available credit line between all revolving accounts, meaning if all credit cards you have access to have combined spending total of $2000.00 then you want to have about 600-800 in use. fiqure in your original question based on these facts.
