Question : How will taking out a personal loan affect my credit?
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?
- asked by KenCosgrove
All Answers:
Answer #1
Yes, $10,000 is way too much to take out on apersonal loan. And especially with Capital One.Ifyou miss one payment, your interest will likelyincrease even more. Plus, if it's already highinterest rate, you're likely to have problemspaying it back at one time or another.
- answered by Miss V
Answer #2
Probably not: it depends on your revolving creditas of this date.. But make more than your minimumpayments. In order to get a $10K Sig Loan you havegood credit. Let's keep it that way.
- answered by ZinaRae
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