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$500 or $1k ?

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Madrid2020
Established Member

$500 or $1k ?

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

Message 1 of 4
3 REPLIES 3
blindambition
Senior Contributor

Re: $500 or $1k ?

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.

Message 2 of 4
Madrid2020
Established Member

Re: $500 or $1k ?

What is SSL? 

Message 3 of 4
AllZero
Mega Contributor

Re: $500 or $1k ?

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.

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