With less than two months before my loan with Amex will be PIF (which happens to be my only installment loan) I've been annoyed whenever I've thought about how many points my shiny FICO scores will lose. The last time I paid off my only installment loan my scores dropped more than 30 points literally overnight, so my fear isn't unfounded... I've seen it before with my own two eyes.
Anyway, I figured it was time to give NFCU a call about a savings secured loan. The call was painless, and a little over an hour later I got a text message to check my email, and sure enough I had a message waiting notifying me that I was approved. The e-signature was a breeze, and my FedEx mobile app shows there's a priority overnight letter on the way to me from Virginia, which I admit is a nice touch (I was expecting USPS).
I did $3001 for 60 months, and of course I plan to pay most of it off right away. I know there's going to be some score swings when the account first reports at 100% (also new account hit) but in a few months things should settle back down and I'll be able to coast for a while.
TL;DR - If anybody is wondering about the NFCU savings secured loan it's still available, and the process is painless. If you're in need of an installment loan for reporting purposes don't put it off like I did. 
@UncleB wrote:With less than two months before my loan with Amex will be PIF (which happens to be my only installment loan) I've been annoyed whenever I've thought about how many points my shiny FICO scores will lose. The last time I paid off my only installment loan my scores dropped more than 30 points literally overnight, so my fear isn't unfounded... I've seen it before with my own two eyes.
Anyway, I figured it was time to give NFCU a call about a savings secured loan. The call was painless, and a little over an hour later I got a text message to check my email, and sure enough I had a message waiting notifying me that I was approved. The e-signature was a breeze, and my FedEx mobile app shows there's a priority overnight letter on the way to me from Virginia, which I admit is a nice touch (I was expecting USPS).
I did $3001 for 60 months, and of course I plan to pay most of it off right away. I know there's going to be some score swings when the account first reports at 100% (also new account hit) but in a few months things should settle back down and I'll be able to coast for a while.
TL;DR - If anybody is wondering about the NFCU savings secured loan it's still available, and the process is painless. If you're in need of an installment loan for reporting purposes don't put it off like I did.
When I opened one it never reported at 100%, just reported at 9% since I paid it down immediately before it reported.
@SouthJamaica wrote:
@UncleB wrote:I did $3001 for 60 months, and of course I plan to pay most of it off right away. I know there's going to be some score swings when the account first reports at 100% (also new account hit) but in a few months things should settle back down and I'll be able to coast for a while.
When I opened one it never reported at 100%, just reported at 9% since I paid it down immediately before it reported.
^^^^
0/6, 2/12, 7/24
@SouthJamaica wrote:
@UncleB wrote:With less than two months before my loan with Amex will be PIF (which happens to be my only installment loan) I've been annoyed whenever I've thought about how many points my shiny FICO scores will lose. The last time I paid off my only installment loan my scores dropped more than 30 points literally overnight, so my fear isn't unfounded... I've seen it before with my own two eyes.
Anyway, I figured it was time to give NFCU a call about a savings secured loan. The call was painless, and a little over an hour later I got a text message to check my email, and sure enough I had a message waiting notifying me that I was approved. The e-signature was a breeze, and my FedEx mobile app shows there's a priority overnight letter on the way to me from Virginia, which I admit is a nice touch (I was expecting USPS).
I did $3001 for 60 months, and of course I plan to pay most of it off right away. I know there's going to be some score swings when the account first reports at 100% (also new account hit) but in a few months things should settle back down and I'll be able to coast for a while.
TL;DR - If anybody is wondering about the NFCU savings secured loan it's still available, and the process is painless. If you're in need of an installment loan for reporting purposes don't put it off like I did.
When I opened one it never reported at 100%, just reported at 9% since I paid it down immediately before it reported.
This.
My experience, as well. I paid mine down to 8.9% right away. It never reported at 100%.
@SouthJamaica wrote:
@UncleB wrote:With less than two months before my loan with Amex will be PIF (which happens to be my only installment loan) I've been annoyed whenever I've thought about how many points my shiny FICO scores will lose. The last time I paid off my only installment loan my scores dropped more than 30 points literally overnight, so my fear isn't unfounded... I've seen it before with my own two eyes.
Anyway, I figured it was time to give NFCU a call about a savings secured loan. The call was painless, and a little over an hour later I got a text message to check my email, and sure enough I had a message waiting notifying me that I was approved. The e-signature was a breeze, and my FedEx mobile app shows there's a priority overnight letter on the way to me from Virginia, which I admit is a nice touch (I was expecting USPS).
I did $3001 for 60 months, and of course I plan to pay most of it off right away. I know there's going to be some score swings when the account first reports at 100% (also new account hit) but in a few months things should settle back down and I'll be able to coast for a while.
TL;DR - If anybody is wondering about the NFCU savings secured loan it's still available, and the process is painless. If you're in need of an installment loan for reporting purposes don't put it off like I did.
When I opened one it never reported at 100%, just reported at 9% since I paid it down immediately before it reported.
This is music to my ears! Hopefully I'll have the same experience... I'll report back once the dust settles. 
Be sure to check to see if it's showing up online, and if so, make the transfer(s) right away.
I don't know why you would be getting a priority overnight letter; it's not a credit card.
