Joint or Individual on SSL? (Navy Federal)

[Anonymous]

I have done a Navy SSL, along with three other family members, and although the CSR typically asks if it will be a joint account, when one member of my family opted to do a joint account, they were later contacted by NFCU to tell him they actually do not do joint accounts on the secured loans and he had to redo the application process.

Also, although I did a five year SSL for $3,000, when my son applied he was told the SSL has to be for OVER $3,000 to get the five year terms.  He switched the amount to $3,005 and was approved for the five year loan, and the rest of my family did $3005 as well.

Hope that helps.

[Anonymous]

Thank you so much!

[Anonymous]

Thanks for the info!  I'm at the place now where my remaining cc debt is on 0% APR...so my plan is to pay them off the month before they are due, and take advantage of the zero percent interest in the mean time (I had to pay 3% transfer fee I think on each one, so I'll milk it for all I can).  I'm playing the double game of trying to maximize the cash at the same time as increasing my score. At this point my score is good enough to do what I need to do this year (If I get a VA loan, I'm far enough above the 620 cut off that I don't have to worry about it)...so the score is only secondary to the cash.  Thanks again!