Comments on: Using a Line of Credit as Emergency Cash http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/ Investing and Personal Finance Sat, 11 Feb 2012 17:11:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Reasons Why Your HELOC Can Be Your Emergency Fund http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/comment-page-1/#comment-4038 Reasons Why Your HELOC Can Be Your Emergency Fund Tue, 26 Feb 2008 10:04:30 +0000 http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/#comment-4038 [...] other posts on this topic: Mr. Cheap is a fan of line of credits The Financial Blogger says that cash emergency funds are wasteful. The [...] [...] other posts on this topic: Mr. Cheap is a fan of line of credits The Financial Blogger says that cash emergency funds are wasteful. The [...]

]]> By: <![CDATA[Mr. Cheap]]> http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/comment-page-1/#comment-1359 Mon, 11 Jun 2007 14:49:21 +0000 http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/#comment-1359 No, I wasn't applying for a LOC, I was just looking at what the various banks offer to their customers and the rates are REALLY high. Maybe if you go in in person and have a good credit rating and ask for a reduction, maybe they'll give it to you, I don't know... No, I wasn’t applying for a LOC, I was just looking at what the various banks offer to their customers and the rates are REALLY high. Maybe if you go in in person and have a good credit rating and ask for a reduction, maybe they’ll give it to you, I don’t know…

]]> By: <![CDATA[telly]]> http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/comment-page-1/#comment-1358 Mon, 11 Jun 2007 14:44:06 +0000 http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/#comment-1358 I believe the problem is that, while your credit rating may be great in Canada, it has no bearing on your rating in the US. If you've never banked in the US you have no credit history. I believe the problem is that, while your credit rating may be great in Canada, it has no bearing on your rating in the US. If you’ve never banked in the US you have no credit history.

]]> By: <![CDATA[Mr. Cheap]]> http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/comment-page-1/#comment-1357 Sat, 09 Jun 2007 16:46:44 +0000 http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/#comment-1357 I've surfed around and it DOES look really hard to find an unsecured LOC with a reasonable rate in the US... Anyone else have any ideas what this is about? I’ve surfed around and it DOES look really hard to find an unsecured LOC with a reasonable rate in the US… Anyone else have any ideas what this is about?

]]> By: <![CDATA[Quietrose]]> http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/comment-page-1/#comment-1356 Sat, 09 Jun 2007 16:27:10 +0000 http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/#comment-1356 I have been actively looking into getting an unsecured LOC in the States. I have a great (if I do say so myself!) credit rating, but so far, two big banks have quoted me interest rates at around 17% (like that of a credit card) and one bank had an annual fee starting in the second year if the LOC was not used. Does anyone know how to get a lower interest rate with preferably no annual fee here in the US? Any advice would be appreciated! I have been actively looking into getting an unsecured LOC in the States. I have a great (if I do say so myself!) credit rating, but so far, two big banks have quoted me interest rates at around 17% (like that of a credit card) and one bank had an annual fee starting in the second year if the LOC was not used. Does anyone know how to get a lower interest rate with preferably no annual fee here in the US? Any advice would be appreciated!

]]> By: <![CDATA[FourPillars]]> http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/comment-page-1/#comment-1355 Sat, 09 Jun 2007 15:25:15 +0000 http://www.moneysmartsblog.com/using-a-line-of-credit-as-emergency-cash/#comment-1355 I couldn't agree more. The cash emergency fund might make more sense if you are older but for a young 'un such as yourself, the LOC is the better way to go. You can also tailer it to your situation - if you think there is a reasonable chance of unemployment coming up in the near future then having some extra cash on hand might make the most sense. But that's not really an "emergency" is it? More like normal common sense planning. I couldn’t agree more. The cash emergency fund might make more sense if you are older but for a young ‘un such as yourself, the LOC is the better way to go.

You can also tailer it to your situation – if you think there is a reasonable chance of unemployment coming up in the near future then having some extra cash on hand might make the most sense. But that’s not really an “emergency” is it? More like normal common sense planning.

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