Reply
New Member
Posts: 1
Registered: ‎11-21-2009
0

WIll personal loan help credit score?

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?

Valued Contributor
Posts: 1,072
Registered: ‎04-24-2008
0

Re: WIll personal loan help credit score?


mostpop 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.

Member
Posts: 12
Registered: ‎06-01-2010
0

Re: WIll personal loan help credit score?

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.

Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
0

Re: WIll personal loan help credit 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

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.