topic Re: Just Opened Shared Pledge Loan with NFCU - $5K in Personal Finance

Just Opened Shared Pledge Loan (SSL) with NFCU - $5K

HRZ780 — Sun, 28 Feb 2021 17:00:33 GMT

Hi everyone,

Continuing on my path to rebuild my credit, I just opened a SSL (Shared Pledge Loan) in the amount of $5K with NFCU. 60mo term @ 2.25%.

The phone call took maybe 10 minutes and it was a breeze. I had already transferred the funds into NFCU from my other credit union yesterday, so the funding was ready to go. While I was on the phone with CS, the email came through with the approval and notice to e-sign the application. I e-signed the app and the $5K was pulled out of my savings instantly. About 3 minutes later, the $5K was sitting in my checking account.

Now I have to figure out how to pay down the loan. I do not see the loan listed anywhere on the main screen/account summary page yet. The plan is to pay down 92% immediately. Next will be CC app. I'm cool with another secured card for now, too - if that's where it lands. Just want to get as much done as I can ASAP to weight my credit file age to this timeframe. I think I may look at another SSL, too. Not so worried about my scores (or HP's) right now....just want to thicken my file now and wait a year or so.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

blindambition — Fri, 26 Feb 2021 19:01:20 GMT

Congrats!! It should appear within a couple hours. Then you're free to pay it down. Recent DP have it report in about a week.
FYI: You only need one SSL. Another will only ding you for another new account, and lower AAoA

Re: Just Opened Shared Pledge Loan with NFCU - $5K

AllZero — Fri, 26 Feb 2021 19:20:25 GMT

Congratulations on your SSL approval!

Re: Just Opened Shared Pledge Loan with NFCU - $5K

M_Smart007 — Fri, 26 Feb 2021 22:55:10 GMT

Congratulations!

Re: Just Opened Shared Pledge Loan with NFCU - $5K

Mr_Mojo_Risin — Fri, 26 Feb 2021 23:10:36 GMT

Sounds like your rebuild is going well, glad to hear it! Congratulations!

Re: Just Opened Shared Pledge Loan with NFCU - $5K

blindambition — Sat, 27 Feb 2021 00:30:06 GMT

@Mr_Mojo_Risin wrote:
Sounds like your rebuild is going well, glad to hear it! Congratulations!

Hey @Mr_Mojo_Risin, no matter how many times I see the new SN, I can't get used to it. It's like a mask. You're always gonna be the Bowie fan to me. 😂

Re: Just Opened Shared Pledge Loan with NFCU - $5K

HRZ780 — Sat, 27 Feb 2021 05:31:59 GMT

Update:

The loan showed up on the account summary page. Total amount was $5000.92 ($5000 loan amount + $0.92 interest for first day). Payment due was $88.28. I paid $4555.92. Next payment due is on 07/13/2025 in the amount of $34.64. Regardless, I'll be making $5 payments monthly via auto pay just to make sure it does not go inactive.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

AllZero — Sat, 27 Feb 2021 19:12:20 GMT

@HRZ780 wrote:
Update:

The loan showed up on the account summary page. Total amount was $5000.92 ($5000 loan amount + $0.92 interest for first day). Payment due was $88.28. I paid $4555.92. Next payment due is on 07/13/2025 in the amount of $34.64. Regardless, I'll be making $5 payments monthly via auto pay just to make sure it does not go inactive.

Sounds great. The $5 monthly pay down should leave enough loan balance near the end of the term without risking a potential loan forgiveness if loan balance too low. You've done excellent,.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

CreditMagic7 — Sat, 27 Feb 2021 18:48:33 GMT

Nice going adding the installment loan from them. I did the same this week. Just waiting for it to report which in my case i believe is commonly scheduled around the same time after my CC statement posts.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

M_Smart007 — Sat, 27 Feb 2021 19:09:15 GMT

@CreditMagic7 wrote:
Nice going adding the installment loan from them. I did the same this week. Just waiting for it to report which in my case i believe is commonly scheduled around the same time after my CC statement posts.

Congrats @CreditMagic7 !

In the past, A Navy SSL boosted my score about 35 FICO's give or take a few .. depending on the credit bureau.

