SSL question

[Anonymous]

I recent opened an Alliant account and I am getting ready to apply for a SSL - my question is does the amount matter...like should it be a $500 loan or like a $5000 loan or does the amount not really matter?

Thanks!

Shannon

[Anonymous]

This is answered in the SSL mega thread.

$500 is all you need, more won't give you more FICO points if you have no other installment loan reporting.

[Anonymous]

The above reply is correct. FICO scoring only looks at percentages, not dollars. That goes for both installment loans and revolving accounts. Thus there is no difference between $500, $5000, $50000 etc. So long as the percentage (less than 9%) is in the ideal range.

[Anonymous]

Thank you for your response!

[SouthJamaica]

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@Anonymous wrote:

I recent opened an Alliant account and I am getting ready to apply for a SSL - my question is does the amount matter...like should it be a $500 loan or like a $5000 loan or does the amount not really matter?

Thanks!

Shannon

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The other posters are correct that the amount doesn't matter.

I should point out to you though that the savings interest rate at Alliant is now 1.05%, which is higher than most institutions.