05-02-2011 08:43 AM
I have 4 small credit cards, one at $300 limit, $700, $1500 , $1500. I have no personal loan and my credit score is at 630 equifax . I have paid all my balance down to $0.
1) Is a personal loan the same as an open installment loan?
2) I read somewhere that if i get a personal loan from a bank my score can increase. But when I run the fico simulator if i have an open installment loan my score would decrease. So will a personal loan increase your score or decrease it?
3) Should I get more credit card. My credit card companies only gave me a $100 credit limit increase and the other say they wont give it to me because economy is bad right now or something.
4) What can I do to increase my score fast. I want to buy a house. I have been paying on time for the past 1 year.
5) I read somewhere that I can add myself to someone else credit card as an authorize user.
Will this help or not really. If so by how much i have a gf who has a card that is 3 year old paying on time . How much can my score increase by?
6) What is the fastest way to get your scoreto increase by 90 points. I already tried asking for credit limit increase, already paying everything on time, and paying everything down, already removed all the bad things. I dont know what else to do. My score has been the same for the last 3 months has'nt really changed much. What else can i do?
05-02-2011 11:24 AM
I am contemplating taking out a personalloan through a bank as well. I want to pay off two high interest unsecured loans. When I called the lender to see if the payments on the loan would be far less than what I was paying for the two loans combined, he said that it would. In addition, he stated that a fixed installment loan is much better than a revolving credit account such aas a credit card. So it would seem that the answer is yes to your first question but who knows. It is hard to understand some of this credit stuff.
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