Reply
Established Member
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
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
Posts: 9,252
Registered: ‎03-19-2007
0

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

hang onto it.
Established Member
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!

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.