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SSL for Loan History/Improve Credit

angelwingz
Valued Contributor

SSL for Loan History/Improve Credit

 

Hi MyFico Fam,

 

I’ve started my research on SSL’s and how opening one would give history of having a loan and paying it off on time. Thus, would help with chances of future loan approvals such as an auto loan for those like myself who hasn’t established any history in that department. I’ve also read that SSL’s can help improve credit.

 

One day I’d like to lease a car (no timeframe), so I’m wondering if opening an SSL is a good route to go to establish history since I’ve never had a loan? And, I’m not sure how much it would effect my credit other than taking a possible HP?




My Cards:






Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.





myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 1 of 46
45 REPLIES 45
AllZero
Super Contributor

Re: SSL for Loan History/Improve Credit

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

Here are two institutions that have SSL which you can pay in advance to 8.9% utilization without shortening loan term:
NFCU - membership restrictions.
SSFCU - geofence.

Message 2 of 46
angelwingz
Valued Contributor

Re: SSL for Loan History/Improve Credit

Thank you AllZero! Curious, what does geofence mean?




My Cards:






Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.





myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 3 of 46
AllZero
Super Contributor

Re: SSL for Loan History/Improve Credit


@angelwingz wrote:

 

Hi MyFico Fam,

 

I’ve started my research on SSL’s and how opening one would give history of having a loan and paying it off on time. Thus, would help with chances of future loan approvals such as an auto loan for those like myself who hasn’t established any history in that department. I’ve also read that SSL’s can help improve credit.

 

One day I’d like to lease a car (no timeframe), so I’m wondering if opening an SSL is a good route to go to establish history since I’ve never had a loan? And, I’m not sure how much it would effect my credit other than taking a possible HP?


Opening a SSL will help boost your FICO 8 scores. Depending on the lender, there should be no HP for opening an SSL.

Message 4 of 46
AllZero
Super Contributor

Re: SSL for Loan History/Improve Credit


@angelwingz wrote:

Thank you AllZero! Curious, what does geofence mean?


Geographical restrictions. e.g. out of state, county, etc.

Message 5 of 46
angelwingz
Valued Contributor

Re: SSL for Loan History/Improve Credit


@AllZero wrote:

@angelwingz wrote:

 

Hi MyFico Fam,

 

I’ve started my research on SSL’s and how opening one would give history of having a loan and paying it off on time. Thus, would help with chances of future loan approvals such as an auto loan for those like myself who hasn’t established any history in that department. I’ve also read that SSL’s can help improve credit.

 

One day I’d like to lease a car (no timeframe), so I’m wondering if opening an SSL is a good route to go to establish history since I’ve never had a loan? And, I’m not sure how much it would effect my credit other than taking a possible HP?


Opening a SSL will help boost your FICO 8 scores. Depending on the lender, there should be no HP for opening an SSL.


Wow, that would be amazing since I have great scores already!




My Cards:






Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.





myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 6 of 46
angelwingz
Valued Contributor

Re: SSL for Loan History/Improve Credit


@AllZero wrote:

@angelwingz wrote:

Thank you AllZero! Curious, what does geofence mean?


Geographical restrictions. e.g. out of state, county, etc.


Gotcha! I live in New York.




My Cards:






Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.





myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 7 of 46
AllZero
Super Contributor

Re: SSL for Loan History/Improve Credit


@angelwingz wrote:

Wow, that would be amazing since I have great scores already!


Depending on one's profile, score boost could range +10-30 points.

Message 8 of 46
blindambition
Community Leader
Senior Contributor

Re: SSL for Loan History/Improve Credit

A thin profile will take slight hit on HP and new loan reporting. Paying loan immediately to 8.9% will give an instant FICO boost when reported.

Message 9 of 46
AllZero
Super Contributor

Re: SSL for Loan History/Improve Credit


@angelwingz wrote:

Gotcha! I live in New York.


Are you eligible for NFCU membership?

Message 10 of 46
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