A personal loan is an example of an installment loan. Other kinds of I-loans are car loans, student loans, mortgages, etc. Is this your only open installment loan?
If you have any other open installment loans, what was the original amount of each loan and how much do you currently owe on each?
These questions are relevant -- before you can answer how much of a help the $1000 personal loan could be to your score, you have to know the answers to them. Let us know and then we'll explain how it all works.
