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I love credit unions!

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jnkp2001
Regular Contributor

I love credit unions!

went to my local credit union to refi my truck, instant approval @ 5% from 14% with 2 months before my next payment.  AND got a $3000 personal loan at the same time!  Life is good again!Smiley Happy

 

I guess my question is, does a personal loan to pay down my CC's count toward my utilization?

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Message 1 of 11
10 REPLIES 10
gijoe4500
Regular Contributor

Re: I love credit unions!

Personal loans do not count towards your credit card utilization.

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 2 of 11
jnkp2001
Regular Contributor

Re: I love credit unions!

cool!  that will really bump the scores!  Thanks.

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Message 3 of 11
Shogun
Moderator Emeritus

Re: I love credit unions!

+1   Revolving accounts don't count util like revolving does.   

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 11
webhopper
Moderator Emeritus

Re: I love credit unions!


@jnkp2001 wrote:

cool!  that will really bump the scores!  Thanks.


good move!  I love credit unions also Smiley Happy

 

Just don't make the mistake of running up Credit Card debt again.   the personal loan will give you another installment tradeline, which will help you later on if you ever finance another car.

 

Great move!

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 5 of 11
Cadillac-XTS
Established Contributor

Re: I love credit unions!

Congrats

Message 6 of 11
sgs10
Regular Contributor

Re: I love credit unions!

Congrats Smiley Tongue

Message 7 of 11
Jutz
Valued Contributor

Re: I love credit unions!

Ugh.  I either picked the wrong CU or I talked to the wrong person.  I joined a CU with the intent to build a relationship to get a good auto loan, and eventually a mortgage.  When I asked someone over the phone about auto loans they said they had a 690 minimum score...

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 8 of 11
lewdog
Established Member

Re: I love credit unions!

+1   Revolving accounts don't count util like revolving does

 

??

Message 9 of 11
gijoe4500
Regular Contributor

Re: I love credit unions!


@lewdog wrote:

+1   Revolving accounts don't count util like revolving does

 

??


Probably just typed it wrong.

 

Installment accounts don't count util like revolving does.

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 10 of 11
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