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cdacc0914

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Getting a personal loan to build credit.
So I have 5 new credit cards right now and I've read somewhere that it's important to have a variety of credit types in order for your report to look appealing and trustworthy. Would getting a small $2000 loan and paying it back over the course of 5 years greatly improve my credit? Does the amount of the loan say $5000 vs $2000 look better on my credit report. Does the length of time it takes to pay back the loan look better when the terms are shorter? I heard that if you have a variety in the type of loans you have then lenders would give you better interest rates because they trust you more knowing you know how to handle different types of credits.

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bump

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Getting a loan you don't really need is a waste of money, because you will be paying unnecessary interest.  Use your credit cards responsibly, use no more than 10% of your credit limit on each card. Only charge what you can comfortably pay off every month, and pay all cards in full every month.

When creditors see you handling credit responsibly, then you will start receiving credit limit increases and offers for other cards.

Please read the articles here and on other sites to further your credit education.

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