Multiple Personal Loans and Your Score

[Jnbmom]

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@Anonymous wrote:

I saw someone on Yoube say that everyone should have a minimum of two installment loans to achieve good credit. However, I've also heard other people say one is enough... How many installment loans do credit companies want to see on your report?

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For scoring purposes ONE is sufficient and best not to take finanical advice from YouTube.

[Ficoproblems247]

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@Jnbmom wrote:

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@Anonymous wrote:

I saw someone on Yoube say that everyone should have a minimum of two installment loans to achieve good credit. However, I've also heard other people say one is enough... How many installment loans do credit companies want to see on your report?

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For scoring purposes ONE is sufficient and best not to take finanical advice from YouTube.

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+1. I should make a YouTube video about not taking advice from YouTube videos...

[Mr_Mojo_Risin]

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@Jnbmom wrote:

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@Anonymous wrote:

I saw someone on Yoube say that everyone should have a minimum of two installment loans to achieve good credit. However, I've also heard other people say one is enough... How many installment loans do credit companies want to see on your report?

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For scoring purposes ONE is sufficient and best not to take finanical advice from YouTube.

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 Yes, this here 👆. 

Seems like I've seen an increase in YouTube references lately. 

[Anonymous]

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@Mr_Mojo_Risin wrote:

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@Jnbmom wrote:

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@Anonymous wrote:

I saw someone on Yoube say that everyone should have a minimum of two installment loans to achieve good credit. However, I've also heard other people say one is enough... How many installment loans do credit companies want to see on your report?

---

For scoring purposes ONE is sufficient and best not to take finanical advice from YouTube.

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 Yes, this here 👆. 

Seems like I've seen an increase in YouTube references lately. 

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But the YouTube guy tells me the things I want to hear. And then offers to sell me a service that will magically bring my 500 score to an 800+ score overnight. 

[Mr_Mojo_Risin]

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@Anonymous wrote:

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@Mr_Mojo_Risin wrote:

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@Jnbmom wrote:

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@Anonymous wrote:

I saw someone on Yoube say that everyone should have a minimum of two installment loans to achieve good credit. However, I've also heard other people say one is enough... How many installment loans do credit companies want to see on your report?

---

For scoring purposes ONE is sufficient and best not to take finanical advice from YouTube.

---

 Yes, this here 👆. 

Seems like I've seen an increase in YouTube references lately. 

---

But the YouTube guy tells me the things I want to hear. And then offers to sell me a service that will magically bring my 500 score to an 800+ score overnight. 

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Hahaha! Yep, lots of magic to be sold over that way.

Cheers!

[Anonymous]

One loan is sufficient for mix diversity purposes, however there is a Mix revolver:loan ratio. No one knows the exact optimal ratio, but it’s believed to be 3:1 or 4:1, but it’s not a major scoring factor.