"Old" Home Eq. Credit line, best to just close this inactive acct. #??? Won't be used again.

catch22

Many years ago we had a Home Equity Line of Credit. Our home has been paid for more than twenty years. The "old" account number still exists and may be accessed; but we will not access this account again.
The original bank from which this account had birth is gone, purchased by another bank after the market melt.
We still receive periodic notices about this account......like, ya wanna borrow some money against the value of your house?
I suspect it would be best to just make this account and its number go away.
Our credit rating is at the top of the number list and we suspect closing this long inactive account would not have any impact upon our credit rating.
Is our assumption accurate?
Thank you.
Catch

Derf

Good morning Catch; Not a home line of credit, but credit card. I let Chase close one card about 10 years back. Low & behold I was at their web site yesterday & there was the old card # (inactive)? So even when they closed account,not me, that # is still around.
Have a good year,
Derf

Old_Skeet

Yep, @Derf, I have found the same to be true in viewing my own credit report.

A good record ... or bad ... seems to never go away when it comes to credit.

My late father use to say ... "Regardless of what others say about me ... I wonder if their credit is as good as mine?"

Take care,

Skeet

davidrmoran

I would leave any heloc in place, esp if a real good low rate possible, like 3% or thereabouts
Also, does not having a credit line typically help fico scores?

bee

A HELOC is probably the fastest way to get your hands on a large sum of money quickly and with reasonable repayment terms. Think of it as an emergency fund that you may never need but sleep better knowing you have it.