Citi flex LOC offer... what is this?

[Anonymous]

So i received an offer in the mail for a citi flex line of credit.

So apparently, they give you this line of credit at a certain interest rate and with fixed monthly payments. you can choose your repayment terms from between 24-72 months. After you have paid it off the line remains open should you want to use it again. this loc does not need to be secured by any collateral.

has anyone ever had one of these before? would this be a good thing to get to diversify my CR? I don't have any large debts to pay off (outside of my car loan, but my interest rate with them is lower than this LOC).

???

[haulingthescoreup]

They tried to get me to get one too, instead of raising my CL.

Be aware that no matter how the lender reports a line of credit to the CRA's, the CRA's very (very, very) frequently report it as revolving credit. With this line of credit being unsecured, it would most definitely be treated as revolving, IMHO. So if you get a $30K line of credit, for instance, and you put $27K on it, it will be treated for scoring purposes as if it were a maxed-out CC.

Doesn't mean you shouldn't get it, just realize what it might do to your scores.

[Anonymous]

well if that is the case then there is no point in doing it. thanks