Business approved for line of credit (Credit Express by BOA)?
Aug 11, 2009
in
Business Line Of Credit
Sometime ago I applied for business LINE OF CREDIT through Bank of America. The guys took there own sweet time and when I already found a solution, they approved me.
My question is, would it affect my credit history in anyway, if I keep the line of credit and dont use it? OR you would suggest to simply reject their offer and close the allocated line of credit? Any help will be appreciated. Thanks
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2 comments
girlwhoknowsitstrue on August 11, 2009 at 9:18 pm
It will affect your credit history – first, it’s an application for credit, second, it will reduce your new credit availability – even though they approved you, if you haven’t signed the final paperwork it isn’t done, so you should be able to reject their acceptance to have minimal damage to your credit.
carnalust17 on August 11, 2009 at 9:18 pm
the open credit line would affect your credit rating because it shows you have the potential to spend more money b/c of the open credit line. It does not really hurt to keep it open and not use it but then you have another oportunity for id fraud.