Frequently Asked Questions (FAQ)
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A revolving line of credit allows you to repeatedly borrow against and pay off a credit line from a lending institution. You can continuously access the money from a revolving line of credit account until you reach the maximum amount, also known as a credit limit. You make payments on the amount used, including interest, or can choose to pay it off in full. You can continue borrowing against a revolving line of credit until you reach your credit limit. If you reach your credit limit, you can begin borrowing again once your balance is repaid. The three types of revolving credit accounts include personal lines of credit, credit cards and home equity lines of credit.
