Do loans help build credit rating?

+1 vote
asked Jun 7, 2017 in Credit by Christeen (70,120 points)
Do loans help build a credit rating?

1 Answer

0 votes
answered Jun 8, 2017 by Johns (220 points)
Yes loans do help build credit ratings. That is if you continue to make on time payments and never fall behind.

Loans can also ruin your credit if you fail to make payments to pay the loan back.

If you miss payments with the loan company it will affect your credit score which can be really hard to recover from.

If you get loans make sure that you can repay them back on time and do your best to never miss a payment.

100,508 questions

96,321 answers

1,285 comments

6,998,894 users

...