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What is a home equity line of credit?

A home equity line of credit is a form of revolving credit in which your home is used as collateral.

Do credit bureaus approve me for a loan?

Credit bureaus provide lenders with copies of your credit report. This is what most lenders base the decision on whether they are going to grant you credit or not. Credit bureaus do not make the decision for the lenders. It is up to that lender to decide what the acceptable criteria is for them.

What is the difference between revolving loans and installment loans?

A revolving loan is one that is automatically renewed upon maturity. An installment loan is one that you pay at a certain specified rate. Example: Monthly, weekly, bi-weekly, annually.

What is a credit score?

A lender figures your credit score (FICO score) by taking your credit history and measuring it against a database of habits in the general borrowing population. That, in turn, determines whether your tendencies match those of borrowers who default on debt, declare bankruptcy or find themselves in various types of financial difficulties.

What does APR stand for and what does it mean?

APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.