Thankscoolintheshade wrote: ↑ Your situation on the surface seems that you would be a good candidate for a LOC, depending on your entire financial picture, including income.
But I wouldn’t only apply for what you need.
If they’re willing to give you 20k, take it.
The amount you don’t use will always be available for future use, as the LOC is revolving account.
Most importantly, if you take more than you need, you won’t have a maxed, or near maxed account on your credit files, which can really bring down your rating.
To answer your original question, inquiries are not detrimental to your credit rating.
People make too much of a big deal about credit inquiries.
Ive been reading about LOC vs Loans. I will be using the money for personal use i.e. big purchase, an "emergency" trip
Im not sure which one to go for. Only reason why I'm looking into this is I don't want to paralyze my cash flow with a big purchase/trip. I used to do these things with just a CC and pay it off by the due date, but life has changed obviously