How loans can affect your credit score

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Loans are a financial tool that helps you pay off anything in case of an emergency.

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But do you know how loans affect your credit score?

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Mortgage, student, personal and other types of loans can affect your credit score in many ways.

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Consistently making timely payments can help build and maintain a healthy credit score. Conversely, a late or missing payment can damage it.

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Student loans help many graduates develop their first credit score.

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A loan may diversify your credit mix.

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A loan can improve the length of your credit history. Generally, the longer your credit history, the better it is for your credit score.

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