My opinion is to forget the pledge loan. You don't need it. You already have an open installment loan so if anything you'll likely see a score drop for the added new account... Make good use of your Navy card and PIF, as well as keep doing what you're doing so when the time comes for that boat loan, your scores are in better shape.
@jfm70 wrote:Hello All,
Rebuilding credit. Have all debt except at near zero and only have car loan. Fico8 at 598 (old credit history 2018) and NFCU at 297 (was under 200 when I joined). In 3 short months of opening NFCU account just keeping a $15k+ in checking/savings and just added my ACH deposit already qualified for Amex rewards with 7k credit line. They pre-approved and sent me an email. To keep the ball rolling thinking about doing a pledge loan. Should I just use savings or would it be better to buy some certificates to pledge? Since NFCU is big on relationships and owning their products. Thoughts?
Goal is to keep building credit. Interested in getting small boat loan in future and want to know what would be best path for success. Would these numbers qualify or should I wait until after pledge loan?
Any thoughts? Thanks!
how much bad debt do you owe? can you still be sued for it?
I assume it's all falling off next year?
I agree with above, no need for a pledge loan, make sure you have direct deposit so you can max out a special easy-start cert ($3k) though.
@jfm70 wrote:Hello All,
Rebuilding credit. Have all debt except at near zero and only have car loan. Fico8 at 598 (old credit history 2018) and NFCU at 297 (was under 200 when I joined). In 3 short months of opening NFCU account just keeping a $15k+ in checking/savings and just added my ACH deposit already qualified for Amex rewards with 7k credit line. They pre-approved and sent me an email. To keep the ball rolling thinking about doing a pledge loan. Should I just use savings or would it be better to buy some certificates to pledge? Since NFCU is big on relationships and owning their products. Thoughts?
Goal is to keep building credit. Interested in getting small boat loan in future and want to know what would be best path for success. Would these numbers qualify or should I wait until after pledge loan?
Any thoughts? Thanks!
Since you already have a car loan, adding a pledge loan won't do anything positive for your scores. You shouldn't take out a loan in order to build your relationship. You are doing fine. Just keep doing what you're doing. The passage of time + no new trouble = growth in scores.
While I agree with the others that a pledge loan won't do anything for your FICO score improvement, I would suggest that if your goal is to build a deeper relationship with NFCU then it would be a positive thing. I don't know for sure but I would imagine getting a certificate to back your pledge loan would look better than using savings in their eyes because it's an additional product that you will have with them. The downside, of course, is that your $ will be locked up for the term duration.
@GZG wrote:I agree with above, no need for a pledge loan, make sure you have direct deposit so you can max out a special easy-start cert ($3k) though.
Two things:
- I agree with you and the others, the pledge loan (aka. SSL) will provide zero benefit to the OP and may even depress scores for a while.
- Funny you should mention NFCU's Easy-Start CD, I opened one early this month and just yesterday I noticed in the fine print I'll also need to open a checking account within 90 days of starting the CD or the dividends will be rolled back to nearly, but not quite, zero. I need another checking account like I need a hole in my head so I wasn't thrilled to learn this. Any suggestions on which checking account I should open just to fulfill that requirement?
@Horseshoez wrote:
Any suggestions on which checking account I should open just to fulfill that requirement?
@Horseshoez The most basic checking account with NFCU is the Free Everyday Checking. No fees, no opening deposit requirement and no minimum balance requirement.
@keekers wrote:
@Horseshoez wrote:
Any suggestions on which checking account I should open just to fulfill that requirement?@Horseshoez The most basic checking account with NFCU is the Free Everyday Checking. No fees, no opening deposit requirement and no minimum balance requirement.
Thanks! Question, does NFCU get annoyed if you literally never use the account?
@Horseshoez wrote:
@keekers wrote:
@Horseshoez wrote:
Any suggestions on which checking account I should open just to fulfill that requirement?@Horseshoez The most basic checking account with NFCU is the Free Everyday Checking. No fees, no opening deposit requirement and no minimum balance requirement.
Thanks! Question, does NFCU get annoyed if you literally never use the account?
I'm not sure since I've always had their Flagship Checking but I'm about to downgrade since I'm consolidating accounts and they aren't my primary bank. I may be about to find out.