 TITLE: What Is the Best Term Length for a Personal Loan? CONTENT: What Credit Score Do You Need to Get a Personal Loan?\n-----------------------------------------------------\nBecause different lenders have different criteria for making personal loans, it is possible to get a personal loan with a lower credit score. However, having a FICO® Score☉ of 670 or higher will give you many more options, including more lenders to choose from, lower interest rates and better loan terms. If your credit is fair or poor, lenders will consider you a riskier borrower. You may still be able to get a personal loan, but you'll likely have to accept a higher interest rate and fees.\nIn addition to your credit score and credit history, lenders assessing your financial responsibility will also consider the amount of savings or other assets you have available, how stable your income is and how much of your income goes to debt (your debt-to-income ratio). If you have no savings and half of your income is going to pay off credit card debt, you'll be viewed as a bigger credit risk than someone who has a hefty savings account and little to no credit card debt.\nYou should check your credit score and review your credit report before applying for a personal loan. If you're worried that your score will keep you from getting a personal loan, here are some things you can do to improve your credit score:\n*   **Pay your bills on time.** This is the most important factor in your credit score, so mark your calendar—or better yet, set up automatic payments.\n*   **Reduce your credit utilization ratio.** This ratio, which measures the percentage of available credit you actually use, can start to harm your credit scores as it approaches or climbs above 30%. Limit your use of revolving credit, such as credit cards—the lower your ratio, the better it is for your scores. Maintain low balances or, better yet, pay the cards off in full each month.\n*   **Avoid applying for new credit cards.** Each application means a hard inquiry on your credit report, which can cause a temporary dip in your credit score.\n*   **Keep old credit accounts open, even if you aren't using them.** Having older accounts on your credit history shows you've been using credit for a long time, which helps improve your credit score.\n*   **Sign up for Experian Boost™† .** This free service reports your on-time cellphone and utility payments to Experian. Since these payments typically aren't reported to credit bureaus, adding them can help boost your credit score.\nOnce you get a personal loan, making your payments on time and in full will help maintain your positive credit score. END