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No. Loans from 401(k) accounts are not usually reported to credit reporting agencies, so it should not affect your credit history favorably, or negatively.

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โˆ™ 2006-02-08 19:11:17
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Q: Would taking a loan from your current 401K account to pay off your credit card affect your credit history?
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Related questions

Difference between current account and cash credit account?

i am a student and wanted to open my account should i open a current account or credit account

Will closing a 16 year old credit card account with an excellent payment history and a 18500.00 credit limit in order to get a card with a much better interest rate affect your credit rating?

Closing a 16 year old seasoned credit card account with an excellent payment history will NEVER improve your credit. As a matter of fact, opening a new credit account will also temporarily reduce your score. If you need a lower rate, call your current credit card company and request it. It is a much better solution that can save you money on interest. The following link can show how to request a lower interest rate on your current credit card account.

What is the different between cash credit account and current account?

Diff. between CC account & current account

What is owner's current account and it's accounting entry?

owners current account is called a personal account and it has a credit entry

What steps are involved during Merchant Accounts credit card processing?

A Merchant Account is an account linked to a business's current account that will accept and provide the credit card transaction process. In order to get a Merchant Account one must apply in a process similar to getting a personal credit card whereby credit worthiness, history of trading and likely spend will be assessed.

What does a credit balance on partner's current account mean?

current liability

How does a car repo affect credit?

It goes on your Credit History as an incomplete pay history and in the comments sections in the Credit History for that bank they will give the reason for the negative history.

How is your credit score affected if a credit card company closes your account because of inactivity?

Your credit score is affected by ALL the information in your credit history. Specifically, a recently closed, inactive, revolving account would impact the amount of credit available to you, thus changing your debt-to-available-credit ratio. If this particular acccount was the oldest account in your file, closing it would also shorten the history of your open credit accounts. The amount of impact to your current score would depend upon what remained open in your file and, once again, ALL the data showing, not just this one account.

Does your age affect your credit score?

No, but your credit history accounts for about 15% of your credit score.

If you close a credit card will it hurt your credit?

It will not affect your credit if you pay off the balance when you close the account.

Does closing a cedit card by the consumer affect their credit negatively?

Closing an account will affect your credit score and decrease your score.

Estate insolvent cannot pay credit card debt affect on heir's credit history or tier score?

It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.

Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.

If your husband is the primary card holder does that give you credit history in a joint account?

Yes, as long as your listed as a "Co-signer" on the account. Credit is not build if you are just an "Authorized User" if this was a credit card account. Lastly, this all assumes that whatever this joint-account is that it reports to credit.

Can an joint account affect a credit score?

yes it can, both parties are equally responsible for the account

Will having no credit cards or outstanding loans improve a credit rating over time or is having at least one account that is current better?

You have to have credit in order to have a credit history and a credit score. Every consumer needs at least one installment account and two revolving accounts that are managed properly for optimal points during the calculation that produces a credit score. It can be harder to get the credit you need, such as a mortgage loan, with no credit history than when a borrower has bad credit. Also, if a consumer has bad credit; positive, ongoing,accounts will offset the negative information.

How do i get credit history?

You can get credit history by having a credit card or line of credit. Anything that reports to the credit bureaus that you are paying each month. You can also get some credit accounts added to your credit history by becoming an authorized user on a spouses or family members account. All this doesn't matter if it isn't paid on time, so a credit history length with a good payment history will help your credit score.

If you are a secondary card holder yet you have been the only user of that credit card does it mean you still have no credit history?

If you are on the account your are building a credit history, hopefully a good one.

If an account was included in a Ch 7 bankruptcy can the account's history of late payments still be listed on the credit report?

Yes, your payment history will still be a part of your credit report as well as the Chapter 7.

Will having a joint bank account with someone who is behind on their personal loan affect your own ability to get a personal loan?

No. Credit history pertains to the individual. With the exception of joint accounts such as credit cards, not bank accounts.

Does bad personal credit history affect business credit history?

In many cases, yes, it will hurt the business credit history due to you having bad personal credit history. Being a "silent" partner is the best option you have if you want to be involved in the business.

Will a chargeback effect fica score?

If you have a chargeback, that is a credit to your account. This will not affect your credit score negatively or positively.

How do collection accounts affect your credit score?

== == Collection account are 20% of the total credit score module.

How Your Credit History Can Affect Employment?

Most people know that your credit report history can affect the rates you pay for mortgages and auto loans. Few people, however, are aware of how your credit history can affect employment. The majority of employers conduct a background check on their applicants and many screen for credit history. This used to be prevalent only in the financial sector, but it is a now widespread practice. A poor credit report history may signal to an employer that you are not trustworthy, are unable to manage money and may compromise the company. Before applying for a job, it is helpful to get a copy of your credit report history.

Will opening a new credit card affect your credit rating?

Yes. Any new credit account or loan will effect your rating.