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suburban86
Joined: 27 Mar 2010
suburban86's page
Posts: 2
51 Magic Points
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Subject: Can a Small loan make your score worse??
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Sat Mar 27, 2010 12:11 pm
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| I have no credit debt except for my mortgage and $1,000 left on my car loan. I make 85,000 a year. My credit score is only 600 due to the fact that I got cancer a few years ago. I recently got approved for a $1,500 personal loan. I only did this to try and improve my credit score. When I used a credit simulator on another site it actually dropped it a few points??!! I thought this would eventually improve my credit, not hurt it. How am I going to improve my credit if I never get loans? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: credit score lowered
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Sat Mar 27, 2010 12:28 pm
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Hi Suburban,
Your credit report was pulled by the lender to whom you had applied for the loan. This has resulted in the lowering of the points. This is called hard pull. To improve credit score you need to maintain your payments. Check your credit report. If there are any wrong listings try to dispute those with the credit bureaus.
As for the loan and mortgage try to pay more than the minimum. This will help in improving the credit score. Fir more details on how to improve credit score, you can visit http://www.creditmagic.org/knowledgebank/credit-scoring.html#improvecr editscore .
Hope this helps.
Regards,
Aaron
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suburban86
Joined: 27 Mar 2010
suburban86's page
Posts: 2
51 Magic Points
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Sat Mar 27, 2010 12:32 pm
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| Thank you Aaron. I will definitely check out the link. I am on a mission to improve my credit score. I really want to buy another home in 1.5 years and get a decent interest rate. |
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Mark Johnson
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Subject: Loans For Bad Credit
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Wed Apr 07, 2010 6:18 am
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Hello Suburban,
Do not worry, tension is not a solution. I think you should check your credit score if your credit history is bad so please improve your credit score it will help you for take loan if your credit report is excellent so you can get loans on low rate interest. But do not worry you can take Loans For Bad Credit it is good for you.
To improve your credit i have some suggestion for you.
• Pay your bills on time.
• The longer you pay your bills on time, the better your credit score.
It will stay on your report for seven years.
I hope you can take loans |
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Wed Apr 07, 2010 4:06 pm
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| Thank you for the advice Mark. I really appreciate it. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Wed Apr 07, 2010 4:32 pm
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| I have recently learned that keeping your available credit at a 30% gives you a better score also, paying more than the monthly payment raised my husbands score 6 points in one month, this is the first time that I have actually seen this happen. |
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tracy
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Mon Aug 23, 2010 11:58 am
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No i do not think so that..Even now a days small loans are so popular
because they are available online. |
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Moco
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Subject: credit score lowered
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Tue Dec 28, 2010 4:56 pm
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| It initially may lower it at first due to the pull...but timely payments you will see it go back up. The best way to increase your score is to open a secured credit card. Revolving credit will help. Get the loan paid down quickly and open a secured credit card...keep the balance 30% or less and make timely payments. You will see an increase in your score. |
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ryanhmt
Joined: 21 Dec 2010
ryanhmt's page
Posts: 7
Location: Mission Viejo, CA
49 Magic Points
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Subject: Re: Improve your credit score
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Tue Jan 11, 2011 11:36 am
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| Small business or personal loans like hard money loans are going to affect your credit score a lot. If are borrowing money to invest in small business then there is is no doubt your credit score will improve after some difficulties. You why.. as you invested this money on business and sooner or later you will start gaining some profit and it became easy for you to pay back your debts with ease... |
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loanmodi111
Joined: 12 Jan 2011
loanmodi111's page
Posts: 5
26 Magic Points
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Subject: hiii
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Wed Jan 12, 2011 11:00 am
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| hi friends there is not any disgrade to affect score when you get small loan. |
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