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Established Member
mpsp
Posts: 15
Registered: ‎06-05-2007
0

Will closing my equity line of credit lower my FICO?

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
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Will closing my equity line of credit lower my FICO?

[ Edited ]


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:smileyvery-happy:



Message Edited by Brammy on 08-23-2007 04:51 PM
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Will closing my equity line of credit lower my FICO?

hang onto it.
Established Member
mpsp
Posts: 15
Registered: ‎06-05-2007
0

Re: Will closing my equity line of credit lower my FICO?

my credit util may creep up as it is being reported as a revolving account.  I'm in the process of looking for a bigger house soon, so for now, I'm hanging on to it and will cancel once the house purchase is said and done.  Thanks!

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