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Kaycee242

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Trying to boost my score by adding loan/increasing credit limit
I am about to apply for a retail loan that I will have paid off in 3 months.. I need to increase my credit limit on my credit card as well because the limit is very low. I pay off my balance in full every time I am paid, but it is still hurting my score because I have a balance when they report. My bank will do a hard check on my credit. Is this too many inquiries on my credit? Will it hurt me more than benefit?

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Is the retail loan actually an installment loan or is it a revovling line of credit? Usually it will be revolving and if it is that would do little for you if you want to add it for credit mix. For your current cards, stop putting so much on them and get them paid down, that's  the simplest thing to do, but if  you feel that your lender may issue you a CLI (credit line increase) then go for it if you wish because the added amount of available credit will overcome the hard inquiry score wise.

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