Bank told me to pay off my line of credit, good thing I didn't listen

My banker at Amarillo National Bank, Steve over on 6th Street, kept pushing me to zero out my 25k business credit line before I upgraded my kitchen equipment. He said it would help my next loan application. But I had an old friend who runs the BBQ spot on Georgia Street tell me that revolving credit being used is actually a plus when they calculate your history, and he's been through three expansions. If I'd paid it off, I would've been broke for the $18k oven I needed when my old one died in July. Has anyone else gotten advice from a lender that didn't make sense for their actual situation?

0 comments

0 Comments

No comments yet

Be the first to share your thoughts on this discussion.