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Would an SSL with PenFed be worth it? (No SSL trick)

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Regular Contributor

Would an SSL with PenFed be worth it? (No SSL trick)

A rep told me that PenFed's SSL is min. $250, with at least $25 + interest in monthly payments. No credit check, just 100% approval. It's also no good for the 8.9% SSL trick, according to another member here.

 

Reading around the forums, it seems that PenFed is a great CU, but it is super conservative and turns down a lot of people. I'm thinking, should I put in $300 for a 1-yr SSL, use it as a true SSL instead of an SSL trick, and have it be my relationship builder with PenFed? Would it even be a relationship builder?

 

I'm not looking for a fast credit score bump with this, I'm just trying to be on record with PenFed as a guy who had previously made perfect payments to them for a year instead of some random unknown guy. For future cards, loans, and stuff.

 

What do you think? Would $5-8 in interest and $300 frozen for a year be worth it? Yay? Nay?

 

P.S. I'm already a member of PenFed. On probation for 6 mos. because I had no credit file when they approved my membership. I have a score now but AAoA is 0 years 0 months. Smiley Wink


Starting Score: No Score (03/2018)
Current Score: 766 to 776 (05/2019)
Goal Score: 780 (have hit 789 EQ but only on FICO9)

Take the myFICO Fitness Challenge
Message 1 of 12
11 REPLIES 11
Super Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)


@Cookiegrabber wrote:

A rep told me that PenFed's SSL is min. $250, with at least $25 + interest in monthly payments. No credit check, just 100% approval. It's also no good for the 8.9% SSL trick, according to another member here.

 

Reading around the forums, it seems that PenFed is a great CU, but it is super conservative and turns down a lot of people. I'm thinking, should I put in $300 for a 1-yr SSL, use it as a true SSL instead of an SSL trick, and have it be my relationship builder with PenFed? Would it even be a relationship builder?

 

I'm not looking for a fast credit score bump with this, I'm just trying to be on record with PenFed as a guy who had previously made perfect payments to them for a year instead of some random unknown guy. For future cards, loans, and stuff.

 

What do you think? Would $5-8 in interest and $300 frozen for a year be worth it? Yay? Nay?

 

P.S. I'm already a member of PenFed. On probation for 6 mos. because I had no credit file when they approved my membership. I have a score now but AAoA is 0 years 0 months. Smiley Wink


A rep told me that prepayment advances the payment dates.

 

So the effect will be short lived.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 2 of 12
Frequent Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)

Actually, I think everyone--not just thin files--gets 6 months in can't do much land. My scores were over 750 with a thick file and I know I got that. Better now. If you have a thin file, with no installments of significant size open or closed, perhaps this strategy might help. Otherwise I think I'd pass on the deal.


Current Score: EQ779 TU781 EX805
Goal Score: 800's once again


Note to self: Garden. Must garden till 3rd Qtr, 2019
Message 3 of 12
Member

Re: Would an SSL with PenFed be worth it? (No SSL trick)

I had the same thought to getting the Penfed SSL just to build a positive relationship with them. I didnt really care about paying it down under %8.9 I've just never had a installment account in good standing (defaulted student loan my only installment acct). I also have like 3% of my paycheck direct deposited into savings account over the past few months here and it's just been sitting so why not. I called the rep and he said I could use $415 from my savings and do the loan for 14 months (minimum payment must be @ least 25/month I was told). So whether it will help when I decide to app for one of their cards next year idk but Why not have another positive account while I'm still early in my rebuild.
Message 4 of 12
Super Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)

I think your idea is fine.  I am puzzled, however, by how you could have an AAoA of 0 years 0 months with an old student loan on your report.

Message 5 of 12
Frequent Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)

Has anyone tried to get a secured card with them lately?
I've read old posts here that you can only apply over the phone.

It's still listed under their credit card agreements.

