SSL Share Secured Loan Technique

[hAr1x]

I hope this thread acts as a continuation and generalization of the following threads that are locked:

1. Adding an installment loan -- the Share Secure technique 
2. The Quest for an SSL alternative to Alliant 
3. Credit builder loan that can be paid off 95% immediately 
4. NFCU-SSL Thread

Feel free to add successful SSL datapoints (that work with the technique)

Mods please move this to appropriate boards, if necessary.

TO BE COMPLETED...

[hAr1x]

NFCU

SDFCU

NASA FCU*

PenFed

Alliant (Unsecured)

To be completed

[M_Smart007]

@hAr1x, Here is a NFCU SSL thread that others and I added to.

Thanks to @SouthJamaica

 https://ficoforums.myfico.com/t5/Personal-Finance/NFCU-SSL/m-p/5295063

[DONZI]

I am considering a Certificate Pledged Loan instead of a Shares Secured Loan since the collateral cash I'd let remain at NFCU for the duration of the loan anyhow, in one form or another.

Anyone have any DP on a CPL Vs SSL?

EG:

- 'Special EasyStart Certificate' allowed as collateral?

- rapid pay down possible like SSL?

..etc

Return on a normal (5yr $1k+) certificate is better return than any of the savings type accounts. If the 'Special' certificate can be used I'd consider a trial run with a 1-2yr secured loan.

[hAr1x]

I requested a 10 year, $3,000 SSL with PenFed. Upon opening, I immediately paid it down to $267 (in $500 increments, just want to make sure the due date moves back).

After just 15 days it reported, and my TU F8 increased by 28 pts. The account was reported to TU and EQ, but not EX. I am currently calling them to see what's going on. Apparently there is an issue with PenFed not reporting loans to EX.

Stay posted

[Horseshoez]

@hAr1x, I also have a PenFed $3,000 SSL, and I've noticed each of the three CRAs have at various times been late in reporting my payments, and one month, all three were at least one month behind.  I just checked today and TU and EQ are both showing my balance as of mid-July while EX is showing my balance as of mid-June.  I don't know whether the issue is PenFed or if the CRAs just look at such reporting as "low-priority/back-burner" issues and take their sweet time updating their status.

[M_Smart007]

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@hAr1x wrote:

I requested a 10 year, $3,000 SSL with PenFed. Upon opening, I immediately paid it down to $267 (in $500 increments, just want to make sure the due date moves back).

After just 15 days it reported, and my TU F8 increased by 28 pts. The account was reported to TU and EQ, but not EX. I am currently calling them to see what's going on. Apparently there is an issue with PenFed not reporting loans to EX.

Stay posted

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PenFed Loans do report to EX, but seem a little "Laggy" in the monthly updates.

(click image to enlarge)

[Subexistence]

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@hAr1x wrote:

I requested a 10 year, $3,000 SSL with PenFed. Upon opening, I immediately paid it down to $267 (in $500 increments, just want to make sure the due date moves back).

After just 15 days it reported, and my TU F8 increased by 28 pts. The account was reported to TU and EQ, but not EX. I am currently calling them to see what's going on. Apparently there is an issue with PenFed not reporting loans to EX.

Stay posted

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Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.

[hAr1x]

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@Subexistence wrote:

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Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.

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I opened their certificate (savings) account with $3005 deposit (apparently $5 is membership fee). After a few days I called in and asked about their SSL, specifically the term limit. The guy on the phone said there is no term limit at all, as long as the minimum payment each month is at least $25. He also said that I can open an SSL once the $3000 has aged for 1 month, and he scheduled a call back for 3 weeks later (1 month after savings account opening).

Then at the 1 month mark I called them, asked for 10 year SSL for $3k. They calculated my monthly payment to be $27.67, said it was a valid amount, then approved the loan on the spot.

I then paid it down to 8.9% (in $500 intervals). Now my next payment due date is Nov 2029 (postponed 8 years)

[dmFICO8]

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@Subexistence wrote:

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Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.

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Penfed requires the deposited fund for the SSL has been in the account for 30 days, and $25 minimum monthly loan payment.

No chex or credit check for SSL, 100% approval.

Penfed offers SSL terms up to 144 months (12 years).

At current 2.05% (.05 + 2) interest rate, $3000 can get a 132 month (11 year) SSL, $3200 can get a 144 month (12 year) SSL.

If the rep doesn't know Share Loan or Share Secured Loan, mention credit builder loan that borrows against a savings account, mine didn't know when I mentioned share secured loan, later she figured out it was credit builder loan.

I opened a $3000 11-year SSL in September this year, it has been shown "Minimum Payment Due:  $--.--" in a web browser and "Minimum Payment Due:  $0.00" in app, it was like that even for first October payment after the loan was set up and before I made any payment. Balance and due date are reflected correctly after payments. I wonder if anyone else is like that, minimum due amount is always $--.-- or $0.00.