How will taking out a personal loan affect my credit?
KenCosgrove asked:
I got an offer from Capital one to take out a 10,000 personal loan, requiring no collateral at a pretty high rate. Kinda need the money for moving expenses and feel like I can pay it off well ahead of schedule. But will this be sabotaging my credit?
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I got an offer from Capital one to take out a 10,000 personal loan, requiring no collateral at a pretty high rate. Kinda need the money for moving expenses and feel like I can pay it off well ahead of schedule. But will this be sabotaging my credit?
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Tags: Capital One, Collateral, Money
October 16th, 2008 at 6:05 pm
Yes, $10,000 is way too much to take out on a personal loan. And especially with Capital One.
If you miss one payment, your interest will likely increase even more. Plus, if it’s already high interest rate, you’re likely to have problems paying it back at one time or another.
October 18th, 2008 at 12:10 pm
Probably not: it depends on your revolving credit as of this date.. But make more than your minimum payments. In order to get a $10K Sig Loan you have good credit. Let’s keep it that way.