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cmulford2086

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Checking account line of credit, keep it open or close it
I have a line of credit attached to my checking account and i do not use it. They started charging a $50 annual fee. I am trying to figure out if I should pay the fee or close the account. On the credit karma site its says its a loan and not credit, so i am not sure if this will hurt my score or help it. Any advice

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It all depends on how the banks report it. Lines of credit usually indicate that the credit line is USED, when in fact it is not. As used it would be adding to your amount owed even though you you do not owe a thing.

For $50 I think I would create an account that pays me interest to store up money to use if necessary instead of paying for the privilege...

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