cancel
Showing results for 
Search instead for 
Did you mean: 

Share Secured Loan????????????

Contributor

Share Secured Loan????????????

Just recently opened an account with Andrews FCU. I thought it would be a good idea to acquire their secured card and loan to help repair my credit, boost my fico scores and put me in their "good graces" later when Im ready to apply through them for a auto loan. I received an alert from score watch this evening telling that the secured loan is now reporting on my EQ report. As I read through the alert, I noticed that the loan is being reported as secured, not unsecured like the credit card! I was unaware it would report that way. How much does this hurt my scores? Does it help any? Please Help, if it hurts my scores, I need to close it out asap!! Thanks...


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

Message 1 of 8
7 REPLIES
Established Contributor

Re: Share Secured Loan????????????

Installment loans don't really do much for your scores. You should've tried for a line of credit with them with the credit card. The pros may have better insight, but this is what I've read on here.
Message 2 of 8
Contributor

Re: Share Secured Loan????????????

Wow, I'm wondering if I just keep the secured loan account (only 12 months), paying on time, how mucn it would help me to have a strong relationship with the credit union after my payments are complete so I can try a autoloan?


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

Message 3 of 8
Regular Contributor

Re: Share Secured Loan????????????

Fwiw I did the almost the same thing for the same reasons and here is my result:
Discharged bankructy 7 June 18 2012 went to my local credit union and opened up saving checking , 1000 secured loan and 700 secured cc. March 5 went down and applied for a auto loan for a new Nissan sentra appoved for 20, 000 at 3.45 percent !!!!!!
So for me my plan worked perfect with my credit union. Build history.
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Message 4 of 8
Regular Contributor

Re: Share Secured Loan????????????

Oh and also asked if they can unsecure my 700 cc with using same credit pull ...appoved 2000 limit.
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Message 5 of 8
Contributor

Re: Share Secured Loan????????????

Wow congrats deadbishop! Im hoping to follow the same plan. How much do you think the secured loan helped your scores? I have secured Cap1 (200), a secured Andrews visa (500) and a $1000 secured loan with Andrews. Hoping to reach mid 600s by June for Auto loan.....

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

Message 6 of 8
Contributor

Re: Share Secured Loan????????????

Cwwatts, I have a $500 secured Visa with Andrews, didnt qualify for unsecured line of credit....

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

Message 7 of 8
Regular Contributor

Re: Share Secured Loan????????????

Not sure if it help my scores much but 100 percent sure it helped me build a relationship with the credit union. I also direct deposit my pay check into my checking account too. I think all my loans and banking with them helped.
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Message 8 of 8