@SouthJamaica wrote:Be sure to check to see if it's showing up online, and if so, make the transfer(s) right away.
I don't know why you would be getting a priority overnight letter; it's not a credit card.
The loan account started showing up yesterday.
I don't have a NFCU checking account so they're having to mail me a check for the loan proceeds. The FedEx shipment is from Navy Federal with the second line stating "Loan Disbursement" so I'm assuming it's the check (I also got an email that stated "Your loan documents are on the way" so I guess it could just be paperwork, but I can't see them using FedEx for just paperwork).
I know this would have probably been simpler if I had a NFCU checking account, but I've always been hesitant to 'collect' checking accounts that I didn't have a need for (Amex checking notwithstanding). I have to say, though, even without having a NFCU checking account this has been pretty darn easy.
@UncleB wrote:
@SouthJamaica wrote:Be sure to check to see if it's showing up online, and if so, make the transfer(s) right away.
I don't know why you would be getting a priority overnight letter; it's not a credit card.
The loan account started showing up yesterday.
I don't have a NFCU checking account so they're having to mail me a check for the loan proceeds. The FedEx shipment is from Navy Federal with the second line stating "Loan Disbursement" so I'm assuming it's the check (I also got an email that stated "Your loan documents are on the way" so I guess it could just be paperwork, but I can't see them using FedEx for just paperwork).
I know this would have probably been simpler if I had a NFCU checking account, but I've always been hesitant to 'collect' checking accounts that I didn't have a need for (Amex checking notwithstanding). I have to say, though, even without having a NFCU checking account this has been pretty darn easy.
You could have had it deposited into the savings account. But that's history.
In any event, pay it down asap. The quickest way would be to use the 'pay' button and pull the payment.
@SouthJamaica wrote:
@UncleB wrote:
@SouthJamaica wrote:Be sure to check to see if it's showing up online, and if so, make the transfer(s) right away.
I don't know why you would be getting a priority overnight letter; it's not a credit card.
The loan account started showing up yesterday.
I don't have a NFCU checking account so they're having to mail me a check for the loan proceeds. The FedEx shipment is from Navy Federal with the second line stating "Loan Disbursement" so I'm assuming it's the check (I also got an email that stated "Your loan documents are on the way" so I guess it could just be paperwork, but I can't see them using FedEx for just paperwork).
I know this would have probably been simpler if I had a NFCU checking account, but I've always been hesitant to 'collect' checking accounts that I didn't have a need for (Amex checking notwithstanding). I have to say, though, even without having a NFCU checking account this has been pretty darn easy.
You could have had it deposited into the savings account. But that's history.
In any event, pay it down asap. The quickest way would be to use the 'pay' button and pull the payment.
I actually wondered about that (depositing it back to Savings). The rep I had was very nice, but I got the idea she might have been new. Like you say, it's history now (and not a big deal in any case).
For the curious, this is how the account looks on the app:
Useless side note: the exact name of this loan seems to vary a bit depending on what you're looking at. The NFCU website refers to it as a 'Savings Secured Loan', the app refers to it as a 'Shares Pledged Loan' and of course it's often referred to here on myFICO as a 'Share secured loan' (somewhat of a combination of the two).
As long as it serves its purpose they can call it whatever they want, haha.
@UncleB wrote:
@SouthJamaica wrote:
@UncleB wrote:
@SouthJamaica wrote:Be sure to check to see if it's showing up online, and if so, make the transfer(s) right away.
I don't know why you would be getting a priority overnight letter; it's not a credit card.
The loan account started showing up yesterday.
I don't have a NFCU checking account so they're having to mail me a check for the loan proceeds. The FedEx shipment is from Navy Federal with the second line stating "Loan Disbursement" so I'm assuming it's the check (I also got an email that stated "Your loan documents are on the way" so I guess it could just be paperwork, but I can't see them using FedEx for just paperwork).
I know this would have probably been simpler if I had a NFCU checking account, but I've always been hesitant to 'collect' checking accounts that I didn't have a need for (Amex checking notwithstanding). I have to say, though, even without having a NFCU checking account this has been pretty darn easy.
You could have had it deposited into the savings account. But that's history.
In any event, pay it down asap. The quickest way would be to use the 'pay' button and pull the payment.
I actually wondered about that (depositing it back to Savings). The rep I had was very nice, but I got the idea she might have been new. Like you say, it's history now (and not a big deal in any case).
For the curious, this is how the account looks on the app:
Useless side note: the exact name of this loan seems to vary a bit depending on what you're looking at. The NFCU website refers to it as a 'Savings Secured Loan', the app refers to it as a 'Shares Pledged Loan' and of course it's often referred to here on myFICO as a 'Share secured loan' (somewhat of a combination of the two).
As long as it serves its purpose they can call it whatever they want, haha.
I agree completely with @SouthJamaica . I'm somewhat surprised that your rep didn't offer to open a savings account for you. Back when I got my NFCU SSL, I already had checking and savings accounts with NFCU, but my rep opened a separate savings account just for the proceeds of the loan. This was at the suggestion of the rep. I paid 91.1% back the very same day the funds went live.
@SouthJamaica was so helpful when I was asking on here about opening the SSL. I am forever grateful.