Looking to Boost Your Credit Score? Mark Jorel Snow of Slick Cash Loan Explains How an Installment Loan Can Help
By: Slick Cash Loan
GLENDALE, Calif. - Sept. 2, 2023 - PRLog -- Ever scratched your head wondering how to make your credit score look a bit more flattering? Well, you're not alone. Mark Jorel Snow, the Financial Coaching Manager at Slick Cash Loan, says an installment loan might be the game-changer you're looking for.
"Let's face it, we all care about our credit scores, whether we admit it or not. And guess what? An installment loan could be a golden ticket to boosting yours," shares Snow.
For a deep dive into this, check out Slick Cash Loan's latest How an Installment Loan Can Help Credit Score blog post.
What's an Installment Loan Anyway?
If the term 'installment loan' sounds like financial jargon to you, don't sweat it. It's simply a type of loan you usually take out for big-ticket items—think home renovations or medical bills. Unlike those dreaded payday loans, installment loans let you pay back in manageable chunks over time. "It's a budget-friendly way to borrow, with zero nasty surprises," Snow adds.
So, How Does This Loan Jazz Up Your Credit Score?
Mark Jorel Snow breaks it down into digestible chunks, explaining how installment loans can really pep up that credit score.
It's All About Showing You're Good for It
"Think of your payment history as your financial track record," Snow explains. "When you pay on time, it's like telling the world, 'Hey, I've got this!'" Doing so consistently can even get you better interest rates on other accounts, saving you a nice chunk of change in the long run.
Mix It Up for Maximum Impact
Just like a good playlist, a mix of different credit types can make you more appealing to lenders. "It shows you can handle different kinds of debt, which is a huge plus if you're eyeing bigger loans down the road, like a house or a car," notes Snow.
Less is More with Credit Utilization
"Moving your credit card debt into an installment loan actually lowers how much credit you're using. That's a win for your credit score," says Snow.
But Wait, There's a Catch!
No sugarcoating here. The blog also talks about the potential dark side. "Listen, if you're careless about making payments, your credit score could nosedive," warns Snow.
Debt Piling Up? Not Cool
Snow also warns against borrowing more than you can handle. "Too much debt makes you look risky to lenders, and trust me, that's the last thing you want."
Wrapping It Up
Bottom line? An installment loan can be a powerful tool for boosting your credit score, but only if you're smart about it. "Don't just jump into it; make sure you can manage the loan responsibly,"
Mark Jorel Snow