@blindambition wrote:Hey Gang,
Thought I'd share my Navy SSL experience. Helps the community and keeps DP current.
I've been a member for quite awhile, and haven't had an installment for a long time. Student and auto loans fell off years ago.
SO and I are considering purchasing a new house in 15-18 months, depending on what happens with Vegas market. It's booming on sales, and rent hikes, but moratoriums are going to eventually end.
My FICO 8 sit at 771-778, and mortgage are slightly higher. I want to show I can manage different types of credit. I know I'd qualify fine without.
Called July 21st, and applied for $3500 and 60 months. Process took 15 minutes, and rep was very nice, and he was well versed. I was told to look for text, or email within 2 hours. It took 4 hours, but no biggie.
Approved with monthly of $61.85 for 60 months, and payment due Sept. 19th. Signed docs within the app, and was immediately alerted $3500 was transferred from savings into checking.
This morning loan was showing in app. Paid down to $300, which was 8.6%. My next payment of $16.84 was pushed out until December 19th, 2025. I'll pay $4 a month.
Hope this helps others considering an SSL. I'll update with how many days until my first payment released into savings. I'll also update on the reporting to CRAs and my score boost.
The lack of installment/mortgage loan is usually my first negative reason code.
Actually, these don't seem to help one's mortgage scores at all. Having an additional 'account with balance' might even cost you a few points.
I hope it works out for you.
I personally don't try to appease the 'reason code' gods. They're inscrutable to me.
@SouthJamaica wrote:
@blindambition wrote:Hey Gang,
Thought I'd share my Navy SSL experience. Helps the community and keeps DP current.
I've been a member for quite awhile, and haven't had an installment for a long time. Student and auto loans fell off years ago.
SO and I are considering purchasing a new house in 15-18 months, depending on what happens with Vegas market. It's booming on sales, and rent hikes, but moratoriums are going to eventually end.
My FICO 8 sit at 771-778, and mortgage are slightly higher. I want to show I can manage different types of credit. I know I'd qualify fine without.
Called July 21st, and applied for $3500 and 60 months. Process took 15 minutes, and rep was very nice, and he was well versed. I was told to look for text, or email within 2 hours. It took 4 hours, but no biggie.
Approved with monthly of $61.85 for 60 months, and payment due Sept. 19th. Signed docs within the app, and was immediately alerted $3500 was transferred from savings into checking.
This morning loan was showing in app. Paid down to $300, which was 8.6%. My next payment of $16.84 was pushed out until December 19th, 2025. I'll pay $4 a month.
Hope this helps others considering an SSL. I'll update with how many days until my first payment released into savings. I'll also update on the reporting to CRAs and my score boost.
The lack of installment/mortgage loan is usually my first negative reason code.
Actually, these don't seem to help one's mortgage scores at all. Having an additional 'account with balance' might even cost you a few points.
I hope it works out for you.
I personally don't try to appease the 'reason code' gods. They're inscrutable to me.
Thanks SJ!! I'm looking for a boost on 8, but wasn't expecting any on mortgage. The code drives me crazy, but hasn't really hindered profile. Any mortgage drop should be negligible, and shouldn't even be a factor in 18 months.
Since I have no loans, and won't ever drive again, I went SSL route. I do feel that managing different credit may help in certain situations.
Your knowledge is welcomed and respected. Thanks.
FWIW, I opened up my PenFed SSL in April and since then my FICO Mort 5/4/2 scores have risen 9/2/8 points respectively. Not a huge gain, but enough to bring me up from a MMS of 720 to 728.
Congrats on opening your SSL and thank you for sharing your experience!
I will be opening one with a navy soon myself.
@Total80sKid wrote:Congrats on opening your SSL and thank you for sharing your experience!
I will be opening one with a navy soon myself.
Thanks! It couldn't have been easier. All has gone as expected.
Just waiting for money to release back into savings, but loan payment was only yesterday.
