NFCU SSL (Pledge Loan)

[M_Smart007]

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@SouthJamaica wrote:

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@805orbust wrote:

Hey guys, in theory, wouldn't this work with an unsecured loan as well?  I mean, since you're beyond the beginner stage, why tie up your $$$?  

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1.  Yes NFCU does do the same thing for personal loans...  i.e. pushing out the next due date.

2.  You're not really tying up your money with the SSL procedure; the money is "tied up" just for a day or two.

3.  There would be a hard pull for the personal loan.

4.  You could get turned down for the personal loan.

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+1 This^

@805orbust,

I took out four loans in total.

1) Navy SSL (SP)

1) Navy PL Unsecured (HP)

(2) Penfed unsecured loans on (1 HP)

Now I admit, it was a funny way of doing things,

I also wanted to experiment with having (4) open loans. (and paydown utilization science test)

HP's are a dime a dozen "Plenty Available"

I ended up paying everything off, and keeping a $20 balance on the PenFed $25K Unsecured loan.

At least on paper, (during a manual review) it looks good to have paid off (3) and mostly paid off #4   ..FICO likes it

Computer algorithms could care less, as long as it see's an open installment paid below 8.9% (now that is better than Experian Boost)

My PenFed unsecured Installment loan will end Dec. 2023

I will most likely go the NFCU SSL $3010 route again..

And yes @SouthJamaica ,

I can hear you in my head saying "Please do not confuse the young credit students"

[SouthJamaica]

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@M_Smart007 wrote:

---

@SouthJamaica wrote:

---

@805orbust wrote:

Hey guys, in theory, wouldn't this work with an unsecured loan as well?  I mean, since you're beyond the beginner stage, why tie up your $$$?  

---

1.  Yes NFCU does do the same thing for personal loans...  i.e. pushing out the next due date.

2.  You're not really tying up your money with the SSL procedure; the money is "tied up" just for a day or two.

3.  There would be a hard pull for the personal loan.

4.  You could get turned down for the personal loan.

---

+1 This^

@805orbust,

I took out four loans in total.

1) Navy SSL (SP)

1) Navy PL Unsecured (HP)

(2) Penfed unsecured loans on (1 HP)

Now I admit, it was a funny way of doing things,

I also wanted to experiment with having (4) open loans. (and paydown utilization science test)

HP's are a dime a dozen "Plenty Available"

I ended up paying everything off, and keeping a $20 balance on the PenFed $25K Unsecured loan.

At least on paper, (during a manual review) it looks good to have paid off (3) and mostly paid off #4   ..FICO likes it

Computer algorithms could care less, as long as it see's an open installment paid below 8.9% (now that is better than Experian Boost)

My PenFed unsecured Installment loan will end Dec. 2023

I will most likely go the NFCU SSL $3010 route again..

And yes @SouthJamaica ,

I can hear you in my head saying "Please do not confuse the young credit students"

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You really know me

[805orbust]

Ok that makes sense... good points on all counts. The only reason It even occurred to me was back in 2020 when I bought my Accord, I immediately started tossing extra payments in the first few months and by the 6 month mark it was showing that I didn't owe another payment for like another 18 months. I had never seen that before, and obviously started to call them to make "principal payments" instead before finally paying it off after 17 months.  Never taken a loan with NFCU, but I did think that was cool with PenFed. 

[CH-7-Mission-Accomplished]

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@SouthJamaica wrote:

---

@M_Smart007 wrote:

---

@SouthJamaica wrote:

---

@805orbust wrote:

Hey guys, in theory, wouldn't this work with an unsecured loan as well?  I mean, since you're beyond the beginner stage, why tie up your $$$?  

---

1.  Yes NFCU does do the same thing for personal loans...  i.e. pushing out the next due date.

2.  You're not really tying up your money with the SSL procedure; the money is "tied up" just for a day or two.

3.  There would be a hard pull for the personal loan.

4.  You could get turned down for the personal loan.

---

+1 This^

@805orbust,

I took out four loans in total.

1) Navy SSL (SP)

1) Navy PL Unsecured (HP)

(2) Penfed unsecured loans on (1 HP)

Now I admit, it was a funny way of doing things,

I also wanted to experiment with having (4) open loans. (and paydown utilization science test)

HP's are a dime a dozen "Plenty Available"

I ended up paying everything off, and keeping a $20 balance on the PenFed $25K Unsecured loan.

At least on paper, (during a manual review) it looks good to have paid off (3) and mostly paid off #4   ..FICO likes it

Computer algorithms could care less, as long as it see's an open installment paid below 8.9% (now that is better than Experian Boost)

My PenFed unsecured Installment loan will end Dec. 2023

I will most likely go the NFCU SSL $3010 route again..

And yes @SouthJamaica ,

I can hear you in my head saying "Please do not confuse the young credit students"

---

You really know me

---

When you say you paid everything off but left $20 on the Penfed personal loan, did that push the next due date out by many months?   Does Penfed work like Navy in terms of advancing the next payment due date if you prepay?  If yes, does this work with a Penfed SSL?   Thanks.

[SouthJamaica]

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@CH-7-Mission-Accomplished wrote:

---

@SouthJamaica wrote:

---

@M_Smart007 wrote:

---

@SouthJamaica wrote:

---

@805orbust wrote:

Hey guys, in theory, wouldn't this work with an unsecured loan as well?  I mean, since you're beyond the beginner stage, why tie up your $$$?  

