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Close or Keep Open?

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Anonymous
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Close or Keep Open?

Hey all! I just paid the last bit on my loan through BB&T. But today I recived a message. if i understand it correctly, the loan stays open in case I should need to use it again??or did i missunderstand this? Here is the notice I recived. 

 

Additional balance increases may occur after payment and the line will still be open for future use.
For information on closing the line please visit your local BB&T financial center or contact BB&T Phone24 at 800-226-5228

 

So my big question is, what is better for my credit? Mortage is coming up with in the next year, so I want to keep it as high as can be. Should i close or keep it open?

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1 REPLY 1
Appleman
Valued Contributor

Re: Close or Keep Open?

It sounds like it is a line of credit. I do not believe keeping it open should hurt you if you carry a zero balance. Great idea to be looking down the road a year with the goal of purchasing a house.

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