 TITLE: Can You Buy a House With a Personal Loan? CONTENT: How a Personal Loan Impacts Credit\n----------------------------------\nWhile getting a personal loan to buy a small house or mobile home can be a good option, it's important to understand how it might affect your credit.\nIn general, applying for any type of credit can knock a few points off your credit score when the lender runs what's called a hard inquiry on your credit report. That said, inquiries generally don't have a lasting impact on your scores.\nThe primary way a personal loan affects your credit is how you handle your monthly payments. If you pay your bill on time every month, the positive payment activity can improve your credit scores. On the flip side, missing a payment or defaulting on the loan can wreck your credit, even if you get to keep the home.\nTo help you stay on track with loan payments, consider setting up automatic payments. Some lenders may even offer an interest rate discount if you do this. Another option is to set up alerts to remind you each month when your payment is due. END