Personal Finance

Pre-approved Line of Credit

  • Last Updated:
  • Apr 2nd, 2018 3:52 pm
Newbie
Mar 21, 2018
1 posts

Pre-approved Line of Credit

Hi,

I currently have 20k line of credit from 3 different banks totalling 60k all pre-approved. A 4th bank has now offered me another 20k pre-approved. I plan on starting a small business and tempted to take their offer to bring my LOC to 80k. I do not have any plans to use them unless it is an emergency.

My question, credit score is in the high 800s and I have 2 mortgages. I may want to take on a 3rd mortgage in the future. Will taking on this additional 20k impact my credit score significantly and is this the only con?

Thanks
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