Screenshot_20190115-212327_Chrome.jpg







Message 6 of 12
Member

Re: Would an SSL with PenFed be worth it? (No SSL trick)


@Standby wrote:

Has anyone tried to get a secured card with them lately?
I've read old posts here that you can only apply over the phone.

It's still listed under their credit card agreements.

Screenshot_20190115-212327_Chrome.jpg


I asked to see if I could apply for a secured card in November. And was told to try the SSL and see if it would help my scores enough to get an unsecured cc. I didn't push very hard with the Rep though
Message 7 of 12
Frequent Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)


@Cookiegrabber wrote:

 

...

 

What do you think? Would $5-8 in interest and $300 frozen for a year be worth it? Yay? Nay?

 

...


 

Yes, if you are planning to leverage that history and few dollars interest paid to get another more important product in the next couple years.

 

Plenty of people pay higher membership fees for less real benefits.

.



Message 8 of 12
Regular Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)

@CGID:

We're not the same person Man Tongue


 

@Standby wrote:

Has anyone tried to get a secured card with them lately?
I've read old posts here that you can only apply over the phone.

It's still listed under their credit card agreements.


 

When I called them up about it last year, they did confirm that they offer a secured card with a minimum $500 deposit. Below is a detailed reply from obviously a pretty cool CSR (note that the Initiator and Rebuilder are programs under their Visa Classic, not individual cards):

 

Thank you for contacting PenFed.

PenFed offers two types of Secured VISA programs:

•Initiator Program
•Rebuilder Program

The Initiator VISA credit card is similar to PenFed's VISA Classic credit card
product but is intended for those members with limited or no credit experience.
50% of the credit line will remain on hold in member's share account. Funds must
be on deposit prior to submitting an application. To qualify for this card, the
member cannot make more than $2,000 a month.

The Rebuilder VISA credit card is intended for members with poor credit history
but who have regained control of their finances in last six months. 100% of the
credit line will remain on hold in member's share account. Funds must be on
deposit prior to submitting an application.

Credit Limit:
For Initiator: $500 - $1,000 (in $100 increments)
For Rebuilder: $500


Repayment Term: 2% of the unpaid balance or minimum $15

NOTE: The initial VISA (Initiator and Rebuilder) secure card will have a 6-month
expiration date. Subsequent (renewal) cards will have a 12-month expiration
date.

After 12 months of satisfactory repayment, the member may apply for a regular
VISA account.

Secured Share Loans:

A Share Loan is a secured loan, which uses your regular share account as
collateral for the loan. The funds are placed on hold at loan inception and are
released incrementally each time you make a payment on the loan.


Loan Limits:
Amount of unencumbered (available) shares, no maximum (Minimum loan amount is
$250)


Repayment Terms:  142 months as long as monthly payment does not fall below $25
& 2% above current dividend rate.


Other Important Notes:

•No credit report is pulled for Share loans. Loans are guaranteed to be
approved.

•Share loans ARE reported to the credit bureaus and will appear on the member's
credit report.

•Shares in another member's account may be used as long as the owner of the
other account signs a Pledge of Shares form (Form 572).

•Funds must have been on deposit for 30 days or more before loan will be
approved.

Please feel free to reply if you need further assistance.

Sincerely,

[edited out]
PenFed Credit Union

Starting Score: No Score (03/2018)
Current Score: 766 to 776 (05/2019)
Goal Score: 780 (have hit 789 EQ but only on FICO9)

Take the myFICO Fitness Challenge
Message 9 of 12
Regular Contributor

Re: Would an SSL with PenFed be worth it? (No SSL trick)


@Glen_M wrote:

 

Yes, if you are planning to leverage that history and few dollars interest paid to get another more important product in the next couple years.

 

Plenty of people pay higher membership fees for less real benefits.

 

Thanks, I hope we're both right! Just a few months left to go...


Starting Score: No Score (03/2018)
Current Score: 766 to 776 (05/2019)
Goal Score: 780 (have hit 789 EQ but only on FICO9)

Take the myFICO Fitness Challenge
Message 10 of 12
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