Think you’ve got it bad with the fees your credit card charges you? Well try this: $247 up-front, for a $300 credit line… And that’s not the worst of it!
Question by J.: Can someone explain “Premier Lines of Credit” and “Personal Loans” to me, please?
I have never taken out a loan, and have had one credit card for the last three years, so I am a complete novice when it comes to all these bank terms. For what it’s worth, I bank with USBank.
Anyways, I need a new computer, for which I don’t have the funds. I looked around on the USBank website, and found two options that looked interesting: Personal Loan, and Premier Line if Credit.
About the loan: How does that work? Does the money go into one of my accounts (I have checking, savings, and a Visa with them)? Or is it managed like an account of it’s own?
About the credit line: Is it really hard to get approved? Should I just apply for another credit card?
I know I should just go to my bank and ask, but I would like to get to know more first, and see if anyone has any experiences they can share. Thank you!
Best answer:
Answer by bad yellow b!tch
Well your best bet, depending on your credit score would be to go to the bank and request a personal loan. When they ask how much, tell them how much you want your computer to be. They are gonna wanna know what you want the money for too.
With a personal loan, they would either write you a check or deposit the money in your bank account, but the loan itself would have a different account number and you would have monthly payments with an interest rate. Once that is paid off, you are done.
I believe a Premier line of credit is something that they give you with a credit limit and you make monthly payments, but it’s a revolving line so you keep using it over and over.
Depending on where you want your computer from, you can possibly skip this entire process and finance through the computer place. For example Dell offers their own financing and you would just pay them like you pay your credit card bill. Once a month. However, if you got a loan thru US Bank, I’m sure the interest rate would be a lot lower.
You could also consider opening another credit card with US bank and buying it that way, but you would have to look at the rate and see where you would get the better deal.
Good luck
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my personal credit score was used to obtain the corporation’s buz credit cards. i am worried that if the ceo doesn’t pay the bills, the banks will contact me for payment and collections. please advise,
note. i never opened with my personal credit only corporation credit. i guess its the same as having a corp credit card when the employee leaves the company.
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I need a personal loan – my credit is alright – it’s not bad and it’s not great – but time is of the essence; or
Is it better to apply for a credit card?
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