Get two products at the same time?

[nikkii]

I have decided its time to rebuild my personal credit after running from it for the last two years! I just opened a NFCU Secured Card for $600 last week. I would like to also open a Shares Secured Loan with $1000. I'm wondering if its a good idea to open two secured products in the same month or should i just be happy with one secured credit card. I understand that I need a revolving and installment loan on my credit report to raise my Fico score but I don't want to lower my score by opening two products from the same institution. Any advice would be much appreciated!

[BamaInvestor]

It is perfectly okay to do so, in fact, it would be wise to let them age together. Diversification is a good thing for FICOs. Keep in mind that NFCU may unsecure your card after 12-18 mos. of good payment history. Good Luck!!!

[jonson]

Yes, get the secured shares loan, even if you have installment loans on your report. It will help prove yourself to NFCU. I really feel my shares loan helped get a $10,000 credit card approval. Even if it doesn't help, it also doesn't hurt

[nikkii]

Thank you very much for your valuable responses! I will be at NFCU, first thing Mon morning!

Edited July 21, 2013 by nikkii