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Line of Credit Help

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Anonymous
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Line of Credit Help

Credtt Friends

Advice is needed. I'm aggressively paying off debts including my line of credit. Will paying this account to zero have a negative FICO ripple?

Thx in advance
Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Line of Credit Help


@Anonymous wrote:
Credtt Friends

Advice is needed. I'm aggressively paying off debts including my line of credit. Will paying this account to zero have a negative FICO ripple?

Thx in advance

Without knowing much about your credit file apart from what you have disclosed thus, paying debt down, it will be hard to answer your question.  For better responses, tell us a bit more about your credit file.

 

For example, what cards do you have, what are their limits and balance owed?  How old is your credit file? Do you have any baddies? etc.  By baring it out, it gives a snapshot of your file and for you to get better responses.

Message 2 of 8
Anonymous
Not applicable

Re: Line of Credit Help

Alrightie

AoAa - 13+ yrs
Starting with the Negs:
3-- 30 day lates one and half years ago
Satisfied state tax lien 2013
Positive
3 credit cards -PIF
Amex PRG - 3k
Visa- 5.5k/10500
Loc - 2k/16k
Personal loan 5k/30k
Car loan
Student loan

My plan is to have LOC/personal loan and visa paid in full by Dec 2016. Will I lose FICOA points?
Message 3 of 8
Appleman
Valued Contributor

Re: Line of Credit Help

Having the student loan and auto loan should give you the points need for a diverse credit portfolio. IMO paying off the personal loan will not have a negative effect or if it does, short lived and minor.

Message 4 of 8
Anonymous
Not applicable

Re: Line of Credit Help

Thx!
Does the Sam hold for LOC?
I really wanna pay that off too
Message 5 of 8
Anonymous
Not applicable

Re: Line of Credit Help


@Anonymous wrote:
Thx!
Does the Sam hold for LOC?
I really wanna pay that off too

The LOC is probably reported as revolving credit and laying that off should raise your score.

Message 6 of 8
Anonymous
Not applicable

Re: Line of Credit Help

I have to agree with the above statement. At least when I had mine that is how it was reported.

Message 7 of 8
Anonymous
Not applicable

Re: Line of Credit Help

Thx all.
Message 8 of 8
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