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How to Improve Your Credit Score with a Personal Loan ?
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[QUOTE="Yusra3, post: 341044, member: 31907"] While taking out a personal loan can initially cause a small, temporary credit score dip due to the hard inquiry and new account being added, it can actually help boost your credit over time if managed responsibly. Here's how a personal loan impacts the major credit scoring factors: [B]Payment History (35%)[/B] Making all your scheduled personal loan payments on time and in full will consistently build positive payment history. This is the most influential factor for raising your score. [B]Credit Utilization (30%) [/B] If using a personal loan to consolidate high credit card balances, this can significantly improve your credit utilization ratio by paying down revolving debt. [B]Credit Mix (10%)[/B] Having both installment loans and revolving credit diversifies your credit mix, which can modestly help your score. [B]Length of Credit History (15%) [/B] A personal loan hitting your reports as a new account will initially bring down your overall age of credit. However, older accounts age positively over the life of the loan. By making your personal loan the top priority to pay as agreed each month and leaving the account open until fully repaid, you can steadily build creditworthiness over time while enjoying generally lower interest costs versus credit cards. [/QUOTE]
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