topic Re: NFCU SSL Quick Questions in Personal Finance

NFCU SSL Quick Questions

LeoTheDOG — Sun, 30 Aug 2020 11:23:16 GMT

Im Rebuilding from a Chapter 13 im 29 filed Bankrupcy because i had 300,000 in medical bills which would not work with and wanted payment asap.

Ive Never Had Loans or Morgage just Revolving Credit Cards, i own my home and my vehicles outright.

So im trying to get some diversidy as my mother just mentioned she applied for one of those fancy "Slingshot" autocycles and the finance department denied her because she has never had loans pays everything cash, my family has always been about using our funds and not get loans but this is clearly impacting deceisions regarding loans.

i want to get ahead of the game and start getting some deversidy so ive been reading about the NFCU SSL

From what ive gathered is that this is bascially a Secured loan? so i put 5k in Savings account apply for ssl and they give me $5,000? then i inturn use this money to pay it down 90%? and i understand as i pay down the loan the funds in my savings account become unlocked.

thanks folks

Re: NFCU SSL Quick Questions

M_Smart007 — Sun, 30 Aug 2020 16:26:07 GMT

Hi @LeoTheDOG ,

Last time I had an NFCU SSL it was for $3010.00 / 5 years

You will want to pay it down ASAP to just under 8.9% for Max. scoring purposes.

As you pay the loan down, they return the monies to your checking or savings, whichever you choose.

Try to go for the 5 year term. I personally seen about a 35-40 score increase across all (3) credit bureaus.

Increase may depend on ones profile ..YMMV.

Tons of info here;

https://ficoforums.myfico.com/t5/forums/searchpage/tab/message?advanced=false&allow_punctuation=false&filter=location&location=forum-board:Retirement&q=NFCU%20SSL

Great info on Scoring from @Anonymous

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Master-Thread-pub-5-17-20/m-p/6023348

Re: NFCU SSL Quick Questions

AllZero — Sun, 30 Aug 2020 16:37:36 GMT

Excellent advice from @M_Smart007

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

From SouthJamaica
NFCU SSL

From adrianaesque
Approved NFCU SSL - with detailed steps (May 2020)

Re: NFCU SSL Quick Questions

blindambition — Sun, 30 Aug 2020 16:41:30 GMT

@M_Smart007 wrote:
Hi @LeoTheDOG ,

Last time I had an NFCU SSL it was for $3010.00 / 5 years
You will want to pay it down ASAP to just under 8.9% for Max. scoring purposes.
As you pay the loan down, they return the monies to your checking or savings, whichever you choose.
Try to go for the 5 year term. I personally seen about a 35-40 score increase across all (3) credit bureaus.
Increase may depend on ones profile ..YMMV.

Tons of info here;
https://ficoforums.myfico.com/t5/forums/searchpage/tab/message?advanced=false&allow_punctuation=false&filter=location&location=forum-board:Retirement&q=NFCU%20SSL

Great info on Scoring from @Anonymous
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Master-Thread-pub-5-17-20/m-p/6023348

This is all great info! Although, I believe you need to do $3500 for 5yrs now. Some recent DP with $3100 netted 3 year term.

Re: NFCU SSL Quick Questions

M_Smart007 — Sun, 30 Aug 2020 16:52:13 GMT

@blindambition wrote:
@M_Smart007 wrote:
Hi @LeoTheDOG ,

Last time I had an NFCU SSL it was for $3010.00 / 5 years
You will want to pay it down ASAP to just under 8.9% for Max. scoring purposes.
As you pay the loan down, they return the monies to your checking or savings, whichever you choose.
Try to go for the 5 year term. I personally seen about a 35-40 score increase across all (3) credit bureaus.
Increase may depend on ones profile ..YMMV.

Tons of info here;
https://ficoforums.myfico.com/t5/forums/searchpage/tab/message?advanced=false&allow_punctuation=false&filter=location&location=forum-board:Retirement&q=NFCU%20SSL

Great info on Scoring from @Anonymous
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Master-Thread-pub-5-17-20/m-p/6023348

+1
This is all great info! Although, I believe you need to do $3500 for 5yrs now. Some recent DP with $3100 netted 3 year term.

Great DP @blindambition , Best to call a NFCU rep and ask!