A personal loan could raise your credit score if you use it to consolidate several other loans or credit cards. You’ll use the personal loan to pay off all of those other accounts, so they’ll instantly become paid on your credit report, reducing your number of accounts with outstanding balances. Taking out a personal loan if you don’t have others can also improve your credit mix. Having a variety of accounts can be positive for your credit score. Finally, if you have no credit history — and therefore no credit score — taking out a personal loan on your own or with a cosigner can help you build a credit history to improve your score.