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I'm doing a secured loan with PenFed to establish relationship and to build my credit. Looking for an auto loan sometime next year. Does it matter if it's a $500 loan or a $1k? Both for 12 months term.
i only have a $200 unsecure Citi recently converted to unsecure. Fico 670
A 12 month loan will build relationship, but so would frequent deposits. A 12 month secured won't give full value of the SSL technique, if that was your reasoning.
The amount won't matter though.
What is SSL?
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)
Here are two institutions that have SSL which you can pay in advance to 8.9% utilization without shortening loan term:
NFCU - membership restrictions.
SSFCU - geofence.