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BMO - Loan vs. Line of Credit: What�s the Difference?Take your credit card, call the number on the back, press whatever numbers you need to, to get to a human representative.. Word for word ask. �Hi - I'd like. Types of credit you use (mortgage, credit cards, car loans, etc.) When it comes to obtaining credit (like applying for a mortgage or taking out. What is a line of credit? It's a flexible, low-cost way to borrow. You borrow just what you need when you need it & only pay interest on the amount you.