Doing a SSL with Navy..just want to make sure I am doing this right and ask a few questions

[Bees18]

Sorry if this is in the wrong place wasn't sure where to ask. I am about to do a SSL for the $3100 for 5 years with NFCU. I did do this once before but it was a long time ago and I just want to make sure I do this right.

I have a Navy checking and savings already. So the next steps would be ?

1. Transfer $3100 to my Navy checking, then transfer it to my savings? 

2. Once it's in, call Navy and ask for a "secure loan" for $3100? And make sure the terms are 60 months. Is there anything else I should say or shouldn't say?

3. Once I sign the docs, they should put the money into my savings. Then I transfer to my checking right?  Then as soon as they do, do I pay it down and if so to how much exactly to have it be at 8.9%? Does it matter what time of day I call? I was reading past threads and one person called in the morning and it ended up posting to his credit as the full amount right away. I would hope to have had made the first large payment to have it post down as the 8.9%. 

4. Is there a certain time of month that I should do this as far as reporting goes, just as above I would hope to have it post as paid down when it does.

5. Any other tips, hints or stuff I am missing or need to watch out for? 

I have no loans so hoping to get some type of boost. Last time I did this it was for a small amount and it only lasted for 24 months. But I did get a 30 pt boost during that time.

[Anonymalous]

The money has to "settle" in savings, so you might have to wait 30 days (not sure if that's the right time frame).

Is the small loan still on your credit report? The SSL technique works best for with no installment loans at all. If you have one, even if it's closed, a new one won't have as big an effect.

[FireMedic1]

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@Anonymalous wrote:

The money has to "settle" in savings, so you might have to wait 30 days (not sure if that's the right time frame).

Is the small loan still on your credit report? The SSL technique works best for with no installment loans at all. If you have one, even if it's closed, a new one won't have as big an effect.

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The reason to get a SSL is because there's no open loans.

[FireMedic1]

@Bees18It all works from your savings account. You take the loan from savings but it doesnt go anywhere. Its Secured Savings Loan. As you pay it down below 8% once its done. The money is freed up again. No checking involved.

[Anonymalous]

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@FireMedic1 wrote:

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@Anonymalous wrote:

The money has to "settle" in savings, so you might have to wait 30 days (not sure if that's the right time frame).

Is the small loan still on your credit report? The SSL technique works best for with no installment loans at all. If you have one, even if it's closed, a new one won't have as big an effect.

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The reason to get a SSL is because there's no open loans.

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I'm not sure what that has to do with my post. I just pointed out the boost is smaller if there's already an installment loan, even if it's closed. @Bees18 mentioned a 30 point jump. Unless the old loan has fallen off, a new one won't have the same effect.

[FireMedic1]

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@Anonymalous wrote:

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@FireMedic1 wrote:

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@Anonymalous wrote:

The money has to "settle" in savings, so you might have to wait 30 days (not sure if that's the right time frame).

Is the small loan still on your credit report? The SSL technique works best for with no installment loans at all. If you have one, even if it's closed, a new one won't have as big an effect.

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The reason to get a SSL is because there's no open loans.

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I'm not sure what that has to do with my post. I just pointed out the boost is smaller if there's already an installment loan, even if it's closed. @Bees18 mentioned a 30 point jump. Unless the old loan has fallen off, a new one won't have the same effect.

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@AnonymalousFrom the first post. "I have no loans so hoping to get some type of boost." So @Bees18will get the full boost.

[Anonymalous]

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@FireMedic1 wrote:

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@Anonymalous wrote:

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I'm not sure what that has to do with my post. I just pointed out the boost is smaller if there's already an installment loan, even if it's closed. @Bees18 mentioned a 30 point jump. Unless the old loan has fallen off, a new one won't have the same effect.

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@AnonymalousFrom the first post. "I have no loans so hoping to get some type of boost." So @Bees18will get the full boost.

