topic Re: NFCU SSL opened> next steps? in Personal Finance

NFCU SSL opened> next steps?

Anonymous — Tue, 18 Dec 2018 06:13:19 GMT

12/15/18 (saturday)Just opened the SSL to get a score boost.

$3001 for 60months > approved in an ~1 hour > loan docs will be mailed(?).

12/17/18 (monday) showed up in account

What are my next steps to maximize benefits of the SSL?

How much do I pay off asap & how much do I set on auto pay?

I read a lot of scattered information through out multpile posts. Also sleep deprived w a new business and new born so I want to clarify my understanding of the process w support of your guys knowledge/experience on the matter.

Thank you in advance

Re: NFCU SSL opened> next steps?

rbentley — Sat, 15 Dec 2018 21:23:52 GMT

Do not use auto pay. There is no need for it.

1. Pay your loan down to $265.

2. Watch your scores increase.

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 15 Dec 2018 21:58:09 GMT

Welcome to the forums. I have nothing to add except that FicoPath is the best name ever...

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 15 Dec 2018 22:17:31 GMT

Can you confirm that the SSL is your only open installment account? (loan, car lease, etc.)

Assuming it is you will want to bring your balance to under 8.9% of $3001 and keep it there. Many CUs and banks have an inactivity fee when a loan or deposit account sees no activity for 12 months or more. Thus it makes sense to set up a quarterly payment of $2 or so from a checking account into the loan.

Finally, make sure the balance always stays above the original monthly payment (whatever was initially set up by the loan officer). E.g. if the monthly payment was $57, make sure that your balance never goes below $60. When people pay their loan balances down to ultra low balances (1-2% say) the lender often closes the loan.

Re: NFCU SSL opened> next steps?

AverageJoesCredit — Sat, 15 Dec 2018 22:21:30 GMT

@Anonymous wrote:
Welcome to the forums. I have nothing to add except that FicoPath is the best name ever...

LOL, ill have to disagree, @Anonymous takes the cake

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 15 Dec 2018 22:25:28 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
Welcome to the forums. I have nothing to add except that FicoPath is the best name ever...
LOL, ill have to disagree, @Anonymous takes the cake

I hope that cake is Raspberry White Chocolate... ;-)

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 15 Dec 2018 22:38:03 GMT

@rbentley wrote:
Do not use auto pay. There is no need for it.

1. Pay your loan down to $265.
2. Watch your scores increase.

~~what about the monthly's? Just pay minimums ?~~ nevermind I read to set quarterly payments lol. thnx

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 15 Dec 2018 22:36:57 GMT

@Anonymous wrote:
Can you confirm that the SSL is your only open installment account? (loan, car lease, etc.)

Assuming it is you will want to bring your balance to under 8.9% of $3001 and keep it there. Many CUs and banks have an inactivity fee when a loan or deposit account sees no activity for 12 months or more. Thus it makes sense to set up a quarterly payment of $2 or so from a checking account into the loan.

Finally, make sure the balance always stays above the original monthly payment (whatever was initially set up by the loan officer). E.g. if the monthly payment was $57, make sure that your balance never goes below $60. When people pay their loan balances down to ultra low balances (1-2% say) the lender often closes the loan.

I did just accept a personal loan 36 month term that will be paid off by end of next month. (took it to clear some personal cc debt prior to a business app). I know that will show closed as soon as I pay it off and wanted to have an open installment loan still reporting. (Did I do that correct in my thinking lol?)

Thanks for the rest. I will pay it own to 8.9% and set a quarterly auto payment of $2. I think the monthly recurring was around 52-55$ I cant recall was so quick over the phone.

Making note of this stuff lol #CreditGospel

Re: NFCU SSL opened> next steps?

SouthJamaica — Sun, 16 Dec 2018 04:03:52 GMT

@Anonymous wrote:
Just opened the SSL to get a score boost.
$3001 for 60months > approved in an ~1 hour > loan docs will be mailed(?).

What are my next steps to maximize benefits of the SSL?
How much do I pay off asap & how much do I set on auto pay?

I read a lot of scattered information through out multpile posts. Also sleep deprived w a new business and new born so I want to clarify my understanding of the process w support of your guys knowledge/experience on the matter.

Thank you in advance

Pay it down to $270

Then pay a very small amount each month for the next 59 months

Re: NFCU SSL opened> next steps?

Anonymous — Tue, 18 Dec 2018 06:34:19 GMT

paid it down to $266.93 (8.89% of $3001) next payment due 04/27/2023 lol

Now I send a pmt every ~90days?

Re: NFCU SSL opened> next steps?

spiritcraft1 — Tue, 18 Dec 2018 13:42:32 GMT

@Anonymous wrote:
paid it down to $266.93 (8.89% of $3001) next payment due 04/27/2023 lol

Now I send a pmt every ~90days?

In my case, I auto pay $3 a month. Just make sure what ever you do does not shorten the term... Not sure it matters about even making a payment until April of 2013 but I feel better with the small monthly activity.

It should report right after the first of next month.

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 22 Dec 2018 11:03:55 GMT

@spiritcraft1 wrote:
@Anonymous wrote:
paid it down to $266.93 (8.89% of $3001) next payment due 04/27/2023 lol

Now I send a pmt every ~90days?
In my case, I auto pay $3 a month. Just make sure what ever you do does not shorten the term... Not sure it matters about even making a payment until April of 2013 but I feel better with the small monthly activity.

It should report right after the first of next month.

Sweet. Is it an initial drop as a new account or a bump in score? I was planning on app spree either mid-jan or mid-feb if its going to be a hit or bump

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 22 Dec 2018 13:29:47 GMT

@Anonymous wrote:
Sweet. Is it an initial drop as a new account or a bump in score? I was planning on app spree either mid-jan or mid-feb if its going to be a hit or bump

What is the age of your youngest account at the moment? The new account will cause your AoYA to go to zero months. If your AoYA was > 12 months previously, then that it can involve a hit. Also (though to a lesser degree if your AoYA was > 6 months).

The boost from adding a new SSL that reports at under 8.99% (compared with having no open loans) is typically 25-40 points. The variation may owe in part to people having different values of AoYA prior to opening the SSL.

Wait and see is the best advice.

Re: NFCU SSL opened> next steps?

Anonymous — Sat, 22 Dec 2018 15:30:59 GMT

@Anonymous wrote:
@Anonymous wrote:
Sweet. Is it an initial drop as a new account or a bump in score? I was planning on app spree either mid-jan or mid-feb if its going to be a hit or bump
What is the age of your youngest account at the moment? The new account will cause your AoYA to go to zero months. If your AoYA was > 12 months previously, then that it can involve a hit. Also (though to a lesser degree if your AoYA was > 6 months).

The boost from adding a new SSL that reports at under 8.99% (compared with having no open loans) is typically 25-40 points. The variation may owe in part to people having different values of AoYA prior to opening the SSL.

Wait and see is the best advice.

Youngest account is 5months everything after that is 3-10years