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A SSL (Pledge Loan) NFCU a Good Idea?

GoHooterGo
Regular Contributor

A SSL (Pledge Loan) NFCU a Good Idea?

I've been a NFCU member for about 2 months (have not applied for any products yet) as my plan is to apply for a Credit Card & Auto Loan in a few months when my new truck comes in.

 

My MAIN priority is to improve my Auto Loan scores as much as possible and my odds with NFCU to secure the best rates.

 

As for installment loans on my personal file, I have several (2 Mortgages, 1 Auto - All Open) and 3 Closed Auto Loans that were paid.

 

I don't want to hurt my AAoA (even though its around 6 Years AAoA).

 

I'm thinking a $250 SSL over 6 Months, and repaying 92% of it as soon as it's available to pay. Question: Once I pay 92% of the SSL, do those funds become "unsecured" after payment? Meaning I'd have access to the funds after the payment?

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8


Message 1 of 7
6 REPLIES 6
SouthJamaica
Mega Contributor

Re: A SSL (Pledge Loan) NFCU a Good Idea?


@GoHooterGo wrote:

I've been a NFCU member for about 2 months (have not applied for any products yet) as my plan is to apply for a Credit Card & Auto Loan in a few months when my new truck comes in.

 

My MAIN priority is to improve my Auto Loan scores as much as possible and my odds with NFCU to secure the best rates.

 

As for installment loans on my personal file, I have several (2 Mortgages, 1 Auto - All Open) and 3 Closed Auto Loans that were paid.

 

I don't want to hurt my AAoA (even though its around 6 Years AAoA).

 

I'm thinking a $250 SSL over 6 Months, and repaying 92% of it as soon as it's available to pay. Question: Once I pay 92% of the SSL, do those funds become "unsecured" after payment? Meaning I'd have access to the funds after the payment?


There would be no purpose whatsoever in getting an SSL. That is for people who have no installment loans.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 2 of 7
GoHooterGo
Regular Contributor

Re: A SSL (Pledge Loan) NFCU a Good Idea?

Wouldn't it help my interenal score with NFCU?

 


@SouthJamaica wrote:

@GoHooterGo wrote:

I've been a NFCU member for about 2 months (have not applied for any products yet) as my plan is to apply for a Credit Card & Auto Loan in a few months when my new truck comes in.

 

My MAIN priority is to improve my Auto Loan scores as much as possible and my odds with NFCU to secure the best rates.

 

As for installment loans on my personal file, I have several (2 Mortgages, 1 Auto - All Open) and 3 Closed Auto Loans that were paid.

 

I don't want to hurt my AAoA (even though its around 6 Years AAoA).

 

I'm thinking a $250 SSL over 6 Months, and repaying 92% of it as soon as it's available to pay. Question: Once I pay 92% of the SSL, do those funds become "unsecured" after payment? Meaning I'd have access to the funds after the payment?


There would be no purpose whatsoever in getting an SSL. That is for people who have no installment loans.


 

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8


Message 3 of 7
FinStar
Moderator

Re: A SSL (Pledge Loan) NFCU a Good Idea?


@GoHooterGo wrote:

Wouldn't it help my interenal score with NFCU?

 


@SouthJamaica wrote:

@GoHooterGo wrote:

I've been a NFCU member for about 2 months (have not applied for any products yet) as my plan is to apply for a Credit Card & Auto Loan in a few months when my new truck comes in.

 

My MAIN priority is to improve my Auto Loan scores as much as possible and my odds with NFCU to secure the best rates.

 

As for installment loans on my personal file, I have several (2 Mortgages, 1 Auto - All Open) and 3 Closed Auto Loans that were paid.

 

I don't want to hurt my AAoA (even though its around 6 Years AAoA).

 

I'm thinking a $250 SSL over 6 Months, and repaying 92% of it as soon as it's available to pay. Question: Once I pay 92% of the SSL, do those funds become "unsecured" after payment? Meaning I'd have access to the funds after the payment?


There would be no purpose whatsoever in getting an SSL. That is for people who have no installment loans.



Not necessarily. Absent of a SSL, internal NFCU scores are driven by a plethora of other variables, including time.

 

FWIW, I've never taken any [NFCU] SSLs and my internal scores seem to be perfectly fine. If you already have several installment loans already (past or present), including any mortgage + vehicle loan, then this doesn't really improve your credit mix. Likewise, if you are in the process of obtaining another vehicle loan, the SSL will serve not purpose other than lower AAoA -- which you alluded not wanting to do.

Message 4 of 7
SouthJamaica
Mega Contributor

Re: A SSL (Pledge Loan) NFCU a Good Idea?


@GoHooterGo wrote:

Wouldn't it help my interenal score with NFCU?


 


I seriously doubt it.

 

But who knows what inscrutable mysteries lie at the heart of NFCU's secret internal score?

 

I can only say that it will give you a new account and an account with balance, both of which count against your FICO score.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 5 of 7
GoHooterGo
Regular Contributor

Re: A SSL (Pledge Loan) NFCU a Good Idea?

Thank you everyone one!

 

I did however set one up for my wife under her account as she has never had an installment loan ever.

 

She opened one up for $250, and then 2 days later paid down $227.75 of it 

 

Any timeline when NFCU will release the funds that has been paid off? $227.75?

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8


Message 6 of 7
SouthJamaica
Mega Contributor

Re: A SSL (Pledge Loan) NFCU a Good Idea?


@GoHooterGo wrote:

Thank you everyone one!

 

I did however set one up for my wife under her account as she has never had an installment loan ever.

 

She opened one up for $250, and then 2 days later paid down $227.75 of it 

 

Any timeline when NFCU will release the funds that has been paid off? $227.75?


Any time you want it.  Just transfer it out to checking.

 

In my case I just paid the loan out of the savings account.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 7 of 7
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