topic Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed in Personal Finance

SSL Share Secured Loan Technique

hAr1x — Wed, 04 Aug 2021 18:08:59 GMT

I hope this thread acts as a continuation and generalization of the following threads that are locked:

Feel free to add successful SSL datapoints (that work with the technique)

Mods please move this to appropriate boards, if necessary.

TO BE COMPLETED...

Financial Institutions that are known to work

hAr1x — Fri, 16 Jul 2021 17:29:00 GMT

NFCU

SDFCU

NASA FCU*

PenFed

Alliant (Unsecured)

To be completed

Re: SSL Share Secured Loan Technique

M_Smart007 — Fri, 16 Jul 2021 20:02:29 GMT

@hAr1x, Here is a NFCU SSL thread that others and I added to.

Thanks to @SouthJamaica

https://ficoforums.myfico.com/t5/Personal-Finance/NFCU-SSL/m-p/5295063

Re: SSL Share Secured Loan Technique

DONZI — Sat, 31 Jul 2021 00:41:39 GMT

I am considering a Certificate Pledged Loan instead of a Shares Secured Loan since the collateral cash I'd let remain at NFCU for the duration of the loan anyhow, in one form or another.

Anyone have any DP on a CPL Vs SSL?

EG:

- 'Special EasyStart Certificate' allowed as collateral?

- rapid pay down possible like SSL?

..etc

Return on a normal (5yr $1k+) certificate is better return than any of the savings type accounts. If the 'Special' certificate can be used I'd consider a trial run with a 1-2yr secured loan.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

hAr1x — Mon, 09 Aug 2021 17:03:09 GMT

I requested a 10 year, $3,000 SSL with PenFed. Upon opening, I immediately paid it down to $267 (in $500 increments, just want to make sure the due date moves back).

After just 15 days it reported, and my TU F8 increased by 28 pts. The account was reported to TU and EQ, but not EX. I am currently calling them to see what's going on. Apparently there is an issue with PenFed not reporting loans to EX.

Stay posted

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Horseshoez — Mon, 09 Aug 2021 18:04:24 GMT

@hAr1x, I also have a PenFed $3,000 SSL, and I've noticed each of the three CRAs have at various times been late in reporting my payments, and one month, all three were at least one month behind. I just checked today and TU and EQ are both showing my balance as of mid-July while EX is showing my balance as of mid-June. I don't know whether the issue is PenFed or if the CRAs just look at such reporting as "low-priority/back-burner" issues and take their sweet time updating their status.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

M_Smart007 — Mon, 09 Aug 2021 18:27:27 GMT

@hAr1x wrote:
I requested a 10 year, $3,000 SSL with PenFed. Upon opening, I immediately paid it down to $267 (in $500 increments, just want to make sure the due date moves back).

After just 15 days it reported, and my TU F8 increased by 28 pts. The account was reported to TU and EQ, but not EX. I am currently calling them to see what's going on. Apparently there is an issue with PenFed not reporting loans to EX.

Stay posted

PenFed Loans do report to EX, but seem a little "Laggy" in the monthly updates.

(click image to enlarge)

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Subexistence — Wed, 01 Dec 2021 03:17:34 GMT

@hAr1x wrote:
I requested a 10 year, $3,000 SSL with PenFed. Upon opening, I immediately paid it down to $267 (in $500 increments, just want to make sure the due date moves back).

After just 15 days it reported, and my TU F8 increased by 28 pts. The account was reported to TU and EQ, but not EX. I am currently calling them to see what's going on. Apparently there is an issue with PenFed not reporting loans to EX.

Stay posted

Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

hAr1x — Wed, 01 Dec 2021 03:24:03 GMT

@Subexistence wrote:
Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.

I opened their certificate (savings) account with $3005 deposit (apparently $5 is membership fee). After a few days I called in and asked about their SSL, specifically the term limit. The guy on the phone said there is no term limit at all, as long as the minimum payment each month is at least $25. He also said that I can open an SSL once the $3000 has aged for 1 month, and he scheduled a call back for 3 weeks later (1 month after savings account opening).

