06-10-2012 10:35 AM
Ladies, Gentlemen, Experts and Gurus:
I have an old, (opened 2004), secured line of credit with a local bank. The LOC was paid in full and the money used to secure the loan was withdrawn from the bank and is no longer available and is no longer securing any type of LOC.
The banks is still reporting the LOC as open, paid as agreed, with a zero balance. The bank is also reporting the "high credit" and "credit limit" as the same amount. The original amount of the loan was $8,000.00.
Is it better to allow the bank to report the LOC as open, or should I request the bank close the LOC.
06-10-2012 11:57 AM
Under account type in your FICO report, does it say "revolving"?
What's the latest date reporting within the LOC?
It says "revolving"
DLA is 2004 and Date Reported is 2004
06-16-2012 10:41 AM
It should be helping your overall debt ratio
nice CL with 0 debt
you have it drop off or close
then your debt ratio loses 8K in avail credit that you should be getting nice fico points for now
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.