topic Re: NFCU SSL QUESTIONS in Rebuilding Your Credit

NFCU SSL QUESTIONS

Anonymous — Thu, 25 Mar 2021 09:07:44 GMT

hello all..i have a few questions about my rebuild.

Here is my info..

2 cards showing

Capital one AU $3800 3/2001

HFCU(secured) $2200 1/21

and 1 LOC $500, 1/21

1 loan $300 for 12 mo's($270 owed) 3/21

1 paid derog 1/21( convergents for Cox communication)

These cards are not showing yet on my Credit report...

Amex $1700 2/21

NFCU. Platinum $3000 (5.99%) 2/21

Credit one Amex $500. 2/21

Capital one Qs $300 3/21

Question 1) how long until these will report.

Question 2) on the $300 loan (because i had no installment on my profile) but it only add a high utilization on installment..

I have about $3500. to open a SSL loan at NFCU. NOW i know a little more about SSL's

Should i close out the $300 loan and then open the SSL loan?

Question 3) how long after i open the loan at NFCU should i wait to pay it down to 8.9% or does it matter?

Here is plan for the loan.

$3150 for 60mo.@.. 2.25% loan calculated payment $55.57

Pay off to 8.9% = $2916. bal $284

Just under 8.9% hopefully pushing next payment out 52.5 mo. Or so

Then set up an auto pay for $4.5 every month should leave me a balance of around $65 with interest. if i don't pay off sooner than 60mos

Will that show better on my scores?

Than that $300 with 270 owed?

Question 4) when everything does show up in my report...will that change my file stats from thin to thick and if i can get that derog off dirty to clean...?

Re: NFCU SSL QUESTIONS

USMC_Winger — Thu, 25 Mar 2021 23:55:29 GMT

@Anonymous wrote:

hello all..i have a few questions about my rebuild.

Here is my info..

2 cards showing

Capital one AU $3800 3/2001

HFCU(secured) $2200 1/21

and 1 LOC $500, 1/21

1 loan $300 for 12 mo's($270 owed) 3/21

1 paid derog 1/21( convergents for Cox communication)

These cards are not showing yet on my Credit report...

Amex $1700 2/21

NFCU. Platinum $3000 (5.99%) 2/21

Credit one Amex $500. 2/21

Capital one Qs $300 3/21

Question 1) how long until these will report.

I don't know about the others, but the Navy Fed credit card should report right after the second statement date. If your first billing cycle is 25 days (a full billing cycle), then that would take about 60 days from the date of credit card approval. A short first billing cycle will result in fewer days until the first report. Ultimately, it's about 30 days after your first statement date.

Question 2) on the $300 loan (because i had no installment on my profile) but it only add a high utilization on installment..

I have about $3500. to open a SSL loan at NFCU. NOW i know a little more about SSL's

Should i close out the $300 loan and then open the SSL loan?

It depends. Do you plan to get an installment loan (auto, mortgage, etc.) in the near future? That would replace the need for the loan you already have, which boosts your FICO scores in the credit mix category. If so, no. Just keep making monthly payments on your current loan, and you'll see your FICO scores rise a few points as you cross under each utilization threshold: 89%, 69%, 49%, 29%, and 9%. As soon as you get your auto loan or mortgage, you can pay this current loan off, because you won't need two installment loans to boost your FICO scores, just one.

However, if you need max FICO points right away -- like for renting a decent apartment, getting better auto insurance rates, or winning a bet (not for credit hunting, since the number of new accounts you have make it likely you'll need to garden for a while before applying for more credit) -- you can pay down your current loan to 8.9% ($26.70) and let that report on the next statement date. That leaves one final payment before your loan is paid off. After that final payment reports the following month, you can open a Navy Fed SSL, pay it down to 8.9%, then make small monthly payments on auto-pay, and you're in business to get max FICO points for your credit mix for the next 5 years or whenever you get another installment loan, whichever comes first.

Question 3) how long after i open the loan at NFCU should i wait to pay it down to 8.9% or does it matter?

It matters, because you're paying daily interest on that loan. Pay it down to 8.9% as soon as both the new loan shows up in your online account and the loan proceeds are deposited into your checking account (or whatever account you tell Navy Fed to place the loan money).

