NFCU SSL

[Anonymous]

Is the entire deposit tied up for the duration of the loan or only the current balance?

In other words, if you put up $3010, then immediately pay the loan down to $300, is the $3010 still unavailable or just the $300?

[M_Smart007]

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@Anonymous wrote:

%Is the entire deposit tied up for the duration of the loan /or only the current balance?

In other words, if you put up $3010, then immediately pay the loan down to $300, is the $3010 still unavailable or just the $300?

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Whatever you pay into the loan is put back into your checking or savings.

I paid Mine down to $244.73,  Just under 8.2% . They released about $2765 or so.

$244.73 is unavailable, until the loan is paid off.  Next payment due 12/19/2023

I have seen A EX FICO8 Increase of 30 Points with Nothing else Changing.

[Anonymous]

Just an FYI, it’s already showing on Experian for me — at $3010 balance. I actually took a hit thanks to that 100% reporting. EX8 down to 690 from 695. 

I would have thought that it would report after I had made my first payment, not as soon as I took the loan out. This is going to be a rough month now. AMEX will start reporting in a few days for around $400 on my Cash Magnet, I am going to have Capital One report about $2200, and I have the $3010 loan on there already. I’ll be amazed if I finish the month with my Sync limits intact. 

[Medic981]

I have a few questions about getting an SSL at NFCU. 

I am currently gardening and do not want any HPs. Is it correct that NFCU doesn't do an HP when opening an SSL?

I already have the $3001 in my MMA, would there be any issues in needing an SSL with me already having the money on hand?

I am 12 months into a 36-month lease, I know I will not get any boost from an SSL. My question is when I near the end of my lease and my balance is paid down below 8.9% I will get a score boost at that time. When the lease is paid off I will then get a score penalty. Will having an SSL with a balance below 8.9% help prevent the scoring penalty? Does what I want to do make sense to you folks? 

What are your thoughts?

[Anonymous]

Yeah, seems like you understand it perfectly. It should keep you from realizing that scoring penalty, if you have it in place under 8.9%.

But I can’t answer about the HP/SP, because I haven’t taken mine out yet.

[M_Smart007]

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@Medic981 wrote:

I have a few questions about getting an SSL at NFCU. 

I am currently gardening and do not want any HPs. Is it correct that NFCU doesn't do an HP when opening an SSL?

I already have the $3001 in my MMA, would there be any issues in needing an SSL with me already having the money on hand?

I am 12 months into a 36-month lease, I know I will not get any boost from an SSL. My question is when I near the end of my lease and my balance is paid down below 8.9% I will get a score boost at that time. When the lease is paid off I will then get a score penalty. Will having an SSL with a balance below 8.9% help prevent the scoring penalty? Does what I want to do make sense to you folks? 

What are your thoughts?

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It is still a new trendline, so i think your gardening resets. you may confirm with UncleB?,

Garden Club recognition levels: To qualify, your reports must contain:

• No new tradelines of any type on one's accounts (this includes any backdated accounts, as they are STILL new "seedlings").
• No HPs for anything that would allow for the possibility of a new tradeline being issued or increasing the CL of an existing tradeline.

[Anonymous]

Yeah it’s a new tradeline so it necessitates a reset which cost me my spade. 

There is no HP for an SSL but if you’re only 12 months into a 36 month lease, I would hold off until month 33 or so. Otherwise you’re just dropping your age of accounts for no gain and you’ll have to do it again in another 2 years. 

[Medic981]

Yeah, I am not thinking straight. It is late and I am tired. Good point about lowering my AAoA. I am not thinking about adding a new tradeline. So, I will put this on the back burner for 18 or so months. I have my eye on a Chase 5/24 card in the short term which is why I am gardening in the first place.

[Anonymous]

Well it won’t actually affect Chase 5/24 since it’s an installment account. Only revolving accounts count there. But yes, definitely no benefit to getting it until you’re closer to the end of your lease.

[SouthJamaica]

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@Anonymous wrote:

Is the entire deposit tied up for the duration of the loan or only the current balance?

In other words, if you put up $3010, then immediately pay the loan down to $300, is the $3010 still unavailable or just the $300?

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Just a little more than the remaining balance is tied up.