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I need some assistance

Regular Contributor

I need some assistance

So when i opened my account in December with NFCU. i applied for a credit card and was denied. So i opened a secured card ($500.00) and a month later i opened a secured loan ($500.00). Since i have been approved for a UNsecured credit card now. I was thinking of paying off the loan now (3 payments left) and closing the secured card since I really dont need either anymore. Any & All assistance would be great

Message 1 of 5
4 REPLIES
Valued Contributor

Re: I need some assistance


herrera5204 wrote:

So when i opened my account in December with NFCU. i applied for a credit card and was denied. So i opened a secured card ($500.00) and a month later i opened a secured loan ($500.00). Since i have been approved for a UNsecured credit card now. I was thinking of paying off the loan now (3 payments left) and closing the secured card since I really dont need either anymore. Any & All assistance would be great


Your secured card is barely 4 months old. I would leave it as it is right now unless you need your deposit. I would use it even if for small purchases and pay  it off. LEt it run its course at last until its anniversary. On your installment loan, i would not pay it off, and keep making payments. Paying it off will actually lower your score because you will not have an active installment loan. It is always a good idea to have different types of acounts in your credit profile for the maximum fico scoring.


6/14/15: Equifax 576 Experian 542 Transunion 571
8/17/15: Equifax 626 Experian 619 Transunion 622
9/28/15: Equifax 655 Experian 636 Transunion 641
11/11/15: Equifax 698 Experian 687 Transunion 672
Short Term Goal Score: 720 Across the board


Take the myFICO Fitness Challenge


Are you free Tuesday..?
Message 2 of 5
Regular Contributor

Re: I need some assistance

ok. i still have my car loan and my student loans. but i see what you're saying

Message 3 of 5
Valued Contributor

Re: I need some assistance


herrera5204 wrote:

ok. i still have my car loan and my student loans. but i see what you're saying


That's perfect then. Once you make last 3 payments, then your score should nt go down when your installment loan is paid off, but maybe just a few points. It is ofcourse up to you, but if you have only 3 payments left, i would just take my time to pay it off, that's 3 more on time payment marks for you on your credit report Smiley Happy


6/14/15: Equifax 576 Experian 542 Transunion 571
8/17/15: Equifax 626 Experian 619 Transunion 622
9/28/15: Equifax 655 Experian 636 Transunion 641
11/11/15: Equifax 698 Experian 687 Transunion 672
Short Term Goal Score: 720 Across the board


Take the myFICO Fitness Challenge


Are you free Tuesday..?
Message 4 of 5
Super Contributor

Re: I need some assistance

NFCU is a good issuer to stay with...
i am on mobile so i don't see your desktop signatures
Message 5 of 5