cancel
Showing results for 
Search instead for 
Did you mean: 

Multiple NFCU Shared Pledge Loans

tag
creditalchemist
Valued Member

Multiple NFCU Shared Pledge Loans

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
Message 1 of 7
6 REPLIES 6
Jnbmom
Credit Mentor

Re: Multiple NFCU Shared Pledge Loans


@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

@creditalchemist 

No getting multiple loans will not boost your scores further. You only need ONE installment loan to get some points.

EXP 780 EQ 791TU 795
Message 2 of 7
AverageJoesCredit
Legendary Contributor

Re: Multiple NFCU Shared Pledge Loans

Just take out a longer loan and make it easier on yourselfSmiley Wink

 

If you got 30 or 60k laying around.....😁

Message 3 of 7
creditalchemist
Valued Member

Re: Multiple NFCU Shared Pledge Loans

$30k? LOL! That term would be 20 years LOL

Message 4 of 7
creditalchemist
Valued Member

Re: Multiple NFCU Shared Pledge Loans

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

Message 5 of 7
Credit4Growth
Senior Contributor

Re: Multiple NFCU Shared Pledge Loans


@AverageJoesCredit wrote:

Just take out a longer loan and make it easier on yourselfSmiley Wink

 

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!

 

Message 6 of 7
creditalchemist
Valued Member

Re: Multiple NFCU Shared Pledge Loans

Appreciated

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.