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That's what I thought I understood (data overload reading thru soooo many threads on this board LOL ) , so thank you for clarifying my thoughts on that.
@dragontears wrote:
@Anonymous wrote:An incredable wealth of knowledge !!!!! I've learned so much in the very brief time I've been reading on this forum
In regards to this idea of SSL's , is there any benifit doing this when you have a mortgage (new 30 year refi 10/2019) as your only installment loan ? I have no car or personal loans on my reports, just closed mortgage accounts (previous refi's), and several revolvers (credit cards and one store card - Lowes).
Obviously, with a new mortgage refi, the B/L is pretty much 100%, but if a SSL is added to the mix with a B/L of >9% , will that give any boost to scores because of an aggregate ?
No a SSL will not help your scores, you only need 1 open loan and the mortgage balance most likely will swamp any other loan that is <9% since loan utilization is the total balances divided by the total original amounts.
+1
@Anonymous wrote:
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.
I'm sure this cited elsewhere. NFCU CSR over the phone confirmed because the loan is secured, there is no HP. It is a SP only. HP for credit cards 💳 of all kinds.
@Anonymous wrote:
@Anonymous wrote:
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.I'm sure this cited elsewhere. NFCU CSR over the phone confirmed because the loan is secured, there is no HP. It is a SP only. HP for credit cards 💳 of all kinds.
@Anonymous, That is 100% correct!
@Curious_George2 wrote:
@Anonymous wrote:Yep NFCU customer service is awesome. They're one of the few phone calls I don't dread making.
Very well stated! I feel exactly the same way.
Maybe I attach more weight to this factor than I should, but for me NFCU's superior customer service is creating a strong gravitational pull. I'm a brand new member there, and am considering moving more of my banking to them.
That's my plan, too. The only ease and speed with which I could walk into a branch 7 minutes from my house to deposit the cash to secure the SSL and then apply via phone (it must be done by phone. No way to do this exclusively digitally which had been what I'd read in other SSL Threads 🧵 was the preferred under the radar means by which to apply for the SSL) makes me want to work to get more of my finances over to NFCU.
Someone pondered about starting this late in the day. Having phoned at 3:25pm, the 2 hours processing time places us at post 5pm. 6pm and the documents are not yet in the Document Lounge. Obsessed as I am, I'll be checking back every hour or two.
Sadly, it's the end of the month and I may miss the get the payment in before the full utilization is reported. However, as another had already said, it's only a 1 month ding.
I'd misunderstand that it was a HP from the In Person CSR March 1 with whom I opened my nRewards secured cc. She recommended that I wait at least 2 weeks before doing this. Maybe she'd misunderstood and thought it was another cc with them. Doing this all in early March would have been a lovely thing. Still great doing it now. 🙏🏻🙏🏻🙏🏻
@Anonymous, It's never to late
@M_Smart007 wrote:@Anonymous, It's never to late
Amen! Because then it'll just report an improvement the following month. I'm just obsessed and impatient. Learning learning learning including stretching my patience is just part of reality. It's just how it works, so be it.
That said, my NFCU Loan App for $501 to get 12 months got approved 2 hours 24 minutes later. 🥳🥳🥳 I signed the forms and serious wow instantaneously the funds are in my savings account.
Now I'm waiting for the Loan Account to appear in My Accounts so I can pay down immediately. If anyone remembers how quickly the Loan account appears in my NFCU profile, please let me know. 🙏🏻🙏🏻🙏🏻
Otherwise I'll check every hour obsessively until it does. 😁🤣😄🙏🏻
@Anonymous, Congratulations on your SSL approval! ...
If memory serves me correct? ... I think 24-48 hours.
Could be there in the Morning?
@M_Smart007 wrote:@Anonymous, Congratulations on your SSL approval! ...
If memory serves me correct? ... I think 24-48 hours.
Could be there in the Morning?
TY! 🙏🏻
Tap, tap, tap, tap.... (where's the impatiently strumming fingers on the table emoji?) 😂😁😇
@Anonymous wrote:TY! 🙏🏻
Tap, tap, tap, tap.... (where's the impatiently strumming fingers on the table emoji?) 😂😁😇
https://www.pinterest.com/pin/294141419404623363/