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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?
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.
Thank you AllZero! Curious, what does geofence mean?
@Anonymous 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.
@AllZero wrote:
@Anonymous 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!
@AllZero wrote:
@Anonymous wrote:Thank you AllZero! Curious, what does geofence mean?
Geographical restrictions. e.g. out of state, county, etc.
Gotcha! I live in New York.
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.