cancel
Showing results for 
Search instead for 
Did you mean: 

NFCU Savings Secured Loan

tag
UncleB
Credit Mentor

NFCU Savings Secured Loan

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. Smiley Embarassed

Message 1 of 21
20 REPLIES 20
SouthJamaica
Mega Contributor

Re: NFCU Savings Secured Loan


@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. Smiley Embarassed


When I opened one it never reported at 100%, just reported at 9% since I paid it down immediately before it reported.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 685 TU 691 EX 683




Message 2 of 21
GZG
Valued Contributor

Re: NFCU Savings Secured Loan


@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.


^^^^

Starting FICO 8:
Current FICO 8:


0/6, 2/12, 7/24
Message 3 of 21
Jeffster1
Valued Contributor

Re: NFCU Savings Secured Loan


@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. Smiley Embarassed


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%. 

FICO 8 EX 829 EQ 824 TU 844

Current lineup as of 9/24
American Express Blue Cash Everyday 20K | American Express Blue Cash Preferred 20K I American Express Cash Magnet 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | TD Bank Double Up Visa 5K | USBank Platinum Visa 5K | BMO Harris Cash Back MasterCard 12K | Capital One QS MC 11K I NFCU Flagship Rewards Visa 25K I NFCU Amex 28K | NFCU CashRewards Visa 20K I America First CU Cash Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 14K I Bread Financial American Express 10.5K I AAA Daily Advantage Visa Signature 8.5K I Wells Fargo BILT World Elite MC 30K I Saks Fifth Avenue World Elite MC 8.3K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I
Message 4 of 21
UncleB
Credit Mentor

Re: NFCU Savings Secured Loan


@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. Smiley Embarassed


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. Smiley Happy

Message 5 of 21
SouthJamaica
Mega Contributor

Re: NFCU Savings Secured Loan

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.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 685 TU 691 EX 683




Message 6 of 21
UncleB
Credit Mentor

Re: NFCU Savings Secured Loan


@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. Smiley Happy

 

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.

Message 7 of 21
SouthJamaica
Mega Contributor

Re: NFCU Savings Secured Loan


@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. Smiley Happy

 

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.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 685 TU 691 EX 683




Message 8 of 21
UncleB
Credit Mentor

Re: NFCU Savings Secured Loan


@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. Smiley Happy

 

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:

 

NavyLoanDashboard.jpg

 

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. Smiley Happy

Message 9 of 21
Jeffster1
Valued Contributor

Re: NFCU Savings Secured Loan


@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. Smiley Happy

 

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:

 

NavyLoanDashboard.jpg

 

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. Smiley Happy


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.

FICO 8 EX 829 EQ 824 TU 844

Current lineup as of 9/24
American Express Blue Cash Everyday 20K | American Express Blue Cash Preferred 20K I American Express Cash Magnet 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | TD Bank Double Up Visa 5K | USBank Platinum Visa 5K | BMO Harris Cash Back MasterCard 12K | Capital One QS MC 11K I NFCU Flagship Rewards Visa 25K I NFCU Amex 28K | NFCU CashRewards Visa 20K I America First CU Cash Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 14K I Bread Financial American Express 10.5K I AAA Daily Advantage Visa Signature 8.5K I Wells Fargo BILT World Elite MC 30K I Saks Fifth Avenue World Elite MC 8.3K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I
Message 10 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.