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Personal Loan Approval

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Anonymous
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Personal Loan Approval

Hello, I was wondering if anyone knows if getting approved for high amount personal loans benefit your credit score. Would it work like being approved for high credit card limits?

2 REPLIES 2
Ardecko
Frequent Contributor

Re: Personal Loan Approval

No, *.

Please search here for SSL(share secured loan). There is value in having an open installment loan, but the amount of it is irrelevant.

An alternative that would work the way you're thinking is a line of credit. Search CLOC and PLOC here.

* Yes, you could do this, but you really don't want to, unless you just enjoy bleeding in interest.
2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2020-02-07 FICO 08: TU 789
2020-02-10 FICO 08: EX 752

Gardening, mostly, again until... soon(I need to replace my car)

Message 2 of 3
Creditaddict
Legendary Contributor

Re: Personal Loan Approval


@Anonymous wrote:

Hello, I was wondering if anyone knows if getting approved for high amount personal loans benefit your credit score. Would it work like being approved for high credit card limits?


If you can get approved for "high" amount personal loan (what is high) then you probably don't need to worry about your credit score.

We are engrained to worry about a score that is a very small piece to credit approvals and we end up messing up or spending on what's not needed.

Message 3 of 3
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