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Approved NFCU SSL - with detailed steps (May 2020)

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Super Contributor

Re: Approved NFCU SSL - with detailed steps (May 2020)

@periferel that's awesome! I'm glad it's working out for you! I bet you're going to be just fine and I look forward to your success as well! Please report back and where is that thread at? 😊👍👍👍

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 31 of 35
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Member

Re: Approved NFCU SSL - with detailed steps (May 2020)

@adrianaesque 

 

Why did the you choose  "$90 lowest ‘safe’ balance" here?

 

I see that my loan is reflected in NFCU account now and I paid off the 45xx and I see that my min payment is 29.62. But want to understand that why did you choose $90 and setup min payments as $5 on AP.

Message 32 of 35
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Regular Contributor

Re: Approved NFCU SSL - with detailed steps (May 2020)


@adrianaesque wrote:

► 5/7/2020 - I pay off $4,570.30 (30¢ for 1 day of interest) of the SSL so that ~8.9% ($440) remains. Next payment due date changed from 6/11/2020 to 9/11/2024 and required payment to $26.50. This matches my calculations below. I will monitor to ensure the date is not moved up sooner.

 

6/11/2020 to 9/11/2024 = 51 months

$4,570 ÷ $88.40 = 51.6968…

 

$26.50 new minimum payment ÷ $5 monthly AutoPay = 5.3, round up to 6. So, every ~6 months my next payment due date will be pushed back 1 more month. Which makes sense because 60 months ÷ 6 = ~10 months, and 10 months + 51 months = 61 months (round to 60, which matches the term of my SSL).

 


I disagree with the statement in bold.  Your minimum payment due on  9/11/24 is $26.50. So yes after 6 months your due date will be  pushed back by one month. But your new minimum payment due at that time will not be $26.50, but just a little less than your orginal monthly payment  of $88.40.

 

Let me explain: Your monthly  payment  is $88.40. You paid $4570.30, which was enough for 51 monthly payments:   4570.30=51 x 88.40 + 61.90

 

So you covered 51 monthly payments and also paid $61.90 towards your 52nd payment.  Thus the payment due on 9/11/24 is $88.40-$61.90=$26.50.

 

Once you made six payments of $5.00  you will have covered your 52nd monthly payment and also paid $30-$26.50=$3.50 towards your 53rd monthly  payment. So the new due date will  10/11/24 and the amount due will be $88.40-$3.50=$84.90. 

 

$84.90/$5=16.98 Thus it will take 17 payments of $5.00  before your due date is pushed back another month.

 

 

Message 33 of 35
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Member

Re: Approved NFCU SSL - with detailed steps (May 2020)

@Llewelyn What should I set as min payment and autopilot this?

Message 34 of 35
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Regular Contributor

Re: Approved NFCU SSL - with detailed steps (May 2020)


@Sherl wrote:

@Llewelyn What should I set as min payment and autopilot this?


I answered you in your own thread

Message 35 of 35
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