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How Do Personal Lines of Credit Work

July 19, 2021

A personal line of credit can be a big help when you need cash immediately. Think of it as a bridge to accomplishing certain goals, paying unexpected expenses, or keeping personal finances in balance.
 
By definition, a personal line of credit (POC) is an unsecured revolving account with a spending limit that you can borrow money from as you need it. A POC comes with a variable (rather than fixed) interest rate and is designed to be available for a set period. When you choose the amount of your POC, the lender won’t give you a check for the full value. Instead, you can withdraw smaller amounts as needed.

Posted in: credit, personal

How to Build Your Credit Score

July 8, 2021

People are often surprised to learn what their credit score number is — and even more amazed to see how quickly their financial activity can cause it to go up or down. There’s no reason to track your score every day or even every week. Once a year is usually enough, but some experts suggest checking your credit once a month just to make sure you’re doing what you need to keep it “healthy.” And don’t worry, no matter how often you check it, all that peeking will not negatively impact your score.

Posted in: credit, score