topic SSL Question in Personal Finance

SSL Question

HO8X7696 — Tue, 15 Nov 2022 15:46:38 GMT

I have been reviewing several threads about an ssl and was wondering if it's a good option for me. I have an open car loan personal loan so wouldn't see any benefit from the actual loan. My main reason for wanting it is credit age long term.

Right now on all my reports it lists short history as an issue. Right now I'm 26, so my credit age is hard to fix fast. I feel getting a 8 year loan right now and paying it off over that term would help a lot. Then it will stay for another 10 years once paid off.

Does this sound like a good idea for me to do or no?

Re: SSL Question

GZG — Tue, 15 Nov 2022 16:27:09 GMT

@HO8X7696 wrote:
I have been reviewing several threads about an ssl and was wondering if it's a good option for me. I have an open car loan personal loan so wouldn't see any benefit from the actual loan. My main reason for wanting it is credit age long term.

Right now on all my reports it lists short history as an issue. Right now I'm 26, so my credit age is hard to fix fast. I feel getting a 8 year loan right now and paying it off over that term would help a lot. Then it will stay for another 10 years once paid off.

Does this sound like a good idea for me to do or no?

Probably not. Where would you get a 8 year SSL anyway? Navy?

All that would accomplish is adding another account with balance, and if you don't have NFCU where prepayments push out the due date, an account with a high balance at that.

Just continue applying for high quality credit products that your profile supports, offer you benefits or SUBs as you need/want them and keep making all of your payments on time.

If it helps, imagine credit scores were out of 740 instead of 850. The gravy points between 740 and 850 come from a lifetime of holding lots of credit accounts and not applying for new credit. Which you can only accomplish by letting time pass.

Do you already have 3 revolving credit cards?

Re: SSL Question

HO8X7696 — Tue, 15 Nov 2022 16:49:48 GMT

I do have multiple revolvers already. I just wanted an account that I could guarantee I'll keep for 8 years. I would do it with my local credit union. I need to think about it more. My scores are 790 atm. Just thought more long term accounts would be good.

Re: SSL Question

FireMedic1 — Tue, 15 Nov 2022 19:58:51 GMT

Only need 1 loan to satify FICO. More is not better. If you did get another loan then both loans uitl % is calculated and not 1. Pass. Your fine.

Re: SSL Question

HO8X7696 — Wed, 16 Nov 2022 21:26:13 GMT

Thank you, sounds like it is not worth the new account in my case.

Re: SSL Question

SouthJamaica — Wed, 16 Nov 2022 21:57:19 GMT

@HO8X7696 wrote:
I have been reviewing several threads about an ssl and was wondering if it's a good option for me. I have an open car loan personal loan so wouldn't see any benefit from the actual loan. My main reason for wanting it is credit age long term.

Right now on all my reports it lists short history as an issue. Right now I'm 26, so my credit age is hard to fix fast. I feel getting a 8 year loan right now and paying it off over that term would help a lot. Then it will stay for another 10 years once paid off.

Does this sound like a good idea for me to do or no?

No. A new accounts hurts, rather than helps.