L.O.C. = Line of Credit

Hello Ladies; I wanted to share with you something that I learned the hard way. Trust me, I asked smarter, wealthier and business professionals for advise re; business practices, and would you believe no one said anything about getting a Line Of Credit ? Although having a LOC is amazing "we" must also be responsible once obtained . The way it works is if you have a business acct, you may automatically be qaulified to have it attached to your acct, and 1 of the perks is you only pay on what you use. Checking balances counts more than credit ( per my banker) so keep in mind once you close that big deal :) talk to your banker about a LOC. Another perk is they can start you of with $ 350-500., and the more you pay on the balance the higher your LOC can increase. :):) I found that having a LOC allows me to keep my cash, invest it in another business or put it in a interest bearing account. Either way, we win !! Thought I'd share this goodie with my BBWO family ~ For more details speak with your personal banker ~ blessings; Royal T

Replies

Beverly Campbell August 2, 2010 at 6:54pm

Thanks! All the Best!
Cassandra Taylor August 1, 2010 at 1:45am

Thanks, so much for sharing- very much needed info!
Gina M July 31, 2010 at 11:02pm

I knew about the line of credit, but can you explain how you use it to conserve cash and how it is different from a credit card?
Danielle July 31, 2010 at 9:56pm

ive started looking into this. thanks!
Latrice Fowler July 11, 2008 at 8:44pm

Thanks so much for that valuable information! Many blessings!
- Teresa Perkins, Design Xtraordinaire > Latrice Fowler July 12, 2008 at 8:41pm
  
  Hey Latrice,
  
  Hope all is well with your family & business, what's the good news ?
Margaret Salmond July 11, 2008 at 4:42pm

Thanks for that info...will definately have to look into that
- Teresa Perkins, Design Xtraordinaire > Margaret Salmond July 11, 2008 at 8:02pm
  
  No problem Margaret,
  
  A few ladies said they didnt know anything about it so I thought I'd put it out for everyone ~
  It's all about sharing info; so we all can win :)
  
  ttyl;
  Royal T

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