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jkharrison2

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Personal Loans and Pay Off.
I am trying to build my credit score, and only have studen loans and a secured credit card right now. When I use the credit simulator and add a $1k personal loan my credit score goes down several points. If I do this, but pay the personal loan off on time or ahead of time will my credit score then increase beyond the original number?

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it will often go down on the simulator

Once you have secured a loan and begin making the payments your score should go up.  It will always go down until you prove that you can indeed pay it on time.  Once you have a few payments under your belt yor score should go up.

Good luck

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