I guess that would be a reason not to do NFCU then... loan term matters for quality of life if not immediatley for FICO anyway (though short installment history is a thing in the reason codes so it may be a straight FICO loss too).
ETA: a very VERY minor thing, i.e. if that's the only thing keeping someone from a 850 you'll live.
well,i opened a250 ssl with navy for 6 months.paid it down to 8 percent the nect day,they reported the full balance 250/250 tanked all scores 20 points
@mrldp40 wrote:well,i opened a250 ssl with navy for 6 months.paid it down to 8 percent the nect day,they reported the full balance 250/250 tanked all scores 20 points
Hi Mrldp40!
The good news is that the loan will report with the much smaller balance in a month from now, which will get you a lot of points.(assuming that this is your only open installment loan).
The bad news is that you will lose all those points once the loan is paid off six months from now. That's why we recommend taking out a 5-year loan rather than one for a very term like you did.
I encourage you to do some research and see whether you can get a 5-year loan (or at least a 3-year loan) with NFCU if you secure it with a higher amount. No reason to take that 2nd loan out right away, but I'd try to get it in place and paid down by mid-Dec.
Alliant will certainly allow you to do that, but you explained earlier that your income was too low for Alliant to approve you. So hopefully NFCU will.
The fact that you took out a 6-month loan suggests that you likely don't understand how the whole SS loan technique works. Let us know if you want something to read about that.
@Anonymous wrote:
@mrldp40 wrote:well,i opened a250 ssl with navy for 6 months.paid it down to 8 percent the nect day,they reported the full balance 250/250 tanked all scores 20 points
Hi Mrldp40!
The good news is that the loan will report with the much smaller balance in a month from now, which will get you a lot of points.(assuming that this is your only open installment loan).
The bad news is that you will lose all those points once the loan is paid off six months from now. That's why we recommend taking out a 5-year loan rather than one for a very term like you did.
I encourage you to do some research and see whether you can get a 5-year loan (or at least a 3-year loan) with NFCU if you secure it with a higher amount. No reason to take that 2nd loan out right away, but I'd try to get it in place and paid down by mid-Dec.
Alliant will certainly allow you to do that, but you explained earlier that your income was too low for Alliant to approve you. So hopefully NFCU will.
The fact that you took out a 6-month loan suggests that you likely don't understand how the whole SS loan technique works. Let us know if you want something to read about that.
yes i do understand how it works lol ,i only had 250 at the time and navy only goes 6 months with that amount . i talked to navy today there max loan term for ssl is 15 years
although 500 is 12 months 3k is 60 months according to csr. hope that helps.
@Anonymous wrote:
@Anonymous wrote:My current anchor installment loan(SelfLender) ends in 5 months, I will give NFCU a try and confirm the info people contributed to this thread. I would really just like to do a 10 year+ loan and be done with it as it would help boost AoAA down the road. I will report back my findings then.
When you look into it, let me know if the last guy I spoke with about this was correct. As I mentioned earlier, the NFCU reps he spoke with told him that terms of greater than 60 months were only possible if you planned to use the loan for home improvement. Other things to confirm:
(1) Can you pay off almost all of the loan at month 1 and still keep it open for the full term of the loan?
(2) Is there a hard pull for joining NFCU? Once a member, is there a hard pull for the SS loan?
1. My SSL loan with Navy is almost fully paid off. The balance is only for the amount of the last payment which is due the last month of the loan term, so yes you can easily pay it in advance and not have to worry about making a payment for many months.
2. There was no HP after membership to open the SSL with Navy.
I don't know what limits Navy sets on the amount and terms of the loan, sorry.
