sj145 Posted September 11, 2008 Report Share Posted September 11, 2008 I just got a secured loan with my credit union and I wanted to ask you guys some question so that I can come up with a good plan of strategy.The First is how long should I keep the loan? I heard about 6 months is good but should I keep it longer than that to boost my score more?Second would it show up on my credit report as two different accounts If I where to get 2 secured loans from the same credit union with different account numbers? If I where to do this would it help my credit score? Last how many points should I expect to get from each secured loan? Link to comment Share on other sites More sharing options...
jq26 Posted September 11, 2008 Report Share Posted September 11, 2008 It will show up as two separate loans if you get another from your CU.You will likely see your scores rise as you pay down the loan. Hard to say how many points but your scores will trend up if everything else remains the same.I kept my first secured loan open for 6 months, my second open for six more months, and then my last loan open for a year. I can't say that it was all due to the secured installment loans, but during that time my scores rose about 100 points. Maybe half of that was due to the loans? Just make sure your credit union reports to the CRAs! Some do not... Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted September 12, 2008 Report Share Posted September 12, 2008 Don't get impatient if your scores don't jump up all that much. Depending what else is in your credit report, it could take a while before you see any real improvement.If not, then that is fine too. It sucks but you simply have to continue exercising responsible credit behavior for the rest of your life. And in time, your credit report will reflect that. Just hang in there and don't worry about what will happen in the next few months because you are in this for the long haul... Link to comment Share on other sites More sharing options...
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