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mpsp wrote:
I have a $30K equity line of credit that has been open for 2 years. It renews this month for the next 12 months at a cost of $50. Granted $50 ain't much but I have never touched the LOC neither do I plan on doing so in the next 12 months. Question: Will closing this hurt my FICO since I will technically have $30,000 less in available credit going forward? Or do LOCs count differently somehow than a credit card? Any feedback would be appreciated.Thanks
If it is reporting as a revolving line of crdit then it depends on wht your utilization would be after. Would you go from 1-9% to 10-30?I'm assuming its not your oldest radeline since you had to have a house to get it