Re: NFCU SSL opened> next steps?

Anonymous · ‎12-15-2018

12/15/18 (saturday)Just opened the SSL to get a score boost.

$3001 for 60months > approved in an ~1 hour > loan docs will be mailed(?).

12/17/18 (monday) showed up in account

What are my next steps to maximize benefits of the SSL?

How much do I pay off asap & how much do I set on auto pay?

I read a lot of scattered information through out multpile posts. Also sleep deprived w a new business and new born so I want to clarify my understanding of the process w support of your guys knowledge/experience on the matter.

Thank you in advance

rbentley · ‎12-15-2018

Do not use auto pay. There is no need for it.

1. Pay your loan down to $265.

2. Watch your scores increase.

Anonymous · ‎12-15-2018

Welcome to the forums. I have nothing to add except that FicoPath is the best name ever...

Anonymous · ‎12-15-2018

Can you confirm that the SSL is your only open installment account? (loan, car lease, etc.)

Assuming it is you will want to bring your balance to under 8.9% of $3001 and keep it there. Many CUs and banks have an inactivity fee when a loan or deposit account sees no activity for 12 months or more. Thus it makes sense to set up a quarterly payment of $2 or so from a checking account into the loan.

Finally, make sure the balance always stays above the original monthly payment (whatever was initially set up by the loan officer). E.g. if the monthly payment was $57, make sure that your balance never goes below $60. When people pay their loan balances down to ultra low balances (1-2% say) the lender often closes the loan.

AverageJoesCredit · ‎12-15-2018

@Anonymous wrote:
Welcome to the forums. I have nothing to add except that FicoPath is the best name ever...

LOL, ill have to disagree, @Anonymous takes the cake

Anonymous · ‎12-15-2018

@AverageJoesCredit wrote:
@Anonymous wrote:
Welcome to the forums. I have nothing to add except that FicoPath is the best name ever...
LOL, ill have to disagree, @Anonymous takes the cake

I hope that cake is Raspberry White Chocolate... ;-)

Anonymous · ‎12-15-2018

@rbentley wrote:
Do not use auto pay. There is no need for it.

1. Pay your loan down to $265.
2. Watch your scores increase.

~~what about the monthly's? Just pay minimums ?~~ nevermind I read to set quarterly payments lol. thnx

Anonymous · ‎12-15-2018

@Anonymous wrote:
Can you confirm that the SSL is your only open installment account? (loan, car lease, etc.)

Assuming it is you will want to bring your balance to under 8.9% of $3001 and keep it there. Many CUs and banks have an inactivity fee when a loan or deposit account sees no activity for 12 months or more. Thus it makes sense to set up a quarterly payment of $2 or so from a checking account into the loan.

Finally, make sure the balance always stays above the original monthly payment (whatever was initially set up by the loan officer). E.g. if the monthly payment was $57, make sure that your balance never goes below $60. When people pay their loan balances down to ultra low balances (1-2% say) the lender often closes the loan.

I did just accept a personal loan 36 month term that will be paid off by end of next month. (took it to clear some personal cc debt prior to a business app). I know that will show closed as soon as I pay it off and wanted to have an open installment loan still reporting. (Did I do that correct in my thinking lol?)

Thanks for the rest. I will pay it own to 8.9% and set a quarterly auto payment of $2. I think the monthly recurring was around 52-55$ I cant recall was so quick over the phone.

Making note of this stuff lol #CreditGospel

SouthJamaica · ‎12-15-2018

@Anonymous wrote:
Just opened the SSL to get a score boost.
$3001 for 60months > approved in an ~1 hour > loan docs will be mailed(?).

What are my next steps to maximize benefits of the SSL?
How much do I pay off asap & how much do I set on auto pay?

I read a lot of scattered information through out multpile posts. Also sleep deprived w a new business and new born so I want to clarify my understanding of the process w support of your guys knowledge/experience on the matter.

Thank you in advance

Pay it down to $270

Then pay a very small amount each month for the next 59 months