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Read the next sentence: "Last time I did this it was for a small amount and it only lasted for 24 months. But I did get a 30 pt boost during that time." So they had a 2 year loan. And if it hasn't fallen off, they will not get the same kind of boost.

[SouthJamaica]

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@Bees18 wrote:

Sorry if this is in the wrong place wasn't sure where to ask. I am about to do a SSL for the $3100 for 5 years with NFCU. I did do this once before but it was a long time ago and I just want to make sure I do this right.

I have a Navy checking and savings already. So the next steps would be ?

1. Transfer $3100 to my Navy checking, then transfer it to my savings? 

2. Once it's in, call Navy and ask for a "secure loan" for $3100? And make sure the terms are 60 months. Is there anything else I should say or shouldn't say?

3. Once I sign the docs, they should put the money into my savings. Then I transfer to my checking right?  Then as soon as they do, do I pay it down and if so to how much exactly to have it be at 8.9%? Does it matter what time of day I call? I was reading past threads and one person called in the morning and it ended up posting to his credit as the full amount right away. I would hope to have had made the first large payment to have it post down as the 8.9%. 

4. Is there a certain time of month that I should do this as far as reporting goes, just as above I would hope to have it post as paid down when it does.

5. Any other tips, hints or stuff I am missing or need to watch out for? 

I have no loans so hoping to get some type of boost. Last time I did this it was for a small amount and it only lasted for 24 months. But I did get a 30 pt boost during that time.

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Overly complicated.

Just deposit the $3100 in savings, then as soon as it's available call up and request a share secured loan for $3010 with 60 month term.

After loan is granted the $3010 will be deposited in savings, where  you will now have $6110.

Then start moving money from savings back into the loan until the loan is down to around $245 balance.

Then pay very slowly for rest of term of loan.

[CH-7-Mission-Accomplished]

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@Bees18 wrote:

Sorry if this is in the wrong place wasn't sure where to ask. I am about to do a SSL for the $3100 for 5 years with NFCU. I did do this once before but it was a long time ago and I just want to make sure I do this right.

I have a Navy checking and savings already. So the next steps would be ?

1. Transfer $3100 to my Navy checking, then transfer it to my savings? 

2. Once it's in, call Navy and ask for a "secure loan" for $3100? And make sure the terms are 60 months. Is there anything else I should say or shouldn't say?

3. Once I sign the docs, they should put the money into my savings. Then I transfer to my checking right?  Then as soon as they do, do I pay it down and if so to how much exactly to have it be at 8.9%? Does it matter what time of day I call? I was reading past threads and one person called in the morning and it ended up posting to his credit as the full amount right away. I would hope to have had made the first large payment to have it post down as the 8.9%. 

4. Is there a certain time of month that I should do this as far as reporting goes, just as above I would hope to have it post as paid down when it does.

5. Any other tips, hints or stuff I am missing or need to watch out for? 

I have no loans so hoping to get some type of boost. Last time I did this it was for a small amount and it only lasted for 24 months. But I did get a 30 pt boost during that time.

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This is a not an answer but a question:    

Why are you doing a 60-month SSL for $3K+ when you can do, according others on MF, a 120-month SSL through Penfed for $3K?  

My understanding is they will actually let you go up to 144 months, 12 years, so long as the monthly payment is $25 or more.  

I just don't understand why people keep doing this with Navy.  

Because I didn't know the Penfed SSL works just like Navy's, according to members of this site like Horseshoez, I opened a 15-year SSL with Navy for $30K for 180 months.  

To go over $10K you had to give them a reason so I said "investments."   It seemed they didn't care what the reason was so long as you gave them one.   My next payment is due 3/14/2033 and the balance is $50.

I am curious why folks choose Navy over Penfed for their SSL's.

[CH-7-Mission-Accomplished]

FYI, Penfed is the one that requires 30 days of "seasoning" of the SSL funds in the savings account before they allow you to open the SSL.