Credit Cards vs Lines of Credit vs Personal Loans - What's the Difference? Pros and Cons Discussed
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- Опубліковано 5 лип 2023
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#creditcards #personalloan #loans - Навчання та стиль
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I just got another LOC at the same time I got my wife a new car. It was a regional CU that allowed you to double dip. Easy $10k line. I’ve been in the game enough the number of cards I want is fewer and having these LOC’s is beneficial to ensuring you always have cash.
Thanks Adam. The fundamentals of financial IQ.
I got a loan from my Chase Freedom Flex. Limit is $16,900 and took out 13k. Interest rate is 8.99% and I'm happy they offer this now. So much simpler than a line of credit with no extra hassle. Score dropped about 20 points because of utilization but still in a healthy range. Great video!
Great content as always, thanks Adam!!!
Another educational video. Thank you!
Thanks for sharing ❤
Gracias por la info! Great video
I get loans against my own money which is in a savings account.
The loan is at only 3.5 percent
My savings is at 5
Then put my loan in another savings account and different bank cause same bank won’t do it.
But another 5 percent interest on that
So I’m making money on my loan
I use the interest to pay it back .
I use my credit cards with cash back and also use my interest to pay them .
The hard part is getting an account and loan with those interest rates
Can you explain more how this works?
thank to information
Amazing
I got approved for a PLOC with a low score in the 600s. Made horrible mistakes and Im still paying the price, but I wised up - opened a line of credit at a local credit union in my area, I "drew" half of it to float me until payday in a few weeks. Had I known lines of credit were better than a personal loan I would of never even taken a single loan out. Using my LOC to pay off debt and to help me make bigger payments on CCs so I don't keep having to max payments and having to see maxed out cards. I personally never and still don't like CCs, but I get it, sometimes life gets in the way. I prefer to use CCs for small stuff, like gas, or ordering food. Keeping it reasonable. Thanks for the info!
>You should get in additional gig Adam as a game show host. "Up-to thirty *thousand* dollars". All jokes aside good points as usual.
>There are a few (mainly credit unions as far as I knew) that like you say give you no cash advance fees though watch out for no grace period on those. If you find one that has a grace period and no cash advance fee (both of them) let me know as they are rare to have them both in the same card.
>With a decent amount of issuers you can ask and get 0% on an existing account on new purchases on an existing card. Though beware if your income drops of the ramifications.
Hi Adam, question, do you know if line of credit count towards chase 5/24? Thanks
Good
Just got notice Wells Fargo is converting my Propel to the Autograph. Someone mentioned it on one of your videos a while back and I thought it was bs because the rewards are the same but it turns out I'm just late to the party.
They allowed me to convert my Active Cash to Autograph, which I did because the only thing I charge to that card is my cell phone bill, and the switch increases my cash back from 2% to 3%. I also noticed that the Autograph is a metal card, and has no foreign transaction fee.
700 score even though I screwed myself at 18 woth 7k in debt but I’m paying it off quickly I had like 10 cards and now I only have 2 cards and they =4k at age 20 and those are from state employees credit union and local government federal credit union of NC
What is it called when you apply to get, for instance, an appliance and the store finances the purchase with a bank like BofA, Wells Fargo etc.?
I would love to know that too.
Installment loan
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Forgot to explain credit cards with transfer balance wich could save u some interest for a period of time
There are separate videos on them on this channel.
Let's say if I use money from my line of credit and pay it back the exact same day will I have to pay interest
Yes the moment you use the money . .
No bc interest in accured daily. If you are returning the same day then no interest
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Confused still on paying debt with debt
me too, also credit general is because im sue to paying everything basically in cash and paying in full because i don't get it unless i can afford it.
This a line of credit the same thing as an overdraft facility?
Ya, kind of.
I’m out of the game.
Why? It's fun.
@@oleopathic there aint no game left in me
Don't hate the game, hate the player.
@@jun.oshima fake news