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smjoyce

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Personal Line of Credit Early Payoff
If I obtain a personal line of credit and pay off the balance within a couple months, with it decrease my credit score? It has an annual fee, and a minimum payment.

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The consensus seems to be that a PLOC is treated like a credit card, so as long as you keep utilization under 30 pct., it could INCREASE your score.  If you pay it off but don't close it out, it's just like a credit card aging nicely on your report without any troubles, adding to the overall age, which they like too.  But if that annual fee is abusive, you might want to take that into consideration for your own purposes.

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