Average credit is a stepping stone to good credit, which can lead to an excellent credit score down the line. While a fair and average credit score is better than having no credit or bad credit ...
the two groups now share the same average credit score. According to credit bureau Experian's data from the first quarter of 2020, women and men now share an average FICO credit score of 705.
A personal loan can be a great way for some people to improve their credit scores. However, if you struggle to make payments you could harm your score.