@CH-7-Mission-Accomplished wrote:
@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.
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.
Thanks for the information. I had no idea about any of it.
I'm sure, if it's all true about PenFed, it will help some people choose PenFed over Navy, and help those who aren't eligible to join Navy.
But it you didn't do it personally. I would like to get confirmation from folks who have.
@CH-7-Mission-Accomplished wrote: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.
Ah, you didn't mention that in your first post 
@Anonymalous wrote:
@Bees18 wrote:@Anonymalous i just checked and it wa actually $500 for 12 months I did. It does show as closed and paid. I'm not sure if that matters?
It was dumb of me I should have just did a longe term but I was so new to this at the time.
Even though it's closed, you still have an installment loan on your credit report. You may get still get a boost, but don't expect a 30 point jump this time.
I don't think it's dumb. Your old SSL did what it was supposed to. It may not have been perfectly optimal, but a lot of the time it's better to do something than nothing at all. For instance, I've had the money for an SSL in my Navy Fed account for a year and a half, and still haven't pulled the trigger.
@AnonymalousI know youv'e seen threads I paid my car, home or whatever off which was a loan and I lost 20-30 pts. @Bees18 has no open loans. So when the SSL is opened. NFCU or PENFED. Those points will come back +/-. I had a Alliant SSL. It was paid and lost the points. Joined NFCU and got their SSL. Points came back. Then got the Explorer and closed out the existing SSL with NFCU. No longer needed. Had a new open loan.
