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NFCU SSL

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Regular Contributor

Re: NFCU SSL

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?

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines:
Inquiries: Age:
FICO 8 Scores: 07/2019: 08/2019: 09/2019:
Message 31 of 70
Senior Contributor

Re: NFCU SSL


@DivorcedAndBroke 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?

 


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.

Message 32 of 70
Super Contributor

Re: NFCU SSL

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. 18D24860-9BB5-4163-8591-EBF10B1F1B2A.gif


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 33 of 70
Valued Contributor

Re: NFCU SSL

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?

 

 

 



















Your FICO credit scores are not just numbers, it’s a skill.

Message 34 of 70
Valued Contributor

Re: NFCU SSL

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.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 35 of 70
Senior Contributor

Re: NFCU SSL


@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?

 

 

 


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.
Message 36 of 70
Super Contributor

Re: NFCU SSL

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. 


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 37 of 70
Valued Contributor

Re: NFCU SSL

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.



















Your FICO credit scores are not just numbers, it’s a skill.

Message 38 of 70
Super Contributor

Re: NFCU SSL

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.

01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 39 of 70
Super Contributor

Re: NFCU SSL


@DivorcedAndBroke 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?

 


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


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 40 of 70
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