Would accepting a pre-approved Personal Line of Credit help improve my credit score?

[triston]

I have a good credit score. My bank has sent me a message telling me I'm pre-approved for a $5000 personal line of credit.

If I accept it without ever using it, would this:

• in the short term, lower my credit score because of a hard hit?
• in the long term, help improve my credit score?

Thanks

 

[marmnt]

@triston If it’s pre approved, there may not be a hard hit. So that would help avoid the (small) drop from a hard inquiry.

 

[triston]

@marmnt Thanks for the reply

 

[dylan54]

@triston Yes

 

[triston]

@dylan54 As in yes to both? Thanks

 

[dylan54]

@triston Yes

 

[audmanout]

@triston If you always pay it back in time, just like a credit card, it’s a win-win your credit score is going to go up and up. They were just expecting you to make minimum payments which is well what the bank job is. heart hits on your credit are unavoidable. Unfortunately, even if they’re positive they stay there for seven years usually cell phone companies, electricity, companies, Internet, companies, cable companies they will do a hard hit. some promotion and say no credit checks whatever whatever depends on what’s going on but those must be on your record they’re not very good to have a lot of people you know 30 years down the road sometimes find out they can’t get their mortgage loan because of yeah, the cable company when you lived in like another province then I want buddy yeah he’s dealing with that. I would ask another financial institution if they would do a hard hit and do a little bit of looking around because of the sun will well take a chance and not do the hard it not like it used to be but never hurts to call. Many credit cards companies will operate the same amount and it’ll just be like a line of credit and you don’t have to do a hard credit check because they kind of deal with promotions and just getting people in the door and taking a risk we’re banks don’t do that anymore but if you want to use it more because it can go tits up super fast because you think you have all this money in this within two months it’s gone and you’re in the bank. Looking to consolidate your loans and then that’s what they want but yeah slippery slope. because it can go tits up super fast because you think you have all this money in this within two months it’s gone and you’re in the bank. Looking to consolidate your loans and then that’s what they want but yeah super slow.