Grace Enfield, Content Writer
@grace_enfield
A credit-builder loan will raise your credit score by up to 60 points, according to data from the Consumer Financial Protection Bureau, Self, and MoneyLion. The exact increase depends on factors like where your score is to begin with, the length of the loan, and whether you pay on time.
You can use WalletHub’s free credit score simulator to estimate how your credit score will change. If you think a credit-builder loan is right for you, you can also check out the top-ranked credit-builder loan options right here on WalletHub.
People also ask
How can I raise my credit score in 30 days?
There are several ways to raise your credit score in 30 days. Reducing your credit utilization is one of the fastest ways to raise your credit score, and you can do it by paying down debt, spending less, paying your bill more often or asking for a higher spending limit. Disputing negative information on your credit report can help quickly, too.
- Dispute Credit-Report Mistakes
- Make a Big Debt Payment
- Reduce Your Credit Card...
How do personal loans affect your credit score?
Personal loans affect your credit score in the short-term and in the long-term. In the short-term, a personal loan may damage your score because it causes a hard credit inquiry and increases your debt load. But in the long-term, a personal loan can either help or hurt your credit, depending largely on whether or not you pay the bills on time. Ultimately, it’s up to you how much impact the personal loan will have.
How a...
read full answer by Adam McCann, Financial WriterDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.