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I have two Personal Lines of Credit. One from Wells Fargo, 10k, and the other from Pen Fed 20k.
the Pen Fed is just under 11% and wells is similar.
I think the purpose of LOC is when you need it, use it, but pay it back. From my history, they don't like it when you carry a balance.
Again, use, pay, don't use for a few months, then use, pay and repeat.
The interest is very small when using it for a few thousand and then pay back in a week or two.
My partner has a $16,200 Line of Credit With Wells Fargo that just past 1 year, I know because I saw the $25 AF post on Mint and he has NEVER used it.
He also opened a NavCheck with Navy for $15k a few months back that we have not used as of today.
Depends on bank and if you bank with them and rather I think you can have it sit open and never use and have it not close... I use to have a line of credit through a Credit Union for $15k but it was only open to draw from for 1 year then at that point in time was "locked" and was a 5 year repay of what ever the balance was... If you were not using all $15k or if you didn't have that much to begin but wanted to go up to $15k or see about opening up for more draw as you paid down you had to reapply otherwise it just stayed locked until paid off.
of course you can.
depending if the interest is good for you or not though. i believe its 12% on 10k-20k at my bank. of course you wouldnt need too use it all.
are you buying used or new? the dealerships may have a lower rate.
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@Bay_Area_Joe wrote:I have two Personal Lines of Credit. One from Wells Fargo, 10k, and the other from Pen Fed 20k.
the Pen Fed is just under 11% and wells is similar.
I think the purpose of LOC is when you need it, use it, but pay it back. From my history, they don't like it when you carry a balance.
Again, use, pay, don't use for a few months, then use, pay and repeat.
The interest is very small when using it for a few thousand and then pay back in a week or two.
Why don't they like it when you carry a balance? I'm thinking of getting one.
@Bsong wrote:
Just curious... Thinking about buying a motorcycle and doing it this way. Unless the rates are ridiculous!
I've had a LOC on my house for years and I've yet to use it or need it (knock-on-wood).