HOW Many Navy Federal PLEDGE Loans SHOULD You OPEN? - YouTube

Hey credit cousins, It’s ya girl Designer  Soapbox and I’m back with another  

BANGER Video!  So today,  a credit cousin  asked “how many pledge loans should you have?” 

So a pledge loan is shared secured loan that  navy federal offers and its great to have if  

you have limited or thin credit profile or if  you are new member of navy federal and would  

like to build relationship with them. There is no  limit on how many you pledge loans you can have  

BUT…. there is always a but, i suggest not having  too many pledge loans at the same time. Why? This  

can make your score go down and You can have  a few at a time the longer the loan the better  

though you don't want a bunch of six months loans  opening and closing every six months because we  

know every time you open and close an account your  score will drop which makes your credit age more  

newer. The goal is to keep a seasoned credit age  maintain good data points to increase  your credit  

and strengthen your credit profile. Remember,   creditors want to see a mix of revolving  

accounts, mortgages, car loans, line of credit,  and short and long term installment loans… so  

this pledge loans can help the mix of your credit. Having all of the above with pay history and an  

average xd bage of accounts, with low utilization  are all good for a good credit scores/profile.

My  suggestion is not to pay off the secured  loan earlys only pay 80-92% off first and then  

make the rest of the payments monthly. You  should keep the pledge loan for the entire  

loan term! Your history is averaged by the  length of time each account was open so again  

paying it off early will lose you points and miss  out on points if you pay it off months early.   

However, when you are getting a pledge loan, keep  in mind you have know your strategy and approach.  

Why did you get the pledge loan in the first  place? Did you get it to build relationship so  

in 91 days you can get a new unsecured card? Are  you trying to buy a home? If so having multiple  

secured loans isn’t the best idea. Its recommended  to not take out new credit cards and/or loans  

within 6 months of purchasing a house. If you  decided to open more than 2 pledge loans at once,  

i would suggest to just add the loan amount  all up and just open up one large pledge loan  

for the longest term. Make sure you  check out my pledge loan playlist,  

that i have created for everyone to learn more  about the pledge loans. I share tips and tricks  

on how to make the pledge loan work for you and  get approved for a navy federal credit card. 

So, credit cousins, make sure you leave a  like on this video & that will help tell  

me that you are picking up what I’m putting down! 

& Let me know in the comments how many  pledge loans have you taken out? Or  

if you have not taken one out yet with  navy federal, will you try this method?   

Make sure to comment down below if you are  comfortable so other credit cousins can learn  

more about it. This channel is all about learning  from each other I look forwards to your feedback!

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