---

1.  Yes NFCU does do the same thing for personal loans...  i.e. pushing out the next due date.

2.  You're not really tying up your money with the SSL procedure; the money is "tied up" just for a day or two.

3.  There would be a hard pull for the personal loan.

4.  You could get turned down for the personal loan.

---

+1 This^

@805orbust,

I took out four loans in total.

1) Navy SSL (SP)

1) Navy PL Unsecured (HP)

(2) Penfed unsecured loans on (1 HP)

Now I admit, it was a funny way of doing things,

I also wanted to experiment with having (4) open loans. (and paydown utilization science test)

HP's are a dime a dozen "Plenty Available"

I ended up paying everything off, and keeping a $20 balance on the PenFed $25K Unsecured loan.

At least on paper, (during a manual review) it looks good to have paid off (3) and mostly paid off #4   ..FICO likes it

Computer algorithms could care less, as long as it see's an open installment paid below 8.9% (now that is better than Experian Boost)

My PenFed unsecured Installment loan will end Dec. 2023

I will most likely go the NFCU SSL $3010 route again..

And yes @SouthJamaica ,

I can hear you in my head saying "Please do not confuse the young credit students"

---

You really know me

---

When you say you paid everything off but left $20 on the Penfed personal loan, did that push the next due date out by many months?   Does Penfed work like Navy in terms of advancing the next payment due date if you prepay?  If yes, does this work with a Penfed SSL?   Thanks.

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From what I've heard, PenFed works just like Navy, pushing the next payment due date out.

[coldfusion]

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@FireMedic1 wrote:

Yep. Only need $3001. I paid $1 every other month. And use it if you have no other loans at all on your reports. You can apply online.

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FYI nowadays you have to apply for an NFCU SSL in-branch or over the phone (1-888-842-6328).

[M_Smart007]

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@CH-7-Mission-Accomplished wrote:

---

@SouthJamaica wrote:

---

@M_Smart007 wrote:

---

@SouthJamaica wrote:

---

@805orbust wrote:

Hey guys, in theory, wouldn't this work with an unsecured loan as well?  I mean, since you're beyond the beginner stage, why tie up your $$$?  

---

1.  Yes NFCU does do the same thing for personal loans...  i.e. pushing out the next due date.

2.  You're not really tying up your money with the SSL procedure; the money is "tied up" just for a day or two.

3.  There would be a hard pull for the personal loan.

4.  You could get turned down for the personal loan.

---

+1 This^

@805orbust,

I took out four loans in total.

1) Navy SSL (SP)

1) Navy PL Unsecured (HP)

(2) Penfed unsecured loans on (1 HP)

Now I admit, it was a funny way of doing things,

I also wanted to experiment with having (4) open loans. (and paydown utilization science test)

HP's are a dime a dozen "Plenty Available"

I ended up paying everything off, and keeping a $20 balance on the PenFed $25K Unsecured loan.

At least on paper, (during a manual review) it looks good to have paid off (3) and mostly paid off #4   ..FICO likes it

Computer algorithms could care less, as long as it see's an open installment paid below 8.9% (now that is better than Experian Boost)

My PenFed unsecured Installment loan will end Dec. 2023

I will most likely go the NFCU SSL $3010 route again..

And yes @SouthJamaica ,

I can hear you in my head saying "Please do not confuse the young credit students"

---

You really know me

---

When you say you paid everything off but left $20 on the Penfed personal loan, did that push the next due date out by many months?   Does Penfed work like Navy in terms of advancing the next payment due date if you prepay?  If yes, does this work with a Penfed SSL?   Thanks.

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@CH-7-Mission-Accomplished,

Pre-Paying the PenFed PL shortens the loan by one year  ..so a five year will become four years.

ETA: I log in occasionally and make the few cents payment of interest that accumulates.

I do this to keep activity, and make sure it does not get closed.

I cannot answer you PenFed SSL question (my guess it would be the same as NFCU) .. I would call them and confirm?

[Jeffster1]

Well, I did it. Easy-peasy. Many thanks to everyone.

1. I applied for an NFCU Pledge Loan for $3010 for 60 months.

2. Approved (of course).

3. Immediately paid back $2742.11.

4. Next due date moved to 8/18/2027. 

5. Remaining balance is $268.07.

6. I'm considering submitting an auto-pay for $5 each month. Would that work? @SouthJamaica ?

Again, many thanks.

UPDATE: I set an auto-pay of $5.00 monthly.

[SouthJamaica]

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@Jeffster1 wrote:

Well, I did it. Easy-peasy. Many thanks to everyone.

1. I applied for an NFCU Pledge Loan for $3010 for 60 months.

2. Approved (of course).

3. Immediately paid back $2742.11.

4. Next due date moved to 8/18/2027. 

5. Remaining balance is $268.07.

6. I'm considering submitting an auto-pay for $5 each month. Would that work? @SouthJamaica ?

Again, many thanks.

UPDATE: I set an auto-pay of $5.00 monthly.

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It should be fine for awhile, but towards the end watch out that you don't pay it down to zero prematurely.

[Jeffster1]

@SouthJamaica Thanks. You are right. The auto-pay won't let me set it for any less than $5.00 so I will just keep an eye on it.  I have 8/18/27 set for a notification on my iPhone, as well.

I have a balance of $268.07. There are 52 months between now and 8/18/27, and 60 months between now and 4/28, the end of the 60 month loan period. Not counting interest, 52 months at $5 a month will leave me with a balance of $8.07 on 8/18/27 so I guess I can also just manually pay $1 per month between 8/27 and 4/28. 

Thank you so much. Your help has been invaluable.