Can taking out a large personal loan of between 5-8000 dollars have any effect on your credit score?
2006-08-01 16:04:03 · 8 answers · asked by justellemJimsaidhello 1 in Business & Finance ➔ Credit
Providing that you pay it back in a timely manner, it won't ruin your credit. However it will affect your credit score. Namely your used credit to available credit ratio and the age of your credit accounts. Hope this helps!
2006-08-01 17:31:51 · answer #1 · answered by amkornele 3 · 1⤊ 0⤋
These loans are usually classified as installment loans. They have little effect on your overall score as opposed to revolving credit like a credit card. Other examples of an installment loans are auto loans and other "fixed" amount loans.
2006-08-01 16:18:48 · answer #2 · answered by Johnsmatrix 3 · 0⤊ 0⤋
absolutely! credit fico scores are based on many things
-open credit available (usually a credit line)
-open credit vs balances
-credit balances close to credit lines
-many credit cards close to credit lines
If you need a loan you're better off using a credit card.....try applying for a new credit card and if you have to then shift $ back and forth between the credit cards if you have more than one. it's costly from time to time but it raises your fico score because all the credit bureaus see is that you're paying off a line of credit not where did the money come from (another credit card)
2006-08-01 16:14:26 · answer #3 · answered by tryinthis2 4 · 0⤊ 0⤋
If you dont pay back the loan or pay it on time it can affect your score and lower it
2006-08-01 16:09:51 · answer #4 · answered by jenks1545 4 · 0⤊ 0⤋
Of course! Pay on time u will improve your credit rating.
2006-08-01 16:08:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Lots of info here.
2006-08-05 03:31:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you dont pay it back it will.
2006-08-01 16:08:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yea, if you do not pay it it will.
2006-08-01 16:08:06 · answer #8 · answered by Neal J 4 · 0⤊ 0⤋
No
2006-08-01 16:08:14 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No they help it, it will only ruin it if you don't pay it
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2006-08-01 18:04:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