NFCU SSL help

[Anonymous]

Would it be smart for me to take out a SSL loan with navy federal to help build a relationship and to diversify my credit with an installment loan? What type of credit gains would I see from doing this? 7 hard inquires on file I was going to garden but wanted to know about this before gardening for most of 2022.

Apple Card GS | 5750 limit | 3/14/21

Cap 1 quicksilver | 3000 | 9/16/21

Discover it | 3050 | 2/23/21

CSP | 5000 | 10/19/21

Amazon chase card | 2100 | 6/06/21

Kohls charge | 700 | 11/19/19

EX f8: 725 | EQ f8: 741 | TU f8: 726

[SouthJamaica]

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@Anonymous wrote:

Would it be smart for me to take out a SSL loan with navy federal to help build a relationship and to diversify my credit with an installment loan? What type of credit gains would I see from doing this? 7 hard inquires on file I was going to garden but wanted to know about this before gardening for most of 2022.

Apple Card GS | 5750 limit | 3/14/21

Cap 1 quicksilver | 3000 | 9/16/21

Discover it | 3050 | 2/23/21

CSP | 5000 | 10/19/21

Amazon chase card | 2100 | 6/06/21

Kohls charge | 700 | 11/19/19

EX f8: 725 | EQ f8: 741 | TU f8: 726

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If you have no open loans, taking out an SSL with NFCU and then immediately paying it down to 9% of the loan amount will probably get you points in FICO 8's and 9's. But since you are about to garden, what would be the point? IMHO you shouldn't bother with it.

[Ilinferno]

The Navy SSL doesn't involve a hard inquiry from what I have seen on the forums and on their website so you don't have to worry about that. If you don't have any installment loans and pay down to around 8% you will get a bump in your scores. I'm sure it varies from person to person but people have reported around 20-30 point jumps. The sweet spot seems to be for the 5 year SSL which requires 3k I believe. I guess if you did it now it would age while you're gardening so it's up to you depending on how much you want to put into it and for how long. It's not worth doing it for a year only if you're going to be gardening for a year as you will lose the points gained when it's paid off.

[Anonymous]

Gotcha, thank you for the reply was just wondering how much that would increase my chances for an unsecured navy federal card. Didn't know if it would be better to get it out of the way now to build a relationship w nfcu or after I'm done gardening.

[SouthJamaica]

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@Anonymous wrote:

Gotcha, thank you for the reply was just wondering how much that would increase my chances for an unsecured navy federal card. Didn't know if it would be better to get it out of the way now to build a relationship w nfcu or after I'm done gardening.

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They're not going to care about the SSL.

I don't think you really need to build a relationship other than being a member, and having an active savings account and checking account.

[Yasselife]

@Anonymous 

I applied for a card and was approved right after I finished my membership. That's a good way to start a RS. 

[Anonymous]

Alright thank you for the information

@SouthJamaica