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Valued Contributor
afbar1114
Posts: 2,177
Registered: ‎01-09-2012

personal loans?????

should i apply for a small personal loan like around 500-1000 to bring my score up 


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Last HP: 4/30
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: personal loans?????


afbar1114 wrote:

should i apply for a small personal loan like around 500-1000 to bring my score up 



Short term your score would probably drop because of a new inquiry and new credit reporting.

 

IMO don't go into unnecessary debt just for a possible score increase.

 

 

Valued Contributor
afbar1114
Posts: 2,177
Registered: ‎01-09-2012

Re: personal loans?????

ok thanks for the info. i was thinking if i did take out the loan pay a cc off then just make those same payments towards the loan 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: personal loans?????


afbar1114 wrote:

ok thanks for the info. i was thinking if i did take out the loan pay a cc off then just make those same payments towards the loan 


Yes that's an option but you didn't say that in your original post.  :smileyhappy:

 

You made it sound like you wanted to get a personal loan just to have one. Details are very important in order to receive the most informed responses.


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