topic Re: NFCU Pledge Loan Pledge Loan Question in General Credit Topics

NFCU Pledge Loan Pledge Loan Question

CreditPoor — Wed, 07 Feb 2024 23:34:18 GMT

I have 2 NFCU PL paid 91% and it says my next payment not due until December. Am I suppose to make small monthly payments until then to get it to report monthly on CR?

Any help would be appreciated

Re: NFCU Pledge Loan Pledge Loan Question

SouthJamaica — Thu, 08 Feb 2024 03:31:25 GMT

@CreditPoor wrote:
I have 2 NFCU PL paid 91% and it says my next payment not due until December. Am I suppose to make small monthly payments until then to get it to report monthly on CR?

Any help would be appreciated

It will report whether you make small monthly payments or not.

Re: NFCU Pledge Loan Pledge Loan Question

pizzadude — Thu, 08 Feb 2024 15:04:58 GMT

@CreditPoor wrote:
I have 2 NFCU PL paid 91% and it says my next payment not due until December. Am I suppose to make small monthly payments until then to get it to report monthly on CR?

Any help would be appreciated

You don't have to do anything until your next payment. Make sure to set a calender reminder so you don't forget

Re: NFCU Pledge Loan Pledge Loan Question

Jeffster1 — Thu, 08 Feb 2024 15:40:32 GMT

@CreditPoor wrote:
I have 2 NFCU PL paid 91% and it says my next payment not due until December. Am I suppose to make small monthly payments until then to get it to report monthly on CR?

Any help would be appreciated

Why do you have 2 pledge loans? You get the scoring benefit with the first one. Based on my understanding, the second one would be unnecessary.

Also, why is the term so short? I took a pledge loan with NFCU last year and my next payment is not due until late 2027.

Re: NFCU Pledge Loan Pledge Loan Question

Katherine561 — Fri, 16 Feb 2024 06:52:41 GMT

If your NFCU personal loan is 91% paid and the next payment isn't due until December, making small monthly payments until then may help ensure regular reporting to your credit report, positively impacting your credit history.

Re: NFCU Pledge Loan Pledge Loan Question

pizzadude — Fri, 16 Feb 2024 14:22:52 GMT

@Katherine561 wrote:
If your NFCU personal loan is 91% paid and the next payment isn't due until December, making small monthly payments until then may help ensure regular reporting to your credit report, positively impacting your credit history.

This isn't necessary - the loan will continue to report regardless of making these additional payments

Re: NFCU Pledge Loan Pledge Loan Question

dmFICO8 — Wed, 28 Feb 2024 17:53:56 GMT

While I don't have any payment until April 2031 for my Penfed SSL, I do have Excel calculated a full schedule for making a small payment ($2) on a quaterly basis. I saw somewhere that certain FI will set your loan to inactive if you leave your loan over 1 year of no activity though I am not sure if Penfed/NFCU would do that, I would at least make a very small payment every 6 months if you don't want to use some software to calculate full schedule and minimum interest.

Re: NFCU Pledge Loan Pledge Loan Question

FicoMike0 — Tue, 12 Mar 2024 01:33:40 GMT

I'm going to watch that my 9% balance doesn't creep up to 9.5 with interest. Penfed let's you check payoff online. Since I'm not making payments I can do (2.05% /12) x months x balance myself as well. I'll make a payment anytime I get much over 9% .

My balance is $150, so, interest is $150 x .0205/12 = $0.26/ month. My 9% point is $162. $162-150 = $12, 12/0.26 = 46 months, looks like I'm ok for a few years lol.