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A line of credit is like a regular business loan and is considered on your credit report. Just like any other business loan, when you apply for a line of credit, the lender raises a hard inquiry on your credit report. This could cause your credit score to drop by a few points temporarily. However, once the line of credit is approved, you can use it to boost your credit score.

By not using the credit available on the LOC or using just a small percentage of the total available credit limit, you can reduce your credit utilisation ratio. The lower the credit utilisation ratio, the higher is your credit score. However, remember that the converse is also true. If you borrow large amounts on the LOC and repay it late, then it impacts your credit score negatively.

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