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Question By
imawordman

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Home Equity Visa Card vs. Personal Bank Loan
I got a Home Equity Visa Card (0% interest, 5 years) for an air conditioning system. The card is showing 96% usage rate, which was expected. Would a bank loan be a "more positive showing" on my credit report versus a credit card with nearly 100% usage? Thank you!

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Double edged sword

Well, I've never seen a credit card with 0% interest for 5 years heh... I wonder how they are making money off that transaction. Anyway... Obviously the credit card with no interest is the way to go for you. Your credit will be jacked up, though; especially if that is your only credit card. Add up all your credit lines, then find out the percentage of the credit lines that are used ( * actual credit used (divided by) total credit lines (equals) credit useage* ). If it is more than 33% then your credit will take a hit and you will be better off taking a personal loan. I'ts up to you, really. They will make you pay to have good credit. It's just finding out the best acceptable ratio of the highest credit score obtainable with the least amount of money spent.

Good Luck with that. (:

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