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Re: line of credit
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Posted by CardReport.Com on January 13, 2001 at 20:06:00:
In Reply to: line of credit posted by Steven Kratzer on January 03, 2001 at 23:16:58:
If you can repeatedly borrow money on the same
account, then it would be considered an "open account."
A credit card or a checking account overdraft
line of credit would fall into that category.
If you can only borrow money at the beginning, such
as with a auto loan, mortage, or payment plan for
some specific item (e.g. a television or computer),
then that would be a written contract.
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