How and when do I proceed from here. Do I do the following? Today: Pay off 3150 - 91.2% = $2872.90 Then pay $1.00 each month? This is where I get confused and would like to make sure I do everything correctly. Thank you in advance for any advice.
Let 1 or 2 business days pass by since we are at the beginning of the Business week.
Then pay the loan down to just below 8.9%... pay about $2,885.00
They will return that amount to you the next business day by way of deposit into you saving account.
The billing cycle closing date should be the last calendar day ofnthe month and you will see it report a few day after May starts.
The day after it is deposited into your savings account your husband/joint account holder may use the fund the repeat the process for themselves.if they do so before the end of the month, their SLL will also report in May as open and paid down to a low percentage and gain a FICO boost if this is the only one loan on the cresit report.
Cheers!
$5 or $4 or $3...👍 Yes!
I opened one on the 23rd or 24th of August 2018 and it reported during the first week of September, already paid down to below 9%
Best of luck to you both!
Congratulations on your SSL approval!
@Anonymous wrote:That is funny...I just did the EXACT loan last month. I just left $248...I just paid $2902.( That was my math) once it showed on my accounts and about 5 days later it showed back into my savings account my next payment is 9/2025..waiting for it to report to see how it affects my score...my first payment wasn't due until May 15th..
@Kixforpa, and @Anonymous 👋
Take notice that from the original posting about executing a SSL, you should keep the balance higher than the amount of the monthly payment... you would not want the loan to close or be forgiven earlier than what you set your expectations for.
