Sounds like a great plan GOALIS850. You're welcome! 
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@Anonymous wrote:
Thanks Revalate! That sounds like a great idea! When do you think I should try to app with NFCU?
Tomorrow morning .
No need to wait on that one though if you're planning to apply for a new credit card or two in the near future, I'd wait till after making those applications and getting a response; however, from a FICO perspective the earlier you open it the better though admittedly a swing of a few days or a week makes no difference even a year from now let alone in a longer timeframe.
If you don't need the cash in the near future for college or other expenses, I'd try a term of 3-4 years if you can swing it. Not sure what NFCU's rates are but I know my USAA secured loan is at an effective 2% above their CD return rate, and I'd estimate NFCU's is similar.
