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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 , i already removed all the bad things i can and my score has only increase by 30 pts how can i increase it faster...
5) 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?
@Anonymous wrote: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 , i already removed all the bad things i can and my score has only increase by 30 pts how can i increase it faster...
5) 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?
You did all you were able to do to get your score increased by 30pts. At this point, you have to let AAoA take effect for your score to increase and that means time.
I suggest that you take the personal loan with caution. Its going to increase your debt to income ratio but 6 months of consistent payments will increase your score.
Most likely a personal loan will not increase your score. If it is a CFL, it will hurt it beyond the new account ding and possible INQ ding