I had'nt had an open installment loan in about 4-5 years prior. Had no mortgage or car loans.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

Fico_Salamanca — Sun, 28 Feb 2021 02:24:40 GMT

Congrats!

Re: Just Opened Shared Pledge Loan with NFCU - $5K

HRZ780 — Sun, 28 Feb 2021 16:56:24 GMT

Update:

The $5000 pledge loan just appeared on my EX this morning. The full $5000 is showing at this time, no payment(s) taken into account yet. My Fico8 did not take a hit from this new line appearing, FYI. This line has not appeared on my TU or EQ yet. EX is always first to report anything, so this is no surprise.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

M_Smart007 — Sun, 28 Feb 2021 15:15:54 GMT

@HRZ780 wrote:
Update:

The $5000 pledge loan just appeared on my EX this morning. The full $5000 is showing at this time, no payment(s) taken into account yet. My Fico8 did not take a hit from this new line appearing, FYI. This line has not appeared on my TU or EX yet. EX is always first to report anything, so this is no surprise.

You are lucky to not take a score hit, for the full balance reporting like @Anonymous did

Re: Just Opened Shared Pledge Loan with NFCU - $5K

HRZ780 — Sun, 28 Feb 2021 16:17:12 GMT

@M_Smart007 wrote:
You are lucky to not take a score hit, for the full balance reporting like @Anonymous did

Yeah, I did not expect the loan to list to my report(s) so quickly, let alone the full balance to show. Interesting. The fact that my EX8 didn't take a hit is surprising. I always seem to have lots of luck, sometimes it's GOOD luck. Even if I did/do take a hit, I can take it right now. I'm about to go into gardening mode for the next year anyway. That is, right after I get my NFCU CC. I'm hoping that I can qualify for cash rewards with a decent SL, but I will be happy with a nRewards (secured) card just the same. The upside of the secured card is that I can max it out at $5K, which would look better on my report than a super low limit cash rewards card.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

Mr_Mojo_Risin — Sun, 28 Feb 2021 22:43:26 GMT

@blindambition wrote:
@Mr_Mojo_Risin wrote:
Sounds like your rebuild is going well, glad to hear it! Congratulations!

Hey @Mr_Mojo_Risin, no matter how many times I see the new SN, I can't get used to it. It's like a mask. You're always gonna be the Bowie fan to me. 😂

Haha. Yeah love me some Bowie but had to spread the love for all of my musical heroes! The new handle is an anagram for Jim Morrison!

@blindambition

Re: Just Opened Shared Pledge Loan with NFCU - $5K

HRZ780 — Wed, 03 Mar 2021 15:02:29 GMT

Update:

Yesterday evening the $4555 released back into my savings acct. That was 2 business days from the time I made the initial paydown. I paid the loan down the evening on the 26th. It still indicates that the next payment is due on 7/13/2025...in the amount of $34.64. LOL I already setup autopay for $5/mo, so I'm good.

Incidentally, I just helped my DW, DS & DD all open up their own $5K SSL's with NFCU. Woohoo! The kids are new to credit, so it's all clean slate and easy peasy with them.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

HRZ780 — Tue, 06 Apr 2021 16:14:19 GMT

Update:

As of today, the $5000 NFCU loan is reporting @ 8%. My EX8 jumped to 769, EQ8 jumped to 769 and TU8 jumped to 760. Very pleased with this score boost!!

Edit:

EX 735 --> 769

EQ 735 --> 769

TU 725 --> 760

Re: Just Opened Shared Pledge Loan with NFCU - $5K

M_Smart007 — Tue, 06 Apr 2021 15:36:37 GMT

@HRZ780 wrote:
Update:

As of today, the $5000 NFCU loan is reporting @ 8%. My EX8 jumped to 769, EQ8 jumped to 769 and TU8 jumped to 760. Very pleased with this score boost!!

@HRZ780, Congrats on your score jump!

If you could post how many points the jump was on each individual credit report?, it could certainly help others

Or post before and after numbers? ..

Re: Just Opened Shared Pledge Loan with NFCU - $5K

HRZ780 — Tue, 06 Apr 2021 16:14:50 GMT

I just edited my response to include before/after scores.

Re: Just Opened Shared Pledge Loan with NFCU - $5K

AllZero — Tue, 06 Apr 2021 16:18:33 GMT

Those are excellent score increases! Nicely done.