I did this on March 17th. I wanted to pay the loan down that day, so I started pretty early, or so I thought. I began at 12:30 PM Eastern Time, spent 12 minutes on the phone (including holding time) requesting the loan and answering questions, and only waited 42 minutes before I got the email telling me my loan was approved and to go online to read the instructions and sign my loan docs. I took a lunch break (perhaps I shouldn't have), read and signed the loan documents at 1:48 PM Eastern Time and immediately checked my share savings account. The $3,000 loan had already been deducted from the current balance on my share savings account. But I had to wait until the wee hours Thursday morning before the loan money showed up in my checking account. I paid it down to $267 right away and had only been charged 18c interest for the first day of the loan. The next $20.22 payment is due on July 27, 2025.

Here is plan for the loan.

$3150 for 60mo.@.. 2.25% loan calculated payment $55.57

Pay off to 8.9% = $2916. bal $284

Just under 8.9% hopefully pushing next payment out 52.5 mo. Or so

For a $3,150 loan, I would pay it down to $280 (8.9%).

Then set up an auto pay for $4.5 every month should leave me a balance of around $65 with interest. if i don't pay off sooner than 60mos

Will that show better on my scores?

Than that $300 with 270 owed?

The Navy Fed SSL with an 8.9% balance will boost your scores even better than the $270 balance of the $300 loan, because you currently have 90% utilization on that loan. Even without the Navy Fed SSL, you can pay your current loan down to an 8.9% balance and see the same max FICO point boost you'll see with the Navy Fed SSL Technique.

Question 4) when everything does show up in my report...will that change my file stats from thin to thick and if i can get that derog off dirty to clean...?

Opinions vary, but from my research, if a credit file contains at least 6 credit card accounts, even with no installment loan accounts, it's a thick file. So, you're good!

And if you can get the derogatory account removed from your CRs, your file will be clean, as long as you don't have any late payments on any of your other accounts or a public record (bankruptcy, tax lien, judgment, or, in some states, foreclosure or repossession) listed on your CRs.

Re: NFCU SSL QUESTIONS

Anonymous — Fri, 26 Mar 2021 02:15:10 GMT

Thank you for the info...

My NFCU card is on its second statement...first on was very short.. this one was a full statement.

2) I don't plan on it for a while. 2 years out before looking for a home loan... And then maybe a second car after... I am trying to build my credit score up(and card Cl's) to start a business. I would like to get the Amex and NFCU up to as close to 15k each and maybe then try for 1 other higher limit card.

HFCU. Only lets you pay up to 4 payments ahead at a time.

So that is why i was looking at NFCU for the SSL loan.

I plan on gardening for the next 9-12 months

My plan is like june 1st to ask for CLI'S. From Amex and NFCU.(maybe the others too) Hope to get to 5k on Amex and 7k on NFCU. Then in October They said to try to graduate my card at Hughes federal CU. we run most of our money through them right now. And see where that one goes to.. Then around Dec 10th try again with Amex and Navy.

Now with my only derog i have no lates. Just the 1 collection.

I tried to find out info on it today.

Cox said they didn't own the debt and Convergent said they didn't own the debt. I called TU they said it will fall off 8/22. Couldn't get through to the other 2 yet..but don't know where to go from here with it

(If neither says they own the debt ..who the hell did i pay..lol)

Should i try a credit repair place or it seems a gw campaign will take forever at this rate.

My credit was all but virgin when i started in Dec/20..just adding the Au Acct boosted my score over 110 points .. All my other scores for auto and mortgage are at or above 700 my fico 9's are 650's +..i want those up because HFCU uses EQ9

So i would like that in the 720+ by October

Re: NFCU SSL QUESTIONS

USMC_Winger — Fri, 26 Mar 2021 03:26:10 GMT

Sounds like a good plan!

Before you shop for mortgage lenders, you'll need to pay the debt to qualify for a mortgage. So, that means determining who to pay so that your account either gets marked as paid on your CRs or they let you PFD. Perhaps one of the other forum members can advise you on how to approach this when no one will take your money.

If neither Cox nor Convergent will ~~accept payment and~~ report "paid" to the CBs or delete the account ~~after you pay,~~ then you'll end up waiting for the account to age off your CR. I hope you don't need to get a mortgage before then, because it's going to be very frustrating knowing you only need one thing to be done before you can start applying for a mortgage and neither Cox nor Convergent will do it.

I wish you luck!

ETA: I just re-read your post. Sorry. You already paid! So, you just need one of them to mark it as paid. Check your banking statement for your payment. It will show the recipient. That's who needs to mark it as paid on your CR, but ask them to delete it now that it's paid. Good luck!