i just took out a revolving line of credit at beneficial and i had two choices of setting it up. what i think was a consumer finance loan, or a loc. i opted loc for a couple of reasons.
1. only limit borrowed (cl) reports to the cra's, not the entire amount including intrest.
2. it stays open for 15 years. if it was a loan, once paid the account would close.
this helps my debt to income and it works like a credit card, but with a check book. if i use it as i pay it down i still have it, so no hards to get more cash.
the rep said it would report like a credit card, so we'll see.
