Revolving Credit

[Anonymous]

I just pulled my FICO score and it was lower than I anticipated. It said I had a high percentage of revolving credit.

I have a revolving line of credit with my credit union.

Should I cancel/change the line of credit? If I do that only leaves my car loan and student loans for credit reporting. I do not own/use credit cards.

What is my best option for raising my score?

Thank you for your responses!

[MarineVietVet]

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@Anonymous wrote:

I just pulled my FICO score and it was lower than I anticipated. It said I had a high percentage of revolving credit.

I have a revolving line of credit with my credit union.

Should I cancel/change the line of credit? If I do that only leaves my car loan and student loans for credit reporting. I do not own/use credit cards.

What is my best option for raising my score?

Thank you for your responses!

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Hello and welcome.

Did it say what the utilization is on this LOC? Keeping the uitlization on any kind of revolving credit at 1-9% is the best way to help your score.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[haulingthescoreup]

+1

And another question, what is the total (original) credit limit on this LOC? Unless they're pretty high, somewhere in the $40-$50K area, they're included in revolving util. Same for HELOC's.

I have a HELOC, but it has a $50K CL, so it's ignored for calculations of revolving util.

[RobertEG]

Hi, and welcome!   I am sure  you know that there are no pat answers to any individual credit problenms and questions

But advice you get is only as good as the facts you offer.

First, please be specfic about the terms of your existing revolving credit line.  . secured LOC? Secure TL?  unsecured TL?

You say that you have a revolving line of credit with your credit union (CU).

Is this a credit card with, or through them, or is it a line of revolving credit secured by other assets, such as a HELOC?

My first reaction is NOT to close any existing lines of revolving credit until you know exactly what it is, and its impact. 

Can you tell us what it is?

To build any credible FICO score, you need revolving credit.  But, as you know, revolving credit comes in many flavors, from secured LOCs, to secured CCs, down to unsecured cards.