Credit Card Center Advertiser Disclosure

Regular Contributor
Posts: 123
Registered: ‎09-25-2011
0 Kudos

One bank for all my loans... Good idea or not?

Good evening, I currently bank with NFCU in which they've proven to be a wonderful institution that have treated me well.  I recently acquried a new auto loan with them and also have a CC, and a LOC with them as well.  I'm in the market for a new mortgage in which I'm going to apply for in November.  What is the consensus on having all your business with one institution?  Is it recommended or not...  I've been told that I should consider USAA for my mortgage.  Thanks in advance

After falling off the wagon while in the garden... And going 2 for 4 on a drapping spree I've finally received my coveted Discover More. And now I'll limp back to the garden.
Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009
0 Kudos

Re: One bank for all my loans... Good idea or not?

Well if you are going to have all of your loans with one institution then NFCU is surely the one I would pick. I don't remember what your credit profile or portfolio look like but you certainly want to diversify your credit cards across more than one bank. Just in case a particular banks system was to go down or they were to take adverse actions on your account based on real or mistaken information.


As to USAA for a mortgage that is who I went through. Their mortgage division is an outside contractor and I cannot say I was 100% satisfied with the quality of service. My loan process was a lot longer than what they had estimated and although it was a short sale purchase and some of the issues were from the sellers bank I found USAA to not be as quick and responsive as I would have liked when it was their turn in the process. I do have all of my insurance products with them (Home, Auto and Umbrella) and could not be more pleased with the service or price. Maybe talk to them and NFCU when the time comes for the pre-approval of your mortgage.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL

Take the FICO Fitness Challenge

New Contributor
Posts: 58
Registered: ‎04-15-2009
0 Kudos

Re: One bank for all my loans... Good idea or not?

it is my opinion that you should always shop around for the best rates and products to maximize your money.  Especially with something as big as a mortgage, a small difference in interest rate can turn into thousands in savings.  That's money in your pocket.

American Express SPG, Chase Freedom, Citi Forward, Citi Dividend World Elite, Discover More, Penfed Platinum Rewards, Kohls

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.