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cmorris

GE Line of Credit

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I've got plenty of credit cards and my credit reports are spotless. The only way to improve them is longer credit history and utilization. Utilization is not bad, but could improve.

 

I have received my second invitation to apply for a GE line of credit at 6.99% APR. It would certainly help with UT and is slightly lower than a few APR's on my cards, except for the few BT's I have done (0% and 2.9%).

 

I tried searching for this, but the results were few. I don't know if it is worth it or not.

 

Any opinions?

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I got this offer last year and before I got around to it, it expired. It seemed to be a pretty good offer. CL up to 25k is what they offered then. Is the apr definitely 6.9% or is that the lowest it COULD be going up from there? If it is 6.9 I don't see what could be bad.

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It can be higher, I believe. Regardless it would help with UT, but if it is not 6.9%, I would never use it. Since this is the second one I've received, I may apply.

 

Thanks for the reply.

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I got this letter last year and it is a varable rate and they never change your rate down, unless you re-apply....mine LOC sits at zero as I decided not to use it after approval, also they never give an increase on the LOC, unless you re-apply. Not bad if you really need it but only accepted because of the hard inquiry from TU. :good:

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I have heard that FICO frowns on lines of credit, because whatever the line is, it will report as a credit card that is maxed out.

 

Does anyone know if the above statment is true or false?

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If you max out the line of credit, it appears to be the same as a maxxed out credit card. If you follow the same rules about utilization then there should be no problem.

 

I think my original statement was not clear.

 

I have heard in the past, that if you have a line of credit, it reports as if you are using the entire line even if your balance is zero.

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