Thanks for a great forum. Did some searching but didn't find answers in the long list of NFCU threads.
I have an Alliant SSL closing next month and plan to replace it ASAP with a 60-month NFCU SSL. Two questions:
1. How quickly do new NFCU SSL report to the CRAs after opening?
2. After #1 happens, does NFCU send SSL updates to the CRAs on the payment date or on a specific day of every month?
Hoping to get the SSL opened and paid down to 9% before it's initially reported, if possible. Thanks for all feedback.
Here's my experience with Navy Federal's Share Secured Loan.
I applied over the phone and was approved instantly. The rep moved the funds for a $1501 loan into the appropriate savings account, which immediately reflected as $0 since this was used to secure the loan. Within 24 hours, the amount of the loan was deposited into my checking account.
Then it took about two or three days for the SSL to show up in my online account, at which point I transferred 92% of the funds that had been disbursed into my checking account to pay off the majority of the SSL. The funds were immediately taken from my checking account, but it took about two days for the SSL to reflect the payment. Once the payment posted, the equivalent funds were made available in my savings account on the next business day.
All of that occurred before the SSL had started reporting.
If I'm remembering right, it took about two weeks, or maybe slightly less, for the SSL to show up on my credit report, which is on the quicker side of things when it comes to reporting turnaround time. (I assume NFCU reports on loans monthly, so it probably depends on when during the month you open your SSL although I could be wrong on that.) But once the SSL did report, it already showed that 92% of the loan had been paid. In other words, my SSL showed only an 8% outstanding balance from the second it started reporting.
Since then, each billing period has been reported as having on-time payments even though I've only ever made one payment.
I believe I saw an increase of about 17 points from the SSL. Not quite as much as I as I was hoping, but I'll take it.
Thanks for the great reply.
There should be a "last reported" or "last updated" line in the NFCU SSL entry on your CRAs. That will tell you when the updates are sent. (With Alliant, it's always the last day of the month.)
I'm a new NFCU member. NFCU is encountering a glitch that is keeping a small number of members from being able to use the web site, and I'm one of the unlucky ones. I do, however, have full access via the NFCU mobile app.
Does anyone know, or remember, if the NFCU SSL docs can be signed from within the NFCU mobile app or, even better, if they are hosted on a third-party site such as Docusign? I'm planning to apply for an SSL on Monday, and I'm trying to figure out if/how I'll be able to sign the SSL docs if web site access still hasn't been restored. Thanks.
App works to sign docs, alternatively you can sign in branch