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?

Denise

Tags: Capital One, Money, Personal Loan

This entry was posted on Thursday, May 28th, 2009 at 10:37 am and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “How will taking out a personal loan affect my credit?”

1. Miss V Says:
   May 28th, 2009 at 1:09 pm

   Rosa

   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.

2. ZinaRae Says:
   May 29th, 2009 at 12:47 pm

   Gary

   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.