Penfed Secured loan!

[urluckypenny1]

I have two CC WITH PENFED and heard i should building a relationship with them and a good way is by opening a Penfed secured loan. I have $1000 in savings and $500 in checking. Should I just do the $1000 secured loan or move the $500 into savings and do $1,500?  I know it says to pay for 90% within first month then Somali monethly payment thereafter. How many points will I gain by doing so.

any inside information or help would be appreciated!!

[FireMedic1]

First off. Do you have any other open installment loans? If so. You dont need another loan.

[urluckypenny1]

I have a new auto loan -48 months. So the Penfed secured loan wouldn't help boost my score or credit mix??

i have 2 CC with Penfed, 1 with Discover it and one with my local credit union. All in good standing and well below 10% utilization on a monthly basis.

[Horseshoez]

---

@urluckypenny1 wrote:

I have a new auto loan -48 months. So the Penfed secured loan wouldn't help boost my score or credit mix??

i have 2 CC with Penfed, 1 with Discover it and one with my local credit union. All in good standing and well below 10% utilization on a monthly basis.

---

Then there is zero benefit to opening the SSL; it won't help your credit scores and it won't help your relationship with PenFed (won't hurt it either).

[sznthescore]

In addition to the other suggestions... Funds must have been sitting in savings account for 30 days before they can be used for an SSL.

[GZG]

---

@Horseshoez wrote:

---

@urluckypenny1 wrote:

I have a new auto loan -48 months. So the Penfed secured loan wouldn't help boost my score or credit mix??

i have 2 CC with Penfed, 1 with Discover it and one with my local credit union. All in good standing and well below 10% utilization on a monthly basis.

---

Then there is zero benefit to opening the SSL; it won't help your credit scores and it won't help your relationship with PenFed (won't hurt it either).

---

this ^^^

the only thing OP is doing is adding an account with balance you don't need to your credit

there's no need to add a SSL, they already trust you enough to give you an auto loan, you're good

if at some point you don't have any loans on your credit profile, see how long of a SSL they would be willing to give you, you want 5 years+ to give you an active loan on your profile you can pay down with no advancement of the payment date

[urluckypenny1]

Funds have been there for over 50 days

[FireMedic1]

You dont need a SSL. Auto Installment Loan is all thats required for FICO. More isnt better.

[urluckypenny1]

Thank you FireMedic1

[TJHunt]

Seems like an ignorant statement that it wouldn't help their relationship aka internal scoring. If they are making money off you it 100% helps. Welcome to the financial system. 

It's up to the OP of they have ever been denied by them for something or want to further establish multiple accounts as agreed. I also say it would boost your score in the long term if you have a fairly green credit profile. It's more power in your hands having multiple paid accounts on your credit file. All depends on your situation.