Answers
I don't need the credit line really just want to know if keeping it open is bad or good for my credit.
It could be either, but probably good depending on the length of your credit history. If it's an old account that helps your credit. Also your ratio of credit balances to credit limits will increase if you close it, which could increase your score.
Some Ways to Lower Your Home Equity Line of Credit Rates Owning a home must be the most precious property that someone can possess in most peoples ...
Line of credit currently at $60,000, but want to increase to $150,000 just in case I ever need it. If I never really use it, does it still affect my credit rating?
If you don't use the loan and manage your money, I think the increased amount can work against you. The credit companies measure your income/or worth against the total credit you are carrying. If you are carrying more credit than you can afford, you are a higher risk. If, on the other hand, you have plenty of income to handle such a high loan, it probably will have no affect until you use it.
I want to open a home equity line of credit. I have 100% equity in my house and an excellent credit rating. I am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one I would buy).
If I use the equity line to buy a house, would the bank permit me to sell my current house and pay them off at the closing? Kind of a bridge loan without the fees.
I agree with Ibu Guru, I think you are making a big mistake, do not use a loan to get another loan, payoff the first house and save to purchase another, remember that the people who are being foreclosed are those that have mortgages.
I believe it was around 7% - I found it the other day on yahoo's home page - check there.
Information and resources on how to obtain low interest rates or lower your current interest rates on Home, Auto, Credit Card, and Student Loans can be found on the following website:
http://lowertheinterest.blogspot.com
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Unsecured Debt Consolidation ? Tips For Getting A No-collateral Loan
Getting an unsecured debt consolidation is not easy, but possible. For the most part, banks and other financial institutions are hesitant to loan money that is not secured by a piece of property. If you were to default on the loan, the lender is unable to recoup their lost. However, some lenders are willing to offer unsecured debt consolidation loans. To obtain such as loan, you must be a prime candidate
Traditional Debt Consolidation Options
Typically, consumers would obtain a debt consolidation using their vehicle or home as collateral. This involved giving the lender possession of a vehicle title or applying for a home equity loan or home equity line of credit. In both instances, if you were unable to repay the loan, the lender could claim your home or car.
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