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@creditalchemist wrote:I recently took out a NFCU pledge loan for a 1 year term.($501)In terms of having an effective impact on my credit profile how effective would taking a 2nd pledge loan out for 1 year or even 2 years be and how much of an increase in points should I realistically anticipate?Thanks in advance
No getting multiple loans will not boost your scores further. You only need ONE installment loan to get some points.
Just take out a longer loan and make it easier on yourself
If you got 30 or 60k laying around.....😁
$30k? LOL! That term would be 20 years LOL
Yeah,
I didnt think so. I saw where someone had done this on a Facebook group and was puzzled by why they chose to do this.
Thanks
@AverageJoesCredit wrote:Just take out a longer loan and make it easier on yourself
If you got 30 or 60k laying around.....😁
If doing this, (hahaha!), just be mindful of your DTI when applying for anything else!.
Seriously, there is not much if anything at all to gain.
New account = - Fico points (usually, so do not forget that)
Lower utility on loans compared to original amounts = + Fico points but probably less than the above.
So it could very well be a net los in score... profile specific... (😒 not really)
Conclusion = just do a longer term next time when funds are available to you!
Appreciated