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why is SDFCU recomended?

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Anonymous
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why is SDFCU recomended?

I saw several posts mentioning using SDFCU as a place to get a loan to help credit. Why is this credit union mentioned so often. I assume its https://www.sdfcu.org
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Anonymous
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Re: why is SDFCU recomended?

@Anonymous.

SDFCU offers a secured share loan. At one time, one could join w/o a HP, just through a SP and Chexsystem review, but I believe that now to join results in a HP. A secured share loan is good if you don't have an installment loan such as auto, mortgage, or student loan. For Fico scoring purposes one needs 3 positive tradelines such as bank credit cards and an installment loan.

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Anonymous
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Re: why is SDFCU recomended?

 


contesthamster wrote:
I saw several posts mentioning using SDFCU as a place to get a loan to help credit. Why is this credit union mentioned so often. I assume its https://www.sdfcu.org

 

Applying for Membership is a Hard Pull as of December 2015.

 

The Shared Secured Loan will "use" funds you put into your account.

 

So if you want to create a $1,000 installment loan over 60 months, you will need to have more than $1,000.00 in the account for it to be "secured".

 

Additionally, you can also get a Secured CC from State Dept, but it does not Graduate.

 

Once your Credit score on Experian is close to 720 for the best APR, or close to that score, you are in a good position to get an unsecured CC. 

 

Most importantly, what are your overall need?  Just an installment loan?

 

Do you know what your FICO 8 scores are for each agency?

 

Thanks in advance.

.

 

Message 3 of 4
Anonymous
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Re: why is SDFCU recomended?

While not ideal, from an APR standpoint, wouldn't getting an unsecured CC earlier than 720 only accelerate score-building? This of course assumes proper and responsible management of all of the above.
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