Understanding FICO® Scoring

[lazerz69]

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  The LOC was paid in full and the money used to secure the loan was withdrawn from the bank and is no longer available and is no longer securing any type of LOC.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.

[llecs]

Under account type in your FICO report, does it say "revolving"?

What's the latest date reporting within the LOC?

[lazerz69]

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llecs wrote:

Under account type in your FICO report, does it say "revolving"?

What's the latest date reporting within the LOC?

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It says "revolving"

DLA is 2004 and Date Reported is 2004

[marty56]

Leave it be.

[llecs]

+1

[User592954]

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