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Multiple NFCU Shared Pledge Loans

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
Community Leader
Senior Contributor

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 758 TU 783 EQ 729
Message 2 of 7
AverageJoesCredit
Mega 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
Valued 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!

 

|| DTI 8% || Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 2 / 1) - 0/6 - 0/12 - 3/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - Unknown date, 2021
Going for Sapphire spade - May 18th 2021

Dirty/ Thick/ Aged/
Message 6 of 7
creditalchemist
Valued Member

Re: Multiple NFCU Shared Pledge Loans

Appreciated

Message 7 of 7
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