Does anyone know what the min. amount for a secured CD loan is? I have approximately $3000.00 I can spare. My FICO score is "stuck." I have paid my credit cards doen so I have 98% utilization available. So I hope to get a bump by getting a CD secured installment loan. BTw, am I correct that Golden One CU will not pull an inquiry?
they don't pull inquiries and it is usually best to deal with them over the phone regarding cd secured loans, because they know the procedures better than the local branch I have. There is also no prepayment penalty so you can get and payoff three loans in three weeks.
by the way, I would like to pay them off within six months, will I still get a good rating for purposes of a FICO bump up? Or is that time period too short to constitute a payment history?
It used to be 6 months was the rule...not sure if that is still the case. The idea is to show you can pay on time so I would plan on making at least a few payments. Maybe one of the vets here can give you more detail. If all else fails ask the CU about the time frame.
The phone number is 1-877-GOLDEN 1. And usually you can't tell on the credit report how many payments have been made. To me I think its better to have several accounts on there rather than one long account.
