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NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

Kixforpa
Contributor

NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

Hi Guys! I need some advice so that I know I am doing everything correct. I opened my Navy Federal Savings,Flagship Checking and Money Market on Wednesday of last week. I decided on Saturday to proceed with a SSL request as I already had the funds to cover it in the account. The only thing I was disappointed in was that an hour prior to the call my husband joined as well, but was advised on the call that SSL can not be held as a joint loan. So I opted to do it and he would follow suit. Not even an hour later I was signing the promissory note and receiving the funds. I now have $3150 sitting in my FC since Saturday. 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.
~Rebuilding Our Lives~
Message 1 of 10
9 REPLIES 9
Credit4Growth
Valued Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

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.

 

 

@Kixforpa 

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!

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 2 of 10
Kixforpa
Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

Thank you for the quick response!!! Do I then go ahead and just pay $5 dollars for 58 months and then pay off any balance?
~Rebuilding Our Lives~
Message 3 of 10
Credit4Growth
Valued Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

$5 or $4 or $3...👍 Yes!
Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 4 of 10
Credit4Growth
Valued Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

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!

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 5 of 10
AllZero
Super Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

Congratulations on your SSL approval!

Message 6 of 10
M_Smart007
Epic Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

Congratulations on your NFCU SSL approval!

Message 7 of 10
Tryinghard258
Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

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..

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

Take the myFICO Fitness Challenge



Message 8 of 10
Credit4Growth
Valued Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...


@Tryinghard258 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 @Tryinghard258  👋

 

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.

 

 

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 9 of 10
Total80sKid
Valued Contributor

Re: NFCU $3150.00 SSL LOAN APPROVED! I need some hand holding...

Congrats on the SSL!

Message 10 of 10
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