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Sleepy21705

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Bank Loan impact on credit report
I have access to a $500 loan account through my credit union, and have since 2007. This loan, which I owe $0 on was really intended to be overdraft protection and would be accessed if my checking account went to $0, and I became overdrawn. I haven't used it or accessed the loan funding since 2008. How does this loan impact my credit? It is listed on my credit report and I no longer need access to it but do not want to close it out if that would negatively impact my report, especially since its one of my older "accounts" Thanks!

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Don't close it, the fact that you have those funds available is a good thing and helps your credit score.  If you close it, your score will drop.  To learn more about how your FICO score is calculated, visit www.myfico.com.  Best of luck!

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