Question

What is an open line of credit?
a.
A line of credit which has no current balance.
b.
A line of credit with a variable interest rate.
c.
A line of credit against which additional debt may be drawn.
d.
A line of credit which has no credit history requirements.

Answer 1

c.

An open (revolving) line of credit lets you borrow, repay, and borrow again up to a preset limit — i.e., additional debt may be drawn.