I have a personal loan that I recently paid off (it is a credit line of $10,800), but have not yet closed. This personal loan has been open since august of last year. I have 2 other credit cards ( one with $100 on it but a limit of $1200, and one with a limit of $16,000 but around $3400 charged on it), and a sears card that is open but has no balance on it. I was wondering if I should close the personal loan now that I have it paid off, or if I should keep it open... I am going to purchase a home sometime by the end of the year and didn't think that closing the personal loan would hurt my current credit score of 760 (at least I don't think that it will hurt it very much). By the way... the two credit cards that have balances on them are both around 6-8 years old, and I have never ever made a late payment on anything in my life.... any suggestions? I would greatly appreciate it. Thanks... 
es2120 wrote:I have a personal loan that I recently paid off (it is a credit line of $10,800), but have not yet closed. This personal loan has been open since august of last year. I have 2 other credit cards ( one with $100 on it but a limit of $1200, and one with a limit of $16,000 but around $3400 charged on it), and a sears card that is open but has no balance on it. I was wondering if I should close the personal loan now that I have it paid off, or if I should keep it open... I am going to purchase a home sometime by the end of the year and didn't think that closing the personal loan would hurt my current credit score of 760 (at least I don't think that it will hurt it very much). By the way... the two credit cards that have balances on them are both around 6-8 years old, and I have never ever made a late payment on anything in my life.... any suggestions? I would greatly appreciate it. Thanks...
I'm assuming what you're referring to as a "personal loan" is a revolving line of credit, since you're asking about closing it. (The term "personal loan" usually refers to a specific type of unsecured installment loan, which is a different animal entirely.)
Revolving lines of credit have the same effect on scoring as credit cards. For information on how closing a revolving account will affect your score see this link:
