Comments on: What is the difference between a credit card and personal line of credit? http://thecreditsolutionstore.com/credit-cards/what-is-the-difference-between-a-credit-card-and-personal-line-of-credit/ Information, Advice, and News for Personal Credit Related Issues Thu, 26 Apr 2012 05:59:04 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Clix http://thecreditsolutionstore.com/credit-cards/what-is-the-difference-between-a-credit-card-and-personal-line-of-credit/comment-page-1/#comment-271 Clix Thu, 06 Aug 2009 16:34:03 +0000 http://thecreditsolutionstore.com/?p=173#comment-271 I have found a button on the source. It leads to a site that does not turn anyone down for a credit card and no credit checks. The site is great for other resources. I have found a button on the source. It leads to a site that does not turn anyone down for a credit card and no credit checks. The site is great for other resources.

]]> By: marlene1209 http://thecreditsolutionstore.com/credit-cards/what-is-the-difference-between-a-credit-card-and-personal-line-of-credit/comment-page-1/#comment-270 marlene1209 Wed, 05 Aug 2009 04:11:33 +0000 http://thecreditsolutionstore.com/?p=173#comment-270 OKAY, the difference between a credit card and a line of credit is very simple. The interest rate. Think of it this way, a credit card interest rate has two types of rates. One is a regular rate and APY(Annual Percentage Yield) and the other is and advanced rate, which is usually high and can get you in a lot of trouble. If you went into the bank and got an advance on a credit card your rate might be as high as 23% verses the 14% purchase rate you have. A line of credit might not have a great rate either, but at least it does not charge you an advance rate fee. OKAY, the difference between a credit card and a line of credit is very simple. The interest rate. Think of it this way, a credit card interest rate has two types of rates. One is a regular rate and APY(Annual Percentage Yield) and the other is and advanced rate, which is usually high and can get you in a lot of trouble. If you went into the bank and got an advance on a credit card your rate might be as high as 23% verses the 14% purchase rate you have.

A line of credit might not have a great rate either, but at least it does not charge you an advance rate fee.

]]> By: krollohare2 http://thecreditsolutionstore.com/credit-cards/what-is-the-difference-between-a-credit-card-and-personal-line-of-credit/comment-page-1/#comment-269 krollohare2 Sun, 02 Aug 2009 19:34:18 +0000 http://thecreditsolutionstore.com/?p=173#comment-269 A secured credit card means they hold onto some money as a deposit against your card. An unsecured credit card is one where you sign for the money you owe. Both the secured and unsecured are what they call a revolving credit account where money is paid out to merchants everytime you charge and you make a payment, part, some, all or nothing each month. Whatever payment you make goes first to interest and then towards your balance. A personal line of credit could be a one-time personal loan without a plastic charge plate. You make a set payment every month that includes principal and interest. A secured credit card means they hold onto some money as a deposit against your card.

An unsecured credit card is one where you sign for the money you owe. Both the secured and unsecured are what they call a revolving credit account where money is paid out to merchants everytime you charge and you make a payment, part, some, all or nothing each month. Whatever payment you make goes first to interest and then towards your balance.

A personal line of credit could be a one-time personal loan without a plastic charge plate. You make a set payment every month that includes principal and interest.

]]> By: jrzeegrl71 http://thecreditsolutionstore.com/credit-cards/what-is-the-difference-between-a-credit-card-and-personal-line-of-credit/comment-page-1/#comment-268 jrzeegrl71 Thu, 30 Jul 2009 15:48:03 +0000 http://thecreditsolutionstore.com/?p=173#comment-268 Your best bet is to actually ask Wells Fargo. Being a Banking industry vet, I can assume that what Wells Fargo terms a "personal line of credit" is actually an unsecured credit card. You may not have enough credit or a low credit score, so they have offered you a secured credit card, i.e. one backed by some collateral (your $300) and most likely a higher rate of interest. Hopefully after some time with responsible usage and on-time payments, they will reconsider. Your best bet is to actually ask Wells Fargo.

Being a Banking industry vet, I can assume that what Wells Fargo terms a “personal line of credit” is actually an unsecured credit card.

You may not have enough credit or a low credit score, so they have offered you a secured credit card, i.e. one backed by some collateral (your $300) and most likely a higher rate of interest.

Hopefully after some time with responsible usage and on-time payments, they will reconsider.

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