Commercial line of credit
I retired from my small business in November 2023 and closed the business account in June of 2024. A loc connected to account is still open. Should I close it and will doing so affect my credit?
Also your advice for people with c.c. debt to get a part time job with instacart is a good one. They should check with auto insurance company about coverage
Terry Says
I would suggest closing out all your business accounts, including your line of credit. It should not impact your personal credit score. And actually, an open line of credit can even lower your score, creating concern about having so much credit availability. Not sure whether your business was a separate concern with an EIN, or used your own SS — but it makes sense to close off that access point into your finances.
