NFCU shared secured loan - Need Advice

[tussking]

I want to installment loan to the mix - since I won't be getting a car loan or mortgage till July 18'.
They offer :
$500 - 6 months
$1000 - 12 months
$2000 - 24 months
$3000 - 36 months

I'm not sure what my best move is - NO credit pull.

[Anonymous]

If I were in your shoes, I go with the 24 month.  The reason being, at the time you are ready to do your mortgage you'd still want to have the small balance on the loan reporting to maximize your scores..

[Revelate]

I'd do it somewhere else frankly.

Those aren't good terms, you want as long as possible and Alliant at $500 for 5 years is vastly superior if we're just talking FICO goodness;  Penfed might even be better at 10 years, but don't think anyone's had any experience with them but from what I've read online it should work similarly to Alliant.

I'm assuming the intention is to pay it down quickly with the loan disbursement anyway and let it hang out, why pay more than one needs to for it?

[RobertEG]

What is the APR on each?

..kinda an important factor

[Revelate]

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@RobertEG wrote:

What is the APR on each?

..kinda an important factor

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Not precisely, since for optimal scoring it's going to be paid down way early anyway.  Even at 150% APR on $1 is still only $1.50 in interest a year assuming simple interest loan.

Typical secured loan rates are 2-3% above underlying deposit rate.