topic Re: Total Line of Credit; not a Heloc (?) in Personal Finance

Total Line of Credit; not a Heloc (?)

GApeachy — Wed, 29 May 2019 09:04:07 GMT

I always thought we had a HELOC. (8yrs now) But while showing my banker a problem with the new app* on my phone she noticed I had titled one of my accts. as HELOC. *this glitch happened last year. Anyway, she said I have a TLOC and they don't do those anymore. She also mentioned that if/when int. rates go up anymore I should consider refinancing as an Installment Loan. My banker even wrote it down on my paper "TLOC".

So I see you guys on here talking about clocs, locs but I never see tloc. I can't find it on google. Not the "T" part without it reverting to LOC's and Heloc's. Except this: The fee is usually a percentage of the total transferred. (Is this the "T" in TLOC?)

Re: Total Line of Credit; not a Heloc (?)

CreditInspired — Wed, 29 May 2019 10:15:55 GMT

I did a quick Google search and found

two things:

1. True Line of Credit at Credit Union of Georgia. Is this a possibility?

2. Your post where you say it’s a True Line of Credit. So the “T” does stand for “True”

https://ficoforums.myfico.com/t5/Mortgage-Loans/Bank-not-updating-balance-just-pymts-on-all-CB-s/td-p/5553360

Re: Total Line of Credit; not a Heloc (?)

GApeachy — Wed, 29 May 2019 10:38:52 GMT

@CreditInspired wrote:
I did a quick Google search and found
two things:

1. True Line of Credit at Credit Union of Georgia. Is this a possibility?

2. Your post where you say it’s a True Line of Credit. So the “T” does stand for “True”
https://ficoforums.myfico.com/t5/Mortgage-Loans/Bank-not-updating-balance-just-pymts-on-all-CB-s/td-p/5553360

Maybe that's what she said "True" and not "Total"....dang you're good. My memory not so much I guess. But still, she said they don't do TLOC's

anymore and I can't figure it out. I'm wondering if what we have is a good thing or a bad thing. I'm just leary of a $700/month pymt. versus paying the interest only during a tight month which is around $280 to $320 depending on how many days in the month and all that other mumbo jumbo. So do you know the difference between a True line vs. all the other loc's?

Re: Total Line of Credit; not a Heloc (?)

GApeachy — Wed, 29 May 2019 23:50:47 GMT

@CreditInspired wrote:
1. True Line of Credit at Credit Union of Georgia. Is this a possibility?

Edit: no but I found paperwork calling it a Total Line of Credit. I'm looking for the original with the terms. Thanks again

Re: Total Line of Credit; not a Heloc (?)

CreditInspired — Wed, 29 May 2019 11:12:13 GMT

@GApeachy wrote:
@CreditInspired wrote:
I did a quick Google search and found
two things:

1. True Line of Credit at Credit Union of Georgia. Is this a possibility?

2. Your post where you say it’s a True Line of Credit. So the “T” does stand for “True”
https://ficoforums.myfico.com/t5/Mortgage-Loans/Bank-not-updating-balance-just-pymts-on-all-CB-s/td-p/5553360
Maybe that's what she said "True" and not "Total"....dang you're good. My memory not so much I guess. But still, she said they don't do TLOC's
anymore and I can't figure it out. I'm wondering if what we have is a good thing or a bad thing. I'm just leary of a $700/month pymt. versus paying the interest only during a tight month which is around $280 to $320 depending on how many days in the month and all that other mumbo jumbo. So do you know the difference between a True line vs. all the other loc's?

All lines of credit have the same concept. It is a preset amount of money that a bank loans where you can draw from when you need it up to the maximum amount. You pay interest on the amount you borrow. So, it’s not the name of the line of credit that’s of importance, it’s the terms of your specific LOC. Look at your paperwork and see what terms your bank gave you for the LOC: max loan amount, interest, and term (yrs).

Re: Total Line of Credit; not a Heloc (?)

GApeachy — Wed, 29 May 2019 11:18:04 GMT

@CreditInspired wrote:
All lines of credit have the same concept. It is a preset amount of money that a bank loans where you can draw from when you need it up to the maximum amount. You pay interest on the amount you borrow. So, it’s not the name of the line of credit that’s of importance, it’s the terms of your specific LOC. Look at your paperwork and see what terms your bank gave you for the LOC: max loan amount, interest, and term (yrs).

Okay, Idk what she's talking about then. What I have seems typical of what I've read. I'll give it a rest. Thank you so much for responding

Re: Total Line of Credit; not a Heloc (?)

outofcredit — Wed, 29 May 2019 18:37:06 GMT

Maybe it's just me, but the first thing I thought about (probably due to having Penfed checking accounts) is their Thrifty Line of Credit which they now just call a checking "line of credit."

edit: A google search of "Synovus Bank TLOC" brings up their product called "Total Line of Credit" which apparently allows interest only payments.

Re: Total Line of Credit; not a Heloc (?)

GApeachy — Fri, 31 May 2019 11:16:16 GMT

@outofcredit wrote:

edit: A google search of "Synovus Bank TLOC" brings up their product called "Total Line of Credit" which apparently allows interest only payments.

Yep, you're right...thanks. "Total" (found some paperwork) and it's only for 10yrs.(I better get crackin) funny tho' .....it's listed as a HELOC on all of my credit reports so at least I'm not alone in the confusion.

Re: Total Line of Credit; not a Heloc (?)

GApeachy — Fri, 31 May 2019 11:32:40 GMT

@CreditInspired wrote:
All lines of credit have the same concept.
Look at your paperwork and see what terms your bank gave you for the LOC: max loan amount, interest, and term (yrs).

Thank you, I found something, not the original but I'm still looking. Appreciate your patience