topic Re: I love credit unions! in Credit Cards

I love credit unions!

Anonymous — Fri, 26 Oct 2012 08:43:19 GMT

went to my local credit union to refi my truck, instant approval @ 5% from 14% with 2 months before my next payment. AND got a $3000 personal loan at the same time! Life is good again!

I guess my question is, does a personal loan to pay down my CC's count toward my utilization?

Re: I love credit unions!

gijoe4500 — Fri, 26 Oct 2012 08:42:56 GMT

Personal loans do not count towards your credit card utilization.

Re: I love credit unions!

Anonymous — Fri, 26 Oct 2012 08:46:31 GMT

cool! that will really bump the scores! Thanks.

Re: I love credit unions!

Shogun — Fri, 26 Oct 2012 12:10:27 GMT

+1 Revolving accounts don't count util like revolving does.

Re: I love credit unions!

webhopper — Fri, 26 Oct 2012 13:29:23 GMT

@Anonymous wrote:
cool! that will really bump the scores! Thanks.

good move! I love credit unions also

Just don't make the mistake of running up Credit Card debt again. the personal loan will give you another installment tradeline, which will help you later on if you ever finance another car.

Great move!

Re: I love credit unions!

Anonymous — Fri, 26 Oct 2012 13:33:12 GMT

Congrats

Re: I love credit unions!

Anonymous — Fri, 26 Oct 2012 15:44:30 GMT

Congrats

Re: I love credit unions!

Jutz — Fri, 26 Oct 2012 15:47:41 GMT

Ugh. I either picked the wrong CU or I talked to the wrong person. I joined a CU with the intent to build a relationship to get a good auto loan, and eventually a mortgage. When I asked someone over the phone about auto loans they said they had a 690 minimum score...

Re: I love credit unions!

lewdog — Fri, 26 Oct 2012 15:51:35 GMT

+1 Revolving accounts don't count util like revolving does

Re: I love credit unions!

gijoe4500 — Fri, 26 Oct 2012 15:56:15 GMT

@lewdog wrote:
+1 Revolving accounts don't count util like revolving does

??

Probably just typed it wrong.

Installment accounts don't count util like revolving does.

Re: I love credit unions!

Anonymous — Fri, 26 Oct 2012 17:59:45 GMT

Thanks everyone! I owe it to my fico. I didn't know about utilization, until I saw the my fico forums. They were such small cards, a couple of tanks of fuel for my truck would

max them out...lol Used them for points and to pay bills, then paid them off when I got the bill I didn't realize they reported BEFORE the payment was due.

I actually got the personal loan just for another TL. The reason I asked about the utilization is, it seems I'm just borrowing from Peter to pay Paul. It does hike up the DTI

however.