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Ok, let’s clear up a few misconceptions. convinced debt has a negative impact on your credit score - but the truth is that there are some loans that can help improve it. Don’t get too credit-happy, though, considering too many mortgage or auto loans can have a negative effect on your score (I found that out the hard way so you don’t have to!) I’ve listed a few loans that, used wisely, could actually help increase your credit score (who knew?):

Fixed Mortgage Loans - With a fixed rate mortgage, the interest is set for the entire life of the loan. that protects you from rising interest rates. It can additionally help you

manage your monthly pauments better and will not in any way harm your credit score. When interest rates drop, you additionally have the choice of refinancing at a lower interest rate.

Home Equity Loans – You can use home equity loans can help to get rid of poor debt, like personal loans, high interest credit cards and overdue bills. A home equity loan combines your short-term debts and can next help improve your credit score!

As with any type of loan, be certain not to let the balances get too high and to Make all your payments on time!

Leeia

Orginal post by Leeia Ladipoh

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