topic Re: $500 or $1k ? in Personal Finance

$500 or $1k ?

Madrid2020 — Sat, 23 Jan 2021 05:00:10 GMT

I'm doing a secured loan with PenFed to establish relationship and to build my credit. Looking for an auto loan sometime next year. Does it matter if it's a $500 loan or a $1k? Both for 12 months term.

i only have a $200 unsecure Citi recently converted to unsecure. Fico 670

Re: $500 or $1k ?

blindambition — Sat, 23 Jan 2021 05:19:51 GMT

A 12 month loan will build relationship, but so would frequent deposits. A 12 month secured won't give full value of the SSL technique, if that was your reasoning.
The amount won't matter though.

Re: $500 or $1k ?

Madrid2020 — Sat, 23 Jan 2021 05:36:04 GMT

What is SSL?

Re: $500 or $1k ?

AllZero — Sat, 23 Jan 2021 05:40:48 GMT

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)

Here are two institutions that have SSL which you can pay in advance to 8.9% utilization without shortening loan term:
NFCU - membership restrictions.
SSFCU - geofence.