Then at the 1 month mark I called them, asked for 10 year SSL for $3k. They calculated my monthly payment to be $27.67, said it was a valid amount, then approved the loan on the spot.

I then paid it down to 8.9% (in $500 intervals). Now my next payment due date is Nov 2029 (postponed 8 years)

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

dmFICO8 — Wed, 01 Dec 2021 08:04:40 GMT

@Subexistence wrote:
Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.

Penfed requires the deposited fund for the SSL has been in the account for 30 days, and $25 minimum monthly loan payment.

No chex or credit check for SSL, 100% approval.

Penfed offers SSL terms up to 144 months (12 years).

At current 2.05% (.05 + 2) interest rate, $3000 can get a 132 month (11 year) SSL, $3200 can get a 144 month (12 year) SSL.

If the rep doesn't know Share Loan or Share Secured Loan, mention credit builder loan that borrows against a savings account, mine didn't know when I mentioned share secured loan, later she figured out it was credit builder loan.

I opened a $3000 11-year SSL in September this year, it has been shown "Minimum Payment Due: $--.--" in a web browser and "Minimum Payment Due: $0.00" in app, it was like that even for first October payment after the loan was set up and before I made any payment. Balance and due date are reflected correctly after payments. I wonder if anyone else is like that, minimum due amount is always $--.-- or $0.00.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Subexistence — Wed, 01 Dec 2021 16:05:04 GMT

@dmFICO8 wrote:
@Subexistence wrote:
Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.
Penfed requires the deposited fund for the SSL has been in the account for 30 days, and $25 minimum monthly loan payment.
No chex or credit check for SSL, 100% approval.
Penfed offers SSL terms up to 144 months (12 years).
At current 2.05% (.05 + 2) interest rate, $3000 can get a 132 month (11 year) SSL, $3200 can get a 144 month (12 year) SSL.

If the rep doesn't know Share Loan or Share Secured Loan, mention credit builder loan that borrows against a savings account, mine didn't know when I mentioned share secured loan, later she figured out it was credit builder loan.

I opened a $3000 11-year SSL in September this year, it has been shown "Minimum Payment Due: $--.--" in a web browser and "Minimum Payment Due: $0.00" in app, it was like that even for first October payment after the loan was set up and before I made any payment. Balance and due date are reflected correctly after payments. I wonder if anyone else is like that, minimum due amount is always $--.-- or $0.00.

Rep told me max I can do is 142 months which is 11 years and 10 months so that's what I'll aim for. I'll put $3600 and wait 30 days to see if it works.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

tortoise_credit — Wed, 05 Jan 2022 18:38:52 GMT

Data points:

12/1/2021 - I opened and deposited $3,105 into my PenFed savings account.
1/3/2022 - I called and asked for a "share loan". I was asked how much and how long. I answered $3,100 and 120 months. The rep did the calculation and said that comes to $29.26/mo and it was okay.
1/4/2022 - the share loan appeared in my account, and the money was deposited into my PenFed checking account. First due date listed as 2/28/2022.
1/5/2022 - I paid $100 towards the loan as a test, next due date still showing 2/28/2022. I will wait until tomorrow to see if it advances.

@hAr1x wrote:
I then paid it down to 8.9% (in $500 intervals). Now my next payment due date is Nov 2029 (postponed 8 years)

Do you recall if the payment date advanced immediately after you made the payment?

@dmFICO8 wrote:
I opened a $3000 11-year SSL in September this year, it has been shown "Minimum Payment Due: $--.--" in a web browser and "Minimum Payment Due: $0.00" in app, it was like that even for first October payment after the loan was set up and before I made any payment. Balance and due date are reflected correctly after payments. I wonder if anyone else is like that, minimum due amount is always $--.-- or $0.00.

