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Navy Federal Share Secured Loan

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Mega Contributor

Re: Navy Federal Share Secured Loan


@Carolinagirl007 wrote:
Thanks for the advice. It worked very well. As instructed, I got a Navy Federal Secured Loan for $3010. No credit check. Opened a separate savings account to deposit the secured money in and set up a second checking account so that they could place the loan amount in this checking account. I called Navy Federal and applied by phone. Within 30 minutes I was approved and elected to sign electronically. They then secured my $3010 in the savings about 30 minutes later (meaning I no longer had access to it). Later but on the same day, the loan amount of $3010 was placed in my checking account. The next day the loan showed up on my accounts so that I could then pay it off. I took $2800 of the loan and paid the balance down to $210 pushing my next due date to early 2024. Then 48 hours later, my $2800 was returned to me. My score went up 42 points. It worked!!! Thanks so much!!!

@Carolinagirl007  Welcome To myFICO Forums and,

 

 
Message 61 of 63
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Member

Re: Navy Federal Share Secured Loan

Hey all I been following all these posts and trying to boost my credit score. A little background I have recently filed for chapter 7 bankruptcy an discharge is 11/16/19. My score across the bored are hovering around 570. I am an au user on two credit cards with 18% utl. I have a car loan and a mortgage with no collections just the chapter 7 showing in derogatory. I also have 20 inquires on each with about 8 falling off by feb2020. Any help would be very much appreciated on how to start my credit rebuild.
Message 62 of 63
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Super Contributor

Re: Navy Federal Share Secured Loan

^ SSL is if one does not have an open installment loan. You have two: mortgage and car. I'm guessing they are open loans? You will not benefit from adding another account.
Message 63 of 63
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