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SSL Share Secured Loan Technique

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masscredit
Valued Contributor

Re: SSL Share Secured Loan Technique


@RobynJ wrote:

@masscredit wrote:

@tortoise_credit wrote:


There's no credit pull at PenFed (nor at NFCU, I presume) so I don't know if BK will affect it, but I also have no BK knowledge. If PenFed lets you keep your savings account I think you'll still be able to do a SSL.


I haven't signed into my accounts since last February. I tried PenFedand NFCU after reading your reply. Both show my savings accounts open with a small balance. Maybe there is some hope there...


I just did a SPL (SSL) loan at NavyFCU and it's true there is no hard or soft pull but I asked if there was any reason why I could be denied. The CSR told me yes if you have any bad accounts they will check internally and be denied until paid current. I didn't have an issue but that was the DP I received. 


Good info! Thanks for sharing. I guess I'll have $5 in my savings account there but will never be able to have any other relationship with them. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 31 of 49
masscredit
Valued Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

I came back to this thread as I searched for the latest and greatest lender to replace Alliant for an SSL. I need a loan in my mix for a rebuild. They have to be BK friendly. I'm looking at SDFCU for a secured card and see them listed here. So it's confirmed that we can pay the loan down to 8.9% and maintain the origional length of the loan?

 

 

 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 32 of 49
keekers556
Frequent Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

NFCU: Yes

@masscredit wrote:

I came back to this thread as I searched for the latest and greatest lender to replace Alliant for an SSL. I need a loan in my mix for a rebuild. They have to be BK friendly. I'm looking at SDFCU for a secured card and see them listed here. So it's confirmed that we can pay the loan down to 8.9% and maintain the origional length of the loan?

 

 

 




Message 33 of 49
RobynJ
Established Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@masscredit wrote:

I came back to this thread as I searched for the latest and greatest lender to replace Alliant for an SSL. I need a loan in my mix for a rebuild. They have to be BK friendly. I'm looking at SDFCU for a secured card and see them listed here. So it's confirmed that we can pay the loan down to 8.9% and maintain the origional length of the loan?

 

 

 


I know that it works at NFCU but not sure about anywhere else. I only have my own DP's at NFCU sorry. 

> > > > > > > > >

Starting Score:
0

Current Score:
My highest 818

Goal Score:
850


Take the myFICO Fitness Challenge



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Message 34 of 49
masscredit
Valued Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

I burned NFCU and PenFed so those two aren't options for me. Trying to stay above a Self loan. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 35 of 49
mustangy
Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

anyone membership free ? Many people read those toipics and for non millitaries no way to be member of NFCU or PENFED 

capital one $3500 limit aug 2019
capital one $3k limit aut user feb 2019
td cash 2k limit sep 2019
what is 3rd ??? to apply
Message 36 of 49
RobynJ
Established Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

You have to put $5.00 in a shared account to join. You need a close relative that has served or reside with someone that has. Mother/Father/Brother/Sister/Grandma/Grandpa/Husband/Wife/Child

 

 


@mustangy wrote:

anyone membership free ? Many people read those toipics and for non millitaries no wat to be member of NFCU or PENFED 


 

> > > > > > > > >

Starting Score:
0

Current Score:
My highest 818

Goal Score:
850


Take the myFICO Fitness Challenge



/
Message 37 of 49
tortoise_credit
Regular Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@mustangy wrote:

anyone membership free ? Many people read those toipics and for non millitaries no wat to be member of NFCU or PENFED 


PenFed does not require military affiliation. 


 FICO 8Inq/1230/60/90 LatesAAoA
EX78114/0/09 yr 3 mo
EQ79313/1/08 yr 6 mo
TU77714/0/18 yr 9 mo
Last updated: 4/3/2022
Message 38 of 49
RobynJ
Established Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@tortoise_credit wrote:

@mustangy wrote:

anyone membership free ? Many people read those toipics and for non millitaries no wat to be member of NFCU or PENFED 


PenFed does not require military affiliation. 


Yes I was speaking of NFCU sorry I didn't see it was about both but should have if I read the title. Duh I am silly sometimes 

> > > > > > > > >

Starting Score:
0

Current Score:
My highest 818

Goal Score:
850


Take the myFICO Fitness Challenge



/
Message 39 of 49
CreditChump
Established Member

Re: SSL Share Secured Loan Technique

Hi all,

 

I have been a resident in US for a few months on a dual intent visa and I am trying to build my credit, right now my only credit is an American Express charge card which I have had since I arrived through their global card transfer program, I spend everything on this and pay it off in full every month, within the next two years there are about five credit cards I am hoping to have overall.

 

In the meantime, I would also like to boost my score with a share secured loan, is anybody able to confirm that my approach here is correct?

 

  1. Open a PenFed savings account with a $5 membership deposit
  2. Add some additional cash for a share secured loan (it looks like $3600 ($25 per month for 144 months) should be a an easy longterm amount to process)
  3. Wait 30 days as per PenFed's requirement and open the share secured loan (over the phone, it is not listed on the website)
  4. Immediately pay the loan down to $320.40 (8.9%)
  5. Assuming an interest rate of 2.05%, set up automatic payments of $2.51 per month which should fully pay off the loan in the 144th month (a total of $41.04 interest paid, so an ongoing cost of about $0.29 per month to maintain a FICO score boost)

Is this the correct approach or have I missed something? Also, might there be any better lender than PenFed for this (there does not seem to be any way for me to get NFCU) and are there any benefits to using any different numbers for the loan? For example if I do a $10,000 loan amount then might any credit card lenders offer higher limits based on this?

 

Thanks

Message 40 of 49
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