Has Your Credit Score Been Negatively Affected Because Your Equity Line or Credit Card Limits Were Reduced?

Has Your Credit Score Been Negatively Affected Because Your Equity Line or Credit Card Limits Were Reduced?

 

What most people do not know is that their credit score can go down when their Home Equity Lines of Credit and their Credit Card limits are reduced.  The formulas used by credit scoring agencies lowers your scores when this happens, especially if there is an outstanding balance.

 

We as Realtors are working hard to prevent this practice.

 

The article below explains this problem in more detail.

 

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/19/AR2010111903776.html

 

What do you think about this?

Aaron Zapata, MBA 

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