cancel
Showing results for 
Search instead for 
Did you mean: 

SSL for Loan History/Improve Credit

tag
Anonymous
Not applicable

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?

Message 1 of 46
45 REPLIES 45
AllZero
Mega 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
Anonymous
Not applicable

Re: SSL for Loan History/Improve Credit

Thank you AllZero! Curious, what does geofence mean?

Message 3 of 46
AllZero
Mega Contributor

Re: SSL for Loan History/Improve Credit


@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.

Message 4 of 46
AllZero
Mega Contributor

Re: SSL for Loan History/Improve Credit


@Anonymous wrote:

Thank you AllZero! Curious, what does geofence mean?


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

Message 5 of 46
Anonymous
Not applicable

Re: SSL for Loan History/Improve Credit


@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!

Message 6 of 46
Anonymous
Not applicable

Re: SSL for Loan History/Improve Credit


@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.

Message 7 of 46
AllZero
Mega Contributor

Re: SSL for Loan History/Improve Credit


@Anonymous 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
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
Mega Contributor

Re: SSL for Loan History/Improve Credit


@Anonymous wrote:

Gotcha! I live in New York.


Are you eligible for NFCU membership?

Message 10 of 46
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.