NYMCU Shared Secure Can't Pay Down To Stretch Out

[Anonymous]

So I opened a shared secured loan with NYMCU for $500 I planned on paying about $320 down, but after calling and speaking to a rep it won't stretch out my repayment time nor lower the amount for a 12 month period, but instead shorten my loan length which would be closed after I still make my required monthly payments.

Anyone dealt with this? And what did you do to keep utilization low and keep account opened?

[Anonymous]

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@Anonymous wrote:
So I opened a shared secured loan with NYMCU for $500 I planned on paying about $320 down, but after calling and speaking to a rep it won't stretch out my repayment time nor lower the amount for a 12 month period, but instead shorten my loan length which would be closed after I still make my required monthly payments.

Anyone dealt with this? And what did you do to keep utilization low and keep account opened?

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Try a different CU. Alliant is often recommended for such a loan strategy.

Are you certain that you need an installment loan for scoring purposes? What other current accounts do you have?

[Anonymous]

As Norman stated Alliant CU is excellent for your purposes, you can pay it down to less than 10% utilization go as long as 60 months and it is a SP for both membership and the loan itself. See the link below for full details. http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...