topic Re: Line of Credit in General Credit Topics

Line of Credit

laz98 — Tue, 02 Dec 2008 07:13:20 GMT

How is a Line of Credit from your CU viewed on your CRs?

Re: Line of Credit

Anonymous — Tue, 02 Dec 2008 19:24:26 GMT

My LOC from NFCU reports as a revolving account. I asked before I accepted it.

Re: Line of Credit

marty56 — Tue, 02 Dec 2008 22:11:29 GMT

Same here. LOC is under my revolving accounts.

Re: Line of Credit

Junejer — Wed, 03 Dec 2008 03:11:50 GMT

laz98 wrote:
How is a Line of Credit from your CU viewed on your CRs?

Size matters.

Re: Line of Credit

laz98 — Wed, 03 Dec 2008 05:22:50 GMT

@Junejer wrote:

Size matters.

is there a particular limit, like after 10,000 it reports as something else?

i don't have a line of credit, just asking for educational purposes

Re: Line of Credit

Junejer — Wed, 03 Dec 2008 05:40:59 GMT

My understanding is once it goes over the $29,000 threshold, it gets treated like an installment.

Re: Line of Credit

Anonymous — Wed, 03 Dec 2008 15:16:39 GMT

We are considering applying for a line of credit that hopefully we will not need to use. We have more than $29k equity in our home. Is there a different impact on our credit rating if we request more or less than that amount? Is there an impact on credit rating at all if the account is opened but never used?

Thanks in advance for your advice...

Re: Line of Credit

Anonymous — Thu, 04 Dec 2008 15:50:15 GMT

mokeefe - ask your vendor how they will report a LOC to the CRA's before you accept it.. The threshold used to be about $50k My LOC with NFCU is $48k and it shows as a revolving account.

There is no impact if you open a LOC but don't use it. Mine remains untouched since May '08 when I opened it.

Message Edited by cobra19 on 12-04-2008 07:50 AM