NFCU Pledge Loan Pledge Loan Question

[CreditPoor]

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 

[SouthJamaica]

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@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 

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

[pizzadude]

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@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 

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

[Jeffster1]

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@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 

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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. 

[Katherine561]

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.

[pizzadude]

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@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.

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

[dmFICO8]

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.

[FicoMike0]

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.