Self Lender loan?

[ballysdad]

What are the advatages if any to a higher monthly reporting self lender loan.

Is $25 reporting any differently than a $50 a month toards your fico score? any advantage to the higher amount other than $ back at end?

[EverForward]

I personally got the $25x24mo Self loan as it was more affordable and longer.

i didn't know about the SSL loan then, but I believe 24 mo is better than 12, and 60 mo is better yet.

Another consideration is to try to keep the payment below 8.9%. This may get exceeded as I pay my loan down but I'll pay Self off once I have my NFCU SSL in place.

[FireMedic1]

Getting any installment loan is good for the credit mix on FICO. As you pay down the loan and pass these thresholds 88.9%, 68.9%, 48.9%, 28.9%, 8.9%. You'll get a score bump. The biggest comes once you pass below 8.9% balance. NFCU is the only true SSL if you can get in that works as it should.

[Azuieldrago]

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@FireMedic1 wrote:

Getting any installment loan is good for the credit mix on FICO. As you pay down the loan and pass these thresholds 88.9%, 68.9%, 48.9%, 28.9%, 8.9%. You'll get a score bump. The biggest comes once you pass below 8.9% balance. NFCU is the only true SSL if you can get in that works as it should.

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Those percentages for CC utilizations too? I really need to write these down until I can fully memorize them.

[southernblueeyes]

Curious. I have the self lender 12 month loan. Is it possible to pay down then sit on it til the last payment is due? It would be great if I could do that to lower my utilization but I don't know if its possible  I know not to pay it off early. But I'm sure it would help my scores to get it dow . 

[EverForward]

I don't believe you can sit on it, but you can sign up for another 12 month Self loan, if you wanted to. There is some interesting conversation in this thread about their loans and secured credit card program.

[Anonymous]

@southernblueeyes From my understanding, your monthly payment will still be the same. If you decide to pay it down to $26, let's say, next month you will owe $25. It'll pay off early. From there, you have the option of letting it mature until month 24, or having it paid out early at some sort of penalty. The website is pretty vague about it. They just stress the fact that a huge chunk of your CS is based on payment history. 

ETA: Seems they're pretty upfront about it. Check out what they say here. It's leads to another link where they further explain why you have to stick to the payment commitment.