topic Re: NFCU SSL Question in General Credit Topics

NFCU SSL Question

Anonymous — Mon, 23 Nov 2020 21:26:51 GMT

Hi all,

I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice

Re: NFCU SSL Question

AllZero — Mon, 23 Nov 2020 21:31:41 GMT

Yes, an open SSL, paid down to 8.9% utilization should gain you a score increase.

Re: NFCU SSL Question

AllZero — Mon, 23 Nov 2020 21:32:44 GMT

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

From SouthJamaica
NFCU SSL

From adrianaesque
Approved NFCU SSL - with detailed steps (May 2020)

Re: NFCU SSL Question

Anonymous — Mon, 23 Nov 2020 21:43:39 GMT

One of the tips is that 'people that have closed installment loans, and no open installment loans' wont benefit as much In the first link. Does FICO look at no open installments as the same if someone had no installment loans open/closed at all?

Re: NFCU SSL Question

Anonymous — Mon, 23 Nov 2020 23:00:03 GMT

@Anonymous wrote:
One of the tips is that 'people that have closed installment loans, and no open installment loans' wont benefit as much In the first link. Does FICO look at no open installments as the same if someone had no installment loans open/closed at all?

Credit mix is one factor of scoring

Utilization is also another

While having a prior closed loan(s) on your credit report; you gain points with the paid down SSL due to the utilization factor which is independent of revolving accounts (like credit cards)

Re: NFCU SSL Question

M_Smart007 — Tue, 24 Nov 2020 00:13:07 GMT

@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice

Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K

When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)

I seen on average a 35 point FICO8 Increase across all three credit bureaus.

Re: NFCU SSL Question

Anonymous — Tue, 24 Nov 2020 20:56:40 GMT

60 Month Term, for $3,100.00 paid down to 8.5% ($263.50 balance) how much should I pay towards it a month to show 'activity'?

Re: NFCU SSL Question

Wavester64 — Wed, 25 Nov 2020 18:24:43 GMT

@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.

Assuming applying for a SSL thru NFCU is an HP?

Re: NFCU SSL Question

M_Smart007 — Wed, 25 Nov 2020 18:44:32 GMT

@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?

@Wavester64, I honestly don't remember? .. I am thinking not, as I don't remember the inquiry on my report.

Maybe @SouthJamaica , @Anonymous or @AllZero could answer with certainty?

Re: NFCU SSL Question

Anonymous — Wed, 25 Nov 2020 18:51:52 GMT

@M_Smart007 wrote:
@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?
@Wavester64, I honestly don't remember? .. I am thinking not, as I don't remember the inquiry on my report.
Maybe @SouthJamaica , @Anonymous or @AllZero could answer with certainty?

No HP since it's a secured loan.

Re: NFCU SSL Question

AllZero — Wed, 25 Nov 2020 19:01:13 GMT

+3. No Hard Pull inquiry.

Re: NFCU SSL Question

M_Smart007 — Wed, 25 Nov 2020 19:36:29 GMT

Thanks for a for sure answer ^^^^^^^^^

Wishing you all a Happy Thanksgiving

Re: NFCU SSL Question

M_Smart007 — Wed, 25 Nov 2020 19:40:42 GMT

@Anonymous wrote:
60 Month Term, for $3,100.00 paid down to 8.5% ($263.50 balance) how much should I pay towards it a month to show 'activity'?

@Anonymous, You can set up monthly payments for activity $2-3 dollars is sufficient.

I would log-in every month just to check my CC's and bank accounts,

would put $1 a month or sometimes $2. some months I paid nothing.

It is really up to you? ..just wanted to give you a few idea's

Re: NFCU SSL Question

spiritcraft1 — Wed, 25 Nov 2020 19:44:56 GMT

@M_Smart007 wrote:
@Anonymous wrote:
60 Month Term, for $3,100.00 paid down to 8.5% ($263.50 balance) how much should I pay towards it a month to show 'activity'?
@Anonymous, You can set up monthly payments for activity $2-3 dollars is sufficient.
I would log-in every month just to check my CC's and bank accounts,
would put $1 a month or sometimes $2. some months I paid nothing.

It is really up to you? ..just wanted to give you a few idea's

This works. Auto pay a couple big ones a month and all is cool.

Re: NFCU SSL Question

SouthJamaica — Wed, 25 Nov 2020 23:18:52 GMT

@M_Smart007 wrote:
@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?
@Wavester64, I honestly don't remember? .. I am thinking not, as I don't remember the inquiry on my report.
Maybe @SouthJamaica , @Anonymous or @AllZero could answer with certainty?

There's no HP. I don't think anyone HP's for an SSL.

Re: NFCU SSL Question

Anonymous — Wed, 25 Nov 2020 23:27:31 GMT

@SouthJamaica wrote:
@M_Smart007 wrote:
@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?
@Wavester64, I honestly don't remember? .. I am thinking not, as I don't remember the inquiry on my report.
Maybe @SouthJamaica , @Anonymous or @AllZero could answer with certainty?
There's no HP. I don't think anyone HP's for an SSL.

NFCU no HP for me this month on a SSL

SECU MD, yes HP everytime for any credit app incl. SSL

Re: NFCU SSL Question

spiritcraft1 — Wed, 25 Nov 2020 23:30:23 GMT

Yes, I am sure there are many that will do a HP for a SSL. Surprisingly, the pull happy folks at NFCU decided that it wasn't needed for the SSL.

Re: NFCU SSL Question

SouthJamaica — Thu, 26 Nov 2020 15:23:04 GMT

@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice

If you open an NFCU SSL, and then immediately pay it down to 9% of the loan amount, it will probably give a nice boost to your FICO 8's and 9's. It will probably have little, if any, effect on the mortgage scores.

Re: NFCU SSL Question

SouthJamaica — Thu, 26 Nov 2020 15:25:01 GMT

@Anonymous wrote:
60 Month Term, for $3,100.00 paid down to 8.5% ($263.50 balance) how much should I pay towards it a month to show 'activity'?

You don't have to show "activity" in my opinion, but it doesn't matter, just pay a little bit. And don't pay it too far down which might cause it to get closed out.

Me I would pay $3 or $4 each month.

Re: NFCU SSL Question

SouthJamaica — Thu, 26 Nov 2020 15:25:24 GMT

@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?

No, no pull at all.