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I have a question regarding the effect of opening a Personal line of Credit.

I know for a fact that opening a new Credit card reduced the "Average age of credit history".

Will a personal line of credit do the same?

Key Features

    Low rate of Prime + 7%, adjusted quarterly
    Credit lines up to $25,000
    Free checks

Benefits

    Available funds when you need them, anytime, for anything you want
    Payments based on amount you actually use, not on amount of your line of credit
    Use your line anywhere you would use a check
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    "Low rate of Prime + 7%" is a contradiction. My HELOC (Yes, a different beast than your credit line) is Prime-1.5%. This reminds me of how Jumbo Shrimp are 25 to the pound, with a good 3 sizes that are bigger. When the prime goes back up, to 7-8%, you'll have athe same bad rate my cards charge. – JTP - Apologise to Monica Nov 2 '13 at 23:15
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    @Joe Prime+7% is actually quite low. Pay attention: HELOC is a secured loan, personal line of credit is not. Compare it with credit cards, not HELOC. When rates go up, don't worry for the credit card companies - their will go up as well. – littleadv Nov 3 '13 at 1:10
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Of course. Average age of credit history is the average age of all your accounts. Adding a new one automatically reduces the average, trivial math.

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    Makes sense. I had to ask because I wasn't sure if the avg history is calculated based off of just the Credit Card accounts or if all types of loans. – user6123723 Nov 2 '13 at 21:15

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