Closing Line Of Credit

[Anonymous]

I have a Gold Option LOC from Bank of America for 27000. It has been open for a little over a year and I have paid it off. I have other credit cards with balances lower than 10% of limit. My scores are all above 700. Would is be a good idea to close this Line of Credit. Since I used it for what I needed it for and now wont need it anymore. Or would closing it hurt my credit score?

[Anonymous]

Why close it?

Does it have any fees?

[Anonymous]

     Your BoA LOC is figured into your revolving credit.  You can also call BoA and ask to put some or all of the LOC limit onto a CC if you have one with them.

     In the end it is your choice to keep it open or not but I would certainly see abt transferring the limit to the CC. 

     Also, if you close it and in a year you need to use it again it will be a hard pull to open another LOC.  Well sometimes BoA uses internal (at least i have found this) info or soft pulls if you are a long time in good standing customer.  Good Luck Vicki

[wmarat]

If there are no fees, I would not close it.