Opened my SSL what’s next?

[TheGameofCredit_]

Opened up my SSL today in the amount of $3,800. My total with interest is $4,xxx.xx. My question is, do I pay it down to 8.9% based off of interest included, or based off my original loan amount? 

Also, there's 3 transactions on my account. There's no money in my checking or savings. I thought money wasn't supposed to move from savings? I attached a screenshot. Is this normal?

thanks to all who answer.

[M_Smart007]

I paid mine down to like 7% or so.

You want to do that before the SSL reports (Below 8.9%) or your scores will tank if it reports at 100%

Congrtas on you NFCU SSL

Edited for speeling error

[Anonymous]

Pay it off based on original amount

The hundreds in interest only accrue if you make the monthly payments but no extra/advanced payments (which you do as part of the SSL trick)

The loan proceeds should be available soon, if not already. You use the proceeds to pay down the loan, and then the same amount is unfrozen from the secured deposit/savings.

[TheGameofCredit_]

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@Anonymous wrote:

Pay it off based on original amount

The hundreds in interest only accrue if you make the monthly payments but no extra/advanced payments (which you do as part of the SSL trick)

The loan proceeds should be available soon, if not already. You use the proceeds to pay down the loan, and then the same amount is unfrozen from the secured deposit/savings.

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Ahhhh yes I understand. So paying down 8.8% of $3800 = $334.40 left to loan. How much should I pay monthly after? I'm guessing interest + a small amount. I figured $00.61 is the interest @2.2% apr = .18% per month of $334. Please correct me if I'm wrong.

I'm currently going nuts trying to find where the loan is, to pay. The money did clear, you're correct. 

btw thanks for the replies guys

[Anonymous]

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@TheGameofCredit_ wrote:

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@Anonymous wrote:

Pay it off based on original amount

The hundreds in interest only accrue if you make the monthly payments but no extra/advanced payments (which you do as part of the SSL trick)

The loan proceeds should be available soon, if not already. You use the proceeds to pay down the loan, and then the same amount is unfrozen from the secured deposit/savings.

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Ahhhh yes I understand. So paying down 8.8% of $3800 = $334.40 left to loan. How much should I pay monthly after? I'm guessing interest + a small amount. I figured $00.61 is the interest @2.2% apr = .18% per month of $334. Please correct me if I'm wrong.

I'm currently going nuts trying to find where the loan is, to pay. The money did clear, you're correct. 

btw thanks for the replies guys

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I've heard it takes maybe a day or two to show up in online banking

Yes, you'd pay it to that amount or lower. Your due date should be advanced far in the future, so you won't have to make mandatory set monthly payments. But, a small token amount would be good to have that balance creep down every month.

It's 60 month term, so in your example pay around $5-6 a month until it hits expiration? Depends on how much you bring it down at first.

[Anonymous]

Congrats on the SSL! I did mine last month $3500  NFCU will report it at the end of the month. Mine took a couple days to show up on my account after I signed up. 36point gain 

[M_Smart007]

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@Anonymous wrote:

Congrats on the SSL! I did mine last month $3500  NFCU will report it at the end of the month. Mine took a couple days to show up on my account after I signed up. 36point gain 

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I think I gained +35 EX FICO8's , TU was I think +38 and EQ was +30(ish)