FICO Scores
I'd like someone with expertise to help with my question:
I recently applied for an $80,000.00 homeowner's line of equity while my wife was away on a cruise. When she same back her answer was, "What? Do you think I'm crazy?" So I called the lender and told them thanks but no thanks.
What did I do to my FICO score by not following through on the LOE?
Thanks,
Bob
Did you simply make an application and then never follow through with signing the papers, etc?
Or did you actually open the account and now want to close it?
If you have already opened it I would advise you to just keep it there. Closed accounts don't help your credit (might not hurt it) but what does it hurt to stay there...you might find a pretty sweet RE deal and want to use it?!
But if all you did was the application, it might not drop any. But if you shopped around it might have dropped a little (5-10 points max I would say) but should go back up in a few months.
GOOD LUCK
If you never went to close then it will effect you the same as any other inquiry (not much), and if this was your residence then you should not have been able to take out this loan without your wife signing legals(FL law).
So it seems you don't have anything to worry about.
Good Luck
Thanks, folks, your answers reassure me. I'll try never to do that again without permission!
Thanks,
Bob