@credit8502020 wrote:Hi All! I know I've see it mentioned that if you have 1 installment account that should be enough. However, if that installment account is a student loan that is in deferrment, does not show any payments and is it it's starting limit, would you suggest a Shared Secured Loan to improve their credit profile and increase their credit scores?
They are trying to improve their credit profile and increase their credit score.
Here is a quick summary of the profile:
EQ - 771, TU - 770, EXP - 769
2% Utilization
Average Age - 9 yrs. 7 months
1 30 day late from 2018
EQU - 3 inquiries
They know the 1 late payment from 4 yrs ago is weighing down their score, but trying to see what else. Other than the 1 late, there are only 3 inquiries on EQ. Any other suggestions other than the SSL? If you suggest SSL, are there any benefits with going with say NFCU over another credit union?
I don't think anything would be accomplished by adding an SSL.
NFCU and PenFed are the best for SSL's.
With scores like that I wouldn't worry too much about my scores being 'weighed down'.
The thing that would increase the scores, other than the passage of time, would be getting them to drop the 2018 late. One could send verification letters, or early exclusion requests, to the bureaus, or a goodwill letter to the creditor.
They could possibly pick up a few points by AZEO (all zero except one -- let one bank card report a small balance each month before paying it off, while the other revolving accounts all report zero balances).
@credit8502020 wrote:
@SouthJamaica wrote:
@credit8502020 wrote:Hi All! I know I've see it mentioned that if you have 1 installment account that should be enough. However, if that installment account is a student loan that is in deferrment, does not show any payments and is it it's starting limit, would you suggest a Shared Secured Loan to improve their credit profile and increase their credit scores?
They are trying to improve their credit profile and increase their credit score.
Here is a quick summary of the profile:
EQ - 771, TU - 770, EXP - 769
2% Utilization
Average Age - 9 yrs. 7 months
1 30 day late from 2018
EQU - 3 inquiries
They know the 1 late payment from 4 yrs ago is weighing down their score, but trying to see what else. Other than the 1 late, there are only 3 inquiries on EQ. Any other suggestions other than the SSL? If you suggest SSL, are there any benefits with going with say NFCU over another credit union?
I don't think anything would be accomplished by adding an SSL.
NFCU and PenFed are the best for SSL's.
@SouthJamaica Ok. Thank you. Is there anything you would suggest that you think may help?
Yes I added a couple of thoughts to my post above.