@Glen_M wrote:
@Credit-hoarder wrote:To be honest, AAOA from a personal loan wouldn't really concern me right now as much as a card b/c a loan reports as just that--a loan and not a credit card...plus loans can actually help a credit score sometimes. My current PL did when I opened it last May, (I have no car note or mortgage) but that will be paid off this Spring and I anticipate a significant score drop b/c of that. At least if I have a concurring PL still open at that time a score drop isn't as likely to happen hopefully. I just really would prefer not to get another credit card for a while. But thanks for the input
If you are already receiving a score boost from your currently active personal loan, taking another one out is unlikely to help. When you are nearer to the end of yout current loan you might want to initiate a SSL or other very low interest type of loan with a longer payment schedule (60 month secured loans are available from a variety of major lenders), to allow you to carry that score bonus for a longer period of time with minimal interest paid.
True--taking out a second loan now wouldn't affect my score much--but if a new loan is already in place when the current one is paid off I'm not likely to see a score dip as a result of it being paid off. Plus if I wanted to get the most of the SP that got me the membership I'd have to do it before the 30 days I was quoted is up at the end of December. But I would try to get at least a 2 year term this time around--also I would probably try for something unsecured first.
BUSINESS 
@Credit-hoarder wrote:
@Glen_M wrote:
@Credit-hoarder wrote:To be honest, AAOA from a personal loan wouldn't really concern me right now as much as a card b/c a loan reports as just that--a loan and not a credit card...plus loans can actually help a credit score sometimes. My current PL did when I opened it last May, (I have no car note or mortgage) but that will be paid off this Spring and I anticipate a significant score drop b/c of that. At least if I have a concurring PL still open at that time a score drop isn't as likely to happen hopefully. I just really would prefer not to get another credit card for a while. But thanks for the input
If you are already receiving a score boost from your currently active personal loan, taking another one out is unlikely to help. When you are nearer to the end of yout current loan you might want to initiate a SSL or other very low interest type of loan with a longer payment schedule (60 month secured loans are available from a variety of major lenders), to allow you to carry that score bonus for a longer period of time with minimal interest paid.
True--taking out a second loan now wouldn't affect my score much--but if a new loan is already in place when the current one is paid off I'm not likely to see a score dip as a result of it being paid off. Plus if I wanted to get the most of the SP that got me the membership I'd have to do it before the 30 days I was quoted is up at the end of December. But I would try to get at least a 2 year term this time around--also I would probably try for something unsecured first.
You could very well see some type of a score dip having a new personal loan in place as soon as the one you have now is paid. 1st AAOA's will be reduced, 2nd your new loan will be in the 100% ratio and you won't start getting score increases until you go below the thresholds.