When I hover over "Minimum Payment Due" on desktop, it says the next payment amount is determined approximately 22 days before the due date, so as of now I also see "$--.--" since my first payment is not due until February. I assume you will always see "$--.--" until years from now.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

tortoise_credit — Thu, 06 Jan 2022 17:50:00 GMT

Update - I tried paying off another $500 and the payment date only advanced one month, so I figured something was off. I called PenFed and asked how long the term was, and it was only 10 months. They said they would be able to fix it to the correct 120 month term, so I will wait and see if my next payment date correctly updates. They're not sure how this happened, but I would suggest for anyone else to call into PenFed as soon as your share loan appears and ask them to verify the term.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

dmFICO8 — Thu, 06 Jan 2022 19:21:58 GMT

@tortoise_credit wrote:
When I hover over "Minimum Payment Due" on desktop, it says the next payment amount is determined approximately 22 days before the due date, so as of now I also see "$--.--" since my first payment is not due until February. I assume you will always see "$--.--" until years from now.

Thanks, I didn't notice there is tooltip.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

dmFICO8 — Thu, 06 Jan 2022 19:45:25 GMT

@tortoise_credit wrote:
Update - I tried paying off another $500 and the payment date only advanced one month, so I figured something was off. I called PenFed and asked how long the term was, and it was only 10 months. They said they would be able to fix it to the correct 120 month term, so I will wait and see if my next payment date correctly updates. They're not sure how this happened, but I would suggest for anyone else to call into PenFed as soon as your share loan appears and ask them to verify the term.

Did your loan contract show that everything was correct? When I opened the loan, maybe member savings was the only account I had, rep told me sending paper check was the only option, couldn't deposit the money to my savings, so I had my loan agreement and paper check sent to me in an envelope. Since your payment was sent to your checking, unless you saved the loan document (I believe you signed digitally), you won't be able to check the terms. Other way to check is to wait until the loan gets reported, it is reported at last day of month, but your loan is not reported yet.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

tortoise_credit — Thu, 06 Jan 2022 19:54:57 GMT

@dmFICO8 I have not received any paperwork yet. I double checked my email, secure messages, and statements/loan docs section. When I called in today they said they'll send new paperwork, so I guess I will receive the incorrect loan documents first then a few days later the corrected ones.

So probably wise for new users to wait until they receive the docs, wait until it shows up on their credit report, or just call in and ask them to verify the term.

Since it's a manual correction, I'm not positive the first payment date is going to shift from my already made payments, but even so I should be able to push it out 5+ years. I will report back though.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

tortoise_credit — Sun, 16 Jan 2022 21:29:01 GMT

I just wanted to post an update, so far my next payment date is 5/2022 after paying off $1,000 of the loan. I am guessing that due to the manual correct of the term length that it's not going to re-adjust my next payment date automatically. I did try making just a $30 payment and still no dice. Perhaps I will wait until 22 days before the next payment is due in May to try again. My guess is at that point it will re-calculate the minimum payment and prepayments should work.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Creditplz — Tue, 18 Jan 2022 17:13:27 GMT

Has anyone looked into ArrowheadCU SSL?.

has a 120 month duration... it's just a credit union that I helped build one of their offices in 2017?. Opened a savings & cc back then and haven't touched it minus $20/yr

also just a question, when the SSL is paid off 95%.. the bank returns the deposit?. Or holds it till maturation of the SSL?.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

tortoise_credit — Tue, 25 Jan 2022 19:02:20 GMT

@tortoise_credit wrote:
I just wanted to post an update, so far my next payment date is 5/2022 after paying off $1,000 of the loan. I am guessing that due to the manual correct of the term length that it's not going to re-adjust my next payment date automatically. I did try making just a $30 payment and still no dice. Perhaps I will wait until 22 days before the next payment is due in May to try again. My guess is at that point it will re-calculate the minimum payment and prepayments should work.

Update: PenFed is not willing to correct the mistake, so I'm stuck with a 10 month share loan. Only option is to pay off the current loan, open another, and hope they do not make the same mistake.

I think I will pay off all but $50 of the current one and try again.

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

tortoise_credit — Tue, 08 Mar 2022 16:12:58 GMT

As an update, I did go ahead and set up a second SSL (they got it correct this time) and paid it down to < 9%. Just posted to my credit report to day and +33 points on EX8!