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NFCU SSL

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Super Contributor

Re: NFCU SSL


@Saeren wrote:

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


Yeah, that's why I paid mine down immediately. Like within 2 hours.  I was afraid of that happening.


FICO 8: EQ 735 TU 760 EX 729 Total revolving limits 713500 (592500 reporting)
Message 41 of 63
Super 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?

 

Yes

 

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?

 

No that's even better. But I would add another $25.

 

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.

 

Yes.

 

And I don't know why you're talking about an SSL, since it won't do you a bit of good. It's just a gimmick for the open-installment-loan-deprived folks like myself.

 

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?

 

Yes it would prevent the scoring penalty if you had a paid down SSL on hand. In fact I had that very scenario myself, paying off a car loan while my SSL was in place.

 

Does what I want to do make sense to you folks? 

 

It doesn't make a bit of sense. But it is what it is.

 

What are your thoughts?

 

 

 


 


FICO 8: EQ 735 TU 760 EX 729 Total revolving limits 713500 (592500 reporting)
Message 42 of 63
Senior Contributor

Re: NFCU SSL


@SouthJamaica wrote:

@Saeren wrote:

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


Yeah, that's why I paid mine down immediately. Like within 2 hours.  I was afraid of that happening.


I quite literally could not do that because it took about six hours to show up on the app. As soon as it showed up, I paid it, but it was too late. Maybe people should do these near the end of the business day. I did mine first thing in the AM, not wanting to find myself on hold, and that’s probably what bit me in the backside. 

70DD1A3B-9DE6-4CBB-A6D9-BA705BE22054.jpeg
Scores 1/2019:
Scores 8/2019:

Hover over my cards to see my limits!
Goal cards:
Message 43 of 63
Contributor

Re: NFCU SSL

Is this where you deposit $3,000 like Self Lender? Help me understand.
Open LOC:
Paid-off Installment Loans:
2018:
2019:
Message 44 of 63
Senior Contributor

Re: NFCU SSL


@513credit wrote:
Is this where you deposit $3,000 like Self Lender? Help me understand.

The trick with the SSL is that NFCU pushes your payment due date back by however many payments you pay in advance instead of shortening the life of the loan. Since the score benefit is only good when you have an active installment loan and even further, there is an additional boost when you pay it down to 8.9% of the original amount, this means you can take out a 5 year loan ($3010 would be the minimum I would do or you could stuck with a 3 year term), pay it immediately down to 8.9% remaining, and then you get the scoring benefit for the next 5 years. Just make sure you make a small payment towards it of a couple bucks every few months so that it doesn’t go inactive on your credit report and stop counting. 

70DD1A3B-9DE6-4CBB-A6D9-BA705BE22054.jpeg
Scores 1/2019:
Scores 8/2019:

Hover over my cards to see my limits!
Goal cards:
Message 45 of 63
New Contributor

Re: NFCU SSL


@Saeren wrote:

@513credit wrote:
Is this where you deposit $3,000 like Self Lender? Help me understand.

The trick with the SSL is that NFCU pushes your payment due date back by however many payments you pay in advance instead of shortening the life of the loan. Since the score benefit is only good when you have an active installment loan and even further, there is an additional boost when you pay it down to 8.9% of the original amount, this means you can take out a 5 year loan ($3010 would be the minimum I would do or you could stuck with a 3 year term), pay it immediately down to 8.9% remaining, and then you get the scoring benefit for the next 5 years. Just make sure you make a small payment towards it of a couple bucks every few months so that it doesn’t go inactive on your credit report and stop counting. 


I'm getting ready to do the same transaction with NFCU.  Please clarify the last piece of this puzzle from your latest post.

 

After paying it down immediately to push out the next due payment and bring balance owed to < 8.9, I also need to make some small token payment on some sort of regular frequency between the loan date and the pushed out due date so that it remains "active" with CRAs?

 

 

Message 46 of 63
Valued Contributor

Re: NFCU SSL


@Saeren wrote:

@513credit wrote:
Is this where you deposit $3,000 like Self Lender? Help me understand.

The trick with the SSL is that NFCU pushes your payment due date back by however many payments you pay in advance instead of shortening the life of the loan. Since the score benefit is only good when you have an active installment loan and even further, there is an additional boost when you pay it down to 8.9% of the original amount, this means you can take out a 5 year loan ($3010 would be the minimum I would do or you could stuck with a 3 year term), pay it immediately down to 8.9% remaining, and then you get the scoring benefit for the next 5 years. Just make sure you make a small payment towards it of a couple bucks every few months so that it doesn’t go inactive on your credit report and stop counting. 


I paid $1.00 todaySmiley Wink

Message 47 of 63
Contributor

Re: NFCU SSL

Thank you (: you've been so helpful throughout the forums. But what i'm misunderstanding I guess is- is NFCU giving me $3010 (to which I pay down to 8.9%) with the money they loaned to me? Or am I putting up collateral?

Very intrigued by the 5 years it will stay on my report. I assume that would better my chances for an auto-loan?
Open LOC:
Paid-off Installment Loans:
2018:
2019:
Message 48 of 63
Senior Contributor

Re: NFCU SSL


@513credit wrote:
Thank you (: you've been so helpful throughout the forums. But what i'm misunderstanding I guess is- is NFCU giving me $3010 (to which I pay down to 8.9%) with the money they loaned to me? Or am I putting up collateral?

Very intrigued by the 5 years it will stay on my report. I assume that would better my chances for an auto-loan?

It’s a secured loan. You put money in the savings (I would put like $3500 in there just to be on the safe side — you don’t want to tell them that you’re doing this technique or you risk killing it for everyone), call them and ask to borrow against your savings. Tell them that you would like a 5 year term and they should tell you $3001 for that. Offer up $3010 so that when it gets sent to UW it remains 5 and doesn’t become 3 years. 

 

They’ll ask you how you want to receive the funds, ask them to put it in your checking with them (it’s significantly less complicated to have a checking account to do all of this with by the way because of savings account withdrawal restrictions and the fact that NFCU really doesn’t like it when you transfer money from an external institution to their savings) and then you pay the loan down to 8.9% ($268 rounded up). 24-48 hours later they’ll deposit the payment amount into your savings and from there you can do whatever with it. 

 

Then just make some kind of payment towards it at least every 6 months to keep it reporting. Any dollar amount will count, you just don’t want them to stop updating the status on the credit bureau. I plan to make monthly $2 payments on mine. 

 

This SSL option is far cheaper than other routes since the interest is just 2.25%. 

 

It would definitely help your scores when it comes to getting a car loan since it’s an installment account  

70DD1A3B-9DE6-4CBB-A6D9-BA705BE22054.jpeg
Scores 1/2019:
Scores 8/2019:

Hover over my cards to see my limits!
Goal cards:
Message 49 of 63
Contributor

Re: NFCU SSL

Why would you get a 5 year loan but pay it down to 8.9% the same day? Isn't the point to report payments each month for 5 years?

Open LOC:
Paid-off Installment Loans:
2018:
2019:
Message 50 of 63
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