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| *Loan,banking and credit>>>credit line |
Is it easier to get a Loan or a Line of Credit? |
I'm not too sure of my credit rating, but I don't think it's bad. A single loan for a specific dollar amount for a specific time period for a specific stated use is easier. The line of credit is an agreement for an open ended period to allow many uses of the money loaned for unspecified uses. This requires more risk on the part of the lender so they have to be more convinced of your ability and willingness to repay. BTW, you did not ask, but if you do not know your credit rating, check it. There can easily be errors on a credit report. Many times these can be corrected, resulting in an improvement in one's credit rating and a lower rate of interest as well as reduced costs of a loan, and perhaps a higher amount of loan that the lender is willing to grant to you. It is now free to get copies of one's credit report from each of the three major credit repeorting bureaus one time each year. The sites below are the three main bureaus. You do not need to pay anything for the basic report. If you want your FICO score there is a small fee usually about $12.95 for each bureau. The three bureaus do not have exactly the same information. This number gives you a reference for how good your credit is seen to be by lenders, employers, insurers and many others. There is no benefit to paying for the "combined" credit repeorts, in fact there is reason not to order those. If you order the combined report and find an error, you will not have the detail that you need to persue correcting the problem, then you will have to pay more to get the direct report that you could have gotten to begin with. Source(s): www.transunion.com www.experian.com www.equifaxdirect.com probably the credit a loan i think you can get a free credit report (with credit rating) at freecreditreport.com - might help you decide once you see your score. i think it's easier to get a line of credit; though it's easy to get a loan if you have a co-signer. line of credit usually for home & brick & mortar business owners. so,offhand,i'd say a loan is easiest. P>S> Ajam's credit report idea is good;but a truely Free credit report is: http://www.annualcreditreport.com... this is the fed mandated free yearly report if you use those guys in her post,you'll be loaded down w/ e & snail mail offers for a while... http://www.clarkehoward.com free-consumer advocate |
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