C
colorado1
Guest
Just wondering the Good, Bad & Ugly about something like this. I have 3 Active Credit Unions. Here is what ONE of them say: (I (XXX'd) out the name of the Credit Union)
Certificate-Secured Loan
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A (XXXXXX) FCU Certificate-Secured Loan allows you to use the available balance of an (XXXXXXX) FCU share certificate as security for a loan. This option lets you continue to earn interest on your certificate while enjoying a low interest rate on the loan. Our Certificate-Secured Loan offers an excellent opportunity for Members without prior loan experience to create a history of consistent payments, which is important in establishing a good credit history.
Features
No application or funding fees
Flexible repayment options include lump sum, monthly, or monthly with a balloon
Loan amounts up to 100% of the available certificate balance
Certificate-Secured Loan Rates
(XXXXXX)FCU has a loan program which features a range of interest rates for some of its consumer loans. A rate is based on a variety of factors, including the applicant's credit rating and (XXXXX) FCU account history. The rates quoted are effective as of 11/16/2010 and are subject to change without notice.
APR = 2.5% above share certificate rate
Loan Amounts = Ask for Details
Terms in Months = Ask for Details
Up to 100% of available balance.
Credit Union Rates as of 11/16/2010
60 month - 2.37% Dividend Rate / 2.40% APY
There's some language here that I'm wondering about also (mention above):
" Our Certificate-Secured Loan offers an excellent opportunity for Members without prior loan experience to create a history of consistent payments, which is important in establishing a good credit history."
WELL, I do have years of loan/credit history. I have excellent FICO (800+)
Will this do something negative to my credit score if I were to utilize something like this?
Certificate-Secured Loan
----------------------------------------------------------
A (XXXXXX) FCU Certificate-Secured Loan allows you to use the available balance of an (XXXXXXX) FCU share certificate as security for a loan. This option lets you continue to earn interest on your certificate while enjoying a low interest rate on the loan. Our Certificate-Secured Loan offers an excellent opportunity for Members without prior loan experience to create a history of consistent payments, which is important in establishing a good credit history.
Features
No application or funding fees
Flexible repayment options include lump sum, monthly, or monthly with a balloon
Loan amounts up to 100% of the available certificate balance
Certificate-Secured Loan Rates
(XXXXXX)FCU has a loan program which features a range of interest rates for some of its consumer loans. A rate is based on a variety of factors, including the applicant's credit rating and (XXXXX) FCU account history. The rates quoted are effective as of 11/16/2010 and are subject to change without notice.
APR = 2.5% above share certificate rate
Loan Amounts = Ask for Details
Terms in Months = Ask for Details
Up to 100% of available balance.
Credit Union Rates as of 11/16/2010
60 month - 2.37% Dividend Rate / 2.40% APY
There's some language here that I'm wondering about also (mention above):
" Our Certificate-Secured Loan offers an excellent opportunity for Members without prior loan experience to create a history of consistent payments, which is important in establishing a good credit history."
WELL, I do have years of loan/credit history. I have excellent FICO (800+)
Will this do something negative to my credit score if I were to utilize something like this?