topic NFCU Secured Loan in Rebuilding Your Credit

NFCU Secured Loan

Anonymous — Fri, 12 Dec 2008 14:30:20 GMT

I "took out" a $500 secured loan w/ Navy Federal 5 months ago and I am really beginning to think that that was just a waste of time. The loan was secured by cash and the apr was very small, I think they will make $8 in interest over the course of 12 months. At the time I thought it would be a good way to help my credit file and perhaps better my history with NFCU but I am now beginning to think that it is worthless. What are your thoughts on this?

Re: NFCU Secured Loan

Anonymous — Fri, 12 Dec 2008 14:34:29 GMT

This helps in your "mix of credit". If you already had installments, it might not have helped you much at all.

If you didn't have installments, I am sure it helped.

Re: NFCU Secured Loan

fishbjc — Fri, 12 Dec 2008 15:07:27 GMT

Do these show up on the CRA's? If so positive history is a good thing. At what point does it become unsecured?

Nice job on the point increase +18 in one month is pretty darn good! Congratulations on the new Ford!

Message Edited by fishbjc on 12-12-2008 07:07 AM

Re: NFCU Secured Loan

Anonymous — Fri, 19 Dec 2008 20:41:04 GMT

@Anonymous wrote:
I "took out" a $500 secured loan w/ Navy Federal 5 months ago and I am really beginning to think that that was just a waste of time. The loan was secured by cash and the apr was very small, I think they will make $8 in interest over the course of 12 months. At the time I thought it would be a good way to help my credit file and perhaps better my history with NFCU but I am now beginning to think that it is worthless. What are your thoughts on this?

I did the same thing with NFCU in August (except my loan is for 6 months only) thinking that it would boost my score. Unfortunately, since they reported it as a secured loan on my CR it really didn't really help my score out. I then decided to get 3 secured cards from them and I've 40+ points since 8/29.

If you do decide to open secured credit cards with them make sure you get the nRewards Visa/MC as they have no annual fees and earn you points. Also, if you're going to open more than one card with NFCU I suggest applying for all at the same time or within a short time frame. Inform the agent you speak with (if you call to apply) that you are trying to avoid having too many inquiries on your CR and if they can pull your credit just one time.