Installment Loan Closed, A Large Drop In FICO Scores

[jeffeverde]

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@Revelate wrote:

<snip>Best recommendation I have for anyone in such a situation: park $250 or whatever in a DCU account (or $500 for their 3% savings account APR offer they've got going on) and see if you can open up a 10 year secured note which they suggest they offer against it and simply autopay and forget it.  

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I've never had an installment loan (cash rich, credit poor).  So, following your advice, I parked $500 at Navy to secure a personal loan.  But for a $500 loan, the longest Navy will go is a 6-month term.

Will DCU do longer terms on small secured loans?  Having to flip the loan every 6 months will be a nuisance - and I hadn't even considered AAoA -- do installement loans count towards that?

[taxi818]

Jeffeverde wrote:
I've never had an installment loan (cash rich, credit poor). So, following your advice, I parked $500 at Navy to secure a personal loan. But for a $500 loan, the longest Navy will go is a 6-month term.



Will DCU do longer terms on small secured loans? Having to flip the loan every 6 months will be a nuisance - and I hadn't even considered AAoA -- do installement loans count towards that?

Yes it counts towards AA of A but man I can't believe this. I also had secured for 6 months. 500. my score dropped 40 points the day it closed. don't want to just waste there. plus cu will do hard pull.
don't know what to do now.