@CH-7-Mission-Accomplished wrote:
@AllZero wrote:
@CH-7-Mission-Accomplished wrote:I am not on here very much anymore but can I confirm that Navy still does credit builder loans and advances the next payment due date? I want to do a 40k, 15 year credit builder and pay it down to $400. My auto loan pays off in three years and I want a long term backup. Will this work? 15 years with no HP???
@CH-7-Mission-Accomplished From NFCU website, they do $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months
https://www.navyfederal.org/loans-cards/personal-loans.html
Thanks Mr. Zero. I just wanted to make sure that Navy still advances the next due date. I haven't opened any new accounts in two years, no inquiries, etc., and my goal is to get the highest possibe FICO scores when my BK falls off at 10 years (I'm not at about 7.5 years), so I don't want any new accounts or inquiries after two years prior. I want to be a virgin again (or something like that. Ha!). No seriously I just want to triple check that Navy still advances the next due date. I have a 50K visa with them at 5.99% and a 15K credit line, but I have never done an installment loan with them.
There has been no reported change to their SSL. As it stands, no HP and paying in advance will not shorten the term.
However, most do the 5 year (60 month) term on the SSL. You will be in uncharted territory on the 15 year term. I would guess the 15 year term would behave the same. If you proceed, let us know how it turns out.
@CH-7-Mission-Accomplished wrote:I just want to triple check that Navy still advances the next due date.
I can confirm that Navy Fed still advances the next due date for the next payment in accordance with the SSL Technique. I took out an SSL for $3K for 60 months on Mar. 17th, paid it down to $267 on Mar. 18th, and my next payment of $20.22 is due on July 27, 2025, more than 4 years from now. It was an SP.
@folks19, my understanding is, unless you or someone in your immediate family served, NFCU's charter does not allow them to sign you up as a member. Many of us are lucky enough to be members of military families (like my late father-Navy, me-USMC, my son-Navy), so we can join NFCU pretty much any time we choose. That said, I initially joined PenFed, it was just too easy to join there; I may still join NFCU as my son wants me to join up and my daughter's significant other, probably soon to be fiance and then husband, is also ex-Navy, and I'm sure she'd want me to join as well.
As for the Credit Builder loan, PenFed offers a "Share Loan" which possibly allows the pre-payment of 91% of the noted without shortening the term. I say "possibly" because I haven't seen any confirmation on this forum of that, however, in a discussion with one of PenFed's CSRs, the understanding I got from her was the term was not shortened. I currently have my security money "aging" for the required 30-days over there and will initiate a Share Loan during the second week of April, so I'll report back the results. I suppose if the pre-payment doesn't work at PenFed, then "Hello, NFCU..."
