Installment loans can help improve your credit score by adding on-time payment history to your credit report. They can also broaden your credit mix, which is a credit score factor that considers the types of accounts you own if you primarily used credit cards in the past.
It's important to remember, however, that getting an installment loan may not have an immediate or significantly positive effect on your credit and may actually bring scores down in the short term. Responsible account management that includes making consistent, timely payments will promote steady, sustainable growth in your score over time.
Read on for more details about how an installment loan could potentially take your credit to the next level.
Originally published at https://www.experian.com/blogs/ask-experian/can-installment-loan-help-improve-credit-score/
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