*Loan,banking and credit>>>credit score

Does taking out too many loans make your credit score worse?

I'm trying to build my credit and right now i have a loan for $1000 that is almost paid off but i wanted to get another loan for 500 for some furniture that i want. does that make my score lower or does the credit companies just look at my record to see if i am actually paying my loans...

That 2nd loan will actually help you.

Your credit score is not only based on how well you pay off your loans, but how much of your available credit you are using. When it comes to credit cards, if you are using 100% of your available credit, then they will score you lower than someone who is only using 50% of what is available to them. By not running out and buying everything that they are allowed to buy and "maxing out" their credit, it shows responsibility.

As to just regular loans, get one, pay it down or pay it off, get a 2nd one, pay it down or pay it off. It shows you are responsible.

I built almost ALL of my credit by doing 90-day, 6-month, and 12-month same as cash furniture and appliance loans. Did one room at a time and when that room/loan was paid off, I did the next one.

Taking out too many loans doesn't lower your credit score unless you are missing payments. However, it does increase your debt ratio which may prevent you from getting further loans until current loans are paid off. Looking at your situation, since your first loan is almost paid off, getting another loan will only help your credit score. (Again, as long as you are and have been current and not late on payments) It sounds like you are making good decisions, just don't go overboard and have five or six loans at the same time. That is how the debt ratio comes in to bite you.
it's based on a number of things, including debt-to-income ratio, payment history, and the amount of credit inquiries. if I were you I would wait 'til the $1000 is completely paid off.
The second loan will help you in the long run. In the short term it can cause a minor decrease in your credit score, but after a few months it should go back up to where it was before. Maybe even higher as long as you are paying your loans on time.
Yes the higher the number of current loans the low the score
these are small amounts and not a big risk. Any paid loan is always good for your credit but it's the car loans and mortgages that are really important