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?
@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.
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.
@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.
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?
@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.