topic Re: SSL by accident? in General Credit Topics

SSL by accident?

Anonymous — Fri, 03 May 2019 01:09:49 GMT

Not sure if this belongs here. Please move if you think I might get more/better responses from another forum.

So I traded my truck in a few weeks ago and the new car is under my wife’s name only. However the old loan from PenFed is still showing a balance of around $50 and a next payment due date of 9/10/2023. I happened to drive by the Audi dealership and saw my truck already for sale. Does this mean they probably already have the title? Should i be able to keep it open until 2023 and enjoy the credit boost i should get for being less than 10% owed on the trucks old loan. Did I stumble on an inadvertent win. I won’t know the exact boost until the 11th until it posts.

Re: SSL by accident?

SouthJamaica — Fri, 03 May 2019 03:15:46 GMT

@Anonymous wrote:
Not sure if this belongs here. Please move if you think I might get more/better responses from another forum.

So I traded my truck in a few weeks ago and the new car is under my wife’s name only. However the old loan from PenFed is still showing a balance of around $50 and a next payment due date of 9/10/2023. I happened to drive by the Audi dealership and saw my truck already for sale. Does this mean they probably already have the title? Should i be able to keep it open until 2023 and enjoy the credit boost i should get for being less than 10% owed on the trucks old loan. Did I stumble on an inadvertent win. I won’t know the exact boost until the 11th until it posts.

1. Is this your only installment loan? If not, what are the others in terms of balance and original amount?

2. On the truck loan, what was the balance before the trade-in and what was the original amount?

Re: SSL by accident?

dragontears — Fri, 03 May 2019 03:45:12 GMT

I would be more concerned that if the dealer didn't pay off the balance completely and it turning into a late payment once penfed system catches up with it.

Re: SSL by accident?

Anonymous — Fri, 03 May 2019 05:39:48 GMT

The original loan was about 45K.

I have a secondary auto loan I’m a co-signer on.

PenFed system itself is showing as next payment due in 2023. It posts on the 10th. I’ll see what the system shows after the payment this billing cycle. If it still doesn’t require payment I’m thinking about just letting it ride and evaluate it on a per month basis. IDK I’ll see how much the score boost is.

Re: SSL by accident?

GApeachy — Fri, 03 May 2019 14:13:31 GMT

Take screenshots.

Re: SSL by accident?

Anonymous — Fri, 03 May 2019 15:57:42 GMT

@Anonymous wrote:

I have a secondary auto loan I’m a co-signer on.

If you have a second installment loan in place the chances of the $50 balance loan helping isn't great. The benefit of a SSL comes when you take the balance to below 8.9%, meaning your aggregate installment loan utilization is below 8.9%. With another loan factored in assuming it isn't paid down significantly my guess is that your aggregate installment loan utilization would be greater than 8.9% even if this loan with the $50 balance stayed open.