NFCU Shared Secured Loan - 0% BT offer

[TheBoondocks]

Hey guys, so I read a lot on the installment loans, I always wanted to see how I could get one without getting a auto, school or mortgage loan that could increase my credit score. And I found out that getting a shared secure loan is the answer, low min but very long term. Now, wanted to see if this strategy works.

Of course, $3-5K is a lot for most people, not everyone has that laying around and but what I was thinking was instead of using your own money, why not use a 0% BT offer, from your credit card to fund the SSL and then put it back in your BT credit card?

[Anonymous]

Unless you’re paying it back immediately, you could possibly be risking a reduction in score due to utilization. Also, unless NFCU allows you to fund with a credit card (last I read the limit was $250), you’d have to process it as cash advance. Most balance transfer offers don’t allow for 0% on a cash advance (some do) and will default to a cash advance APR.

I wonder why do $3-$5K at all? Why not go with a smaller, more available amount?

I’m interested what the field thinks here.

[TheBoondocks]

True, but with the 0% BT, you could use it to send it directly to your checking account, of course a 3% fee will apply. I know it sounds like a Cash Advance but in this case its not lol. You pretty much have up to your limit 0% just as if it was a purchase. So, once you have the money into your checking account, wire that money to the SSL.

For NFCU, they require $3K+ to have 60 month term, in a perfect world, it would have been better if it was $500 for 60 months. Unfortunately, Alliant has caught on.

I feel like some factors like ultilization, hard inq, is temporary over time it will go back to normal but the hard part is getting the aoaa up, feel like you gotta piggyback off a veteran.

[Anonymous]

Ok, so it is that type of BT offer (the type with checks). Depending on a person’s TCL, utilization could matter significantly. For folks with a lot of available credit, it doesn’t matter as much.

Have you looked into SelfLender (selflender.com)? I imagine they offer something similar with less initial deposit.

[TheBoondocks]

Haha yeah, the type with checks that's the one. Actually, BoA was the first bank that sent to me after 4 or 5 years lol...

I have heard of them but its good for that have little to no credit, I have a thick credit profile and I read thru the thread that selflender wouldn't help with SSL as it contracts only 12 months.

[rbentley]

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@TheBoondocks wrote:
Haha yeah, the type with checks that's the one. Actually, BoA was the first bank that sent to me after 4 or 5 years lol...

I have heard of them but its good for that have little to no credit, I have a thick credit profile and I read thru the thread that selflender wouldn't help with SSL as it contracts only 12 months.

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Self Lender does 24 months.  That is what I have with them.