Your credit score may dip slightly when a new loan appears on your report. Don’t panic, it usually bounces back with timely repayments.
Consistent EMI payments signal financial responsibility, giving your credit score a steady boost.
A mix of credit types, such as personal and home loans, demonstrates to lenders that you can manage various financial obligations responsibly.
Applying for multiple loans in a short time can signal credit hunger. Space out applications to keep your credit score healthy.
Monitor your credit report, plan repayments carefully, and use personal loans responsibly to maintain a healthy, robust credit profile.