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Personal Line of Credit
Posted on 9/25/12 at 10:04 pm
Posted on 9/25/12 at 10:04 pm
Just got approved for a personal line of credit...they tell me its linked into my checking account and the money will be there in 4 days. My question is...how can they tell when I use a debit card if I am using my own money, or the line of credit fund?
4
Posted on 9/25/12 at 10:26 pm to Coach Guidry
You sure it wasn't a personal loan?
Posted on 9/25/12 at 11:09 pm to Coach Guidry
It sounds like they've created a line of credit that will serve as overdraft protection for your checking account, ie: your checking balance is $100, you buy something for $150 so you just drew $50 from your line of credit.
Posted on 9/26/12 at 9:23 am to Coach Guidry
We used to have one that was secured by a second mortgage on our house. It was set up as a separate account and we had checks (no debit card) specifically for that account. It was linked to our checking account online. So, we could transfer the money out of the line of credit into our checking account if we wanted to use the money. It was through Capital One. I would pay the money back also by transferring the money from our checking out back into the line of credit loan.
Posted on 9/26/12 at 11:02 am to Coach Guidry
quote:
Just got approved for a personal line of credit...they tell me its linked into my checking account and the money will be there in 4 days. My question is...how can they tell when I use a debit card if I am using my own money, or the line of credit fund?
on mines, its over draft protection on my checking account but i also have another credit card that charges the line of credit account directly as well.
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