Secured Loan Question

andersk08 · ‎09-14-2014

Question. Will a secured loan from NFCU help my credit improve? I took one out from them ast year but it was a small one. $500 with 6 monthly payments. At the time I had a bunch of things going on with my credit so Im not sure if the loan had any impact at all. It DOES report as a secured loan. Thanks.

Starting Scores: ( 9-9-14 )
Equifax FICO - 507 TransUnion FICO - 580 Experian FICO - 535
Current Scores: (10-08-14)
Equifax FICO - 552 TransUnion FICO - 639 Experian FICO - 609
ALL pulled from MyFico 3 Bureau Monitoring
Goal Score - 650 Across the board ( For Starters )

pizzadude · ‎09-14-2014

If you have any other open installment loans then it probably won't do much for your FICO score. If you don't then it will probably help your FICO score but I wouldn't expect a huge increase.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

andersk08 · ‎09-14-2014

Thanks Pizzadude. I dont have any other open loans at the moment. I like the way NFCU sets it up. The day after you make a payment on the secured loan the funds appear back in your savings. Win / Win

Starting Scores: ( 9-9-14 )
Equifax FICO - 507 TransUnion FICO - 580 Experian FICO - 535
Current Scores: (10-08-14)
Equifax FICO - 552 TransUnion FICO - 639 Experian FICO - 609
ALL pulled from MyFico 3 Bureau Monitoring
Goal Score - 650 Across the board ( For Starters )