Do you have any other loans at all on your credit report (i.e. auto loan, mortgage, student loan)?
Based on the fact that you already have a secured card with NFCU for over a year, it seems you may have already established a relationship with them. Have you been denied for a regular credit card and/or auto loan? If yes, what was the reason?
I agree that having additional funds in savings will be helpful, but instead of the loan which you have to pay interest on, take those same monthly payments and put them into the NFCU Easy Start CD. That will get you to the $3k available faster.
At this point, unless you do not have any other loan on your credit report, I don't see the benefit in the secured loan for relationship purposes since you already have the credit card with them.
Current Score: Eq: 823 Tu: 830
@NightTrader wrote:I have $3,000 to make a repair from the insurance company in my savings (waiting for repairs to be completed). I was thinking about getting a pledge loan from Navy Federal for $3,000.00 and paying the contractor and just paying the pledge loan down. Purpose - build a relationship with Navy Federal and have $3,000.00 in savings at the end of the loan term. I already have a secure card with them for one year and a checking and savings account. Last month I opened a PayPal credit account in July but all other accounts are one year or older. I am also waiting for Discover and Navy Federal credit cards to graduate.
Any thoughts bad idea or good idea?
I don't think it would mean anything to building your relationship with NFCU, one way or the other. No reason to complicate your life.
