Will closing my equity line of credit lower my FICO?

[Anonymous]

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

[Anonymous]

---

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

Message Edited by Brammy on 08-23-2007 04:51 PM

[Anonymous]

hang onto it.

[Anonymous]

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!