Line of Credit

[laz98]

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

[Anonymous]

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

[marty56]

Same here.  LOC is under my revolving accounts.

[Junejer]

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

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Size matters.

[laz98]

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@Junejer wrote:

 

Size matters.

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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 

[Junejer]

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

[Anonymous]

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...

[Anonymous]

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