NFCU SSL Question

Anonymous · ‎11-23-2020

Hi all,

I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice

AllZero · ‎11-23-2020

Yes, an open SSL, paid down to 8.9% utilization should gain you a score increase.

AllZero · ‎11-23-2020

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

From SouthJamaica
NFCU SSL

From adrianaesque
Approved NFCU SSL - with detailed steps (May 2020)

Anonymous · ‎11-23-2020

One of the tips is that 'people that have closed installment loans, and no open installment loans' wont benefit as much In the first link. Does FICO look at no open installments as the same if someone had no installment loans open/closed at all?

Anonymous · ‎11-23-2020

@Anonymous wrote:
One of the tips is that 'people that have closed installment loans, and no open installment loans' wont benefit as much In the first link. Does FICO look at no open installments as the same if someone had no installment loans open/closed at all?

No

Credit mix is one factor of scoring

Utilization is also another

While having a prior closed loan(s) on your credit report; you gain points with the paid down SSL due to the utilization factor which is independent of revolving accounts (like credit cards)

M_Smart007 · ‎11-23-2020

@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice

Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K

When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)

I seen on average a 35 point FICO8 Increase across all three credit bureaus.

Anonymous · ‎11-24-2020

60 Month Term, for $3,100.00 paid down to 8.5% ($263.50 balance) how much should I pay towards it a month to show 'activity'?

Wavester64 · ‎11-25-2020

@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.

Assuming applying for a SSL thru NFCU is an HP?

Potential Future Cards

Closed Accounts

M_Smart007 · ‎11-25-2020

@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?

@Wavester64, I honestly don't remember? .. I am thinking not, as I don't remember the inquiry on my report.

Maybe @SouthJamaica , @Anonymous or @AllZero could answer with certainty?

Anonymous · ‎11-25-2020

@M_Smart007 wrote:
@Wavester64 wrote:
@M_Smart007 wrote:
@Anonymous wrote:
Hi all,
I just wanted to get some advice because I was stuck on if I should do/get the NFCU SSL. I have 0/NONE opened installment loans, but I do have 3-4 CLOSED. Ficos hover around 745. have more than 5 open cc's 1 azeo. Is this option something that would benefit my situation? advice
Just as a DP, I had many paid off installment car loans (and one Harley Davidson), some in excess of 100K
When I opened a NFCU SSL of $3010.00 and paid it under 8.9% (8.5% to be more precise)
I seen on average a 35 point FICO8 Increase across all three credit bureaus.
Assuming applying for a SSL thru NFCU is an HP?
@Wavester64, I honestly don't remember? .. I am thinking not, as I don't remember the inquiry on my report.
Maybe @SouthJamaica , @Anonymous or @AllZero could answer with certainty?

No HP since it's a secured loan.