Secured Savings Loan Score Update

[Anonymous]

I did the navy federal SSL at $1,000 for 60 months and paid down over 93% and set up reoccurring automatic payments to have it pay off right at the 60 month mark (set it and forget it). 

Here are my scores before I did it EX 612 EQ 660 and TU 629. 

At this moment, only EX has updated my report with the loan, but it went up to 630 and then today, 2 days later it jumped another 11 points and the other two also jumped (EQ up to 673 and TU up to 645) yet neither are showing the loan. 

This leads me to believe that an inquiry that fell off and age of account and date since last delinquency had hit a milestone. 

if true, the other two scores should go up once the loan hits the report. 

I am very happy for an 18 point gain for the addition of the loan. 👍

[blindambition]

Congrats on your increase!!! How on earth did they agree on 60 months with $1k?

[Anonymous]

I didn't know it wouldn't be an option as the first phone rep said I could. When I went to set it up, the second rep said there was a $3,000 minimum and then asked if I could hold while she verified and came back on and said yes to the $1,000 for 60 months. 👍

[babygirl1256]

GreenThumbNeeded ~ Congrats on your credit score increase . . . 60 months, that's a long loan term!!!

[Anonymous]

Yes, it keeps an active installment loan on my file for 5 years. 👍

[Anonymous]

My Transunion finally updated with my SSL information and went up 12 points. 

So my EX went up 18, EQ went up 13 and TU went up 12 points. That's an average of 14.33 points for adding the loan. 

Well worth it in my opinion, especially if you're close to moving up to a better credit category. 

My AAoA dropped, to 1 year 11 months, so soon I should get another jump when it gets back up over 2 years. (My new Amex hasn't hit either so it's going to drop more when it does. I'll get that score boost by august I hope)

[Anonymous]

What's the interest rate on the loan?

[Horseshoez]

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@Anonymous wrote:
What's the interest rate on the loan?

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I'm not sure what NFCU charges for their SSLs, but PenFed is charging me 2.05% for mine. 

[USMC_Winger]

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@Anonymous wrote:
What's the interest rate on the loan?

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2.25% APR for a Navy Fed 60-month or less SSL, but 3.25% APR for 61 months or more.  In case you're interested:

Thanks to @spikeman768, here's a list of the loan amounts required for each loan term length @ 2.25% APR:

$250-$500 - max 6 month term
$501-$1000 - max 12 month term
$1001-$1500 - max 18 month term
$1501-$2000 - max 24 month term
$2001-$3000 - max 36 month term
$3001+ - max 60 month term

And thanks to @folks19, here are the loan amounts required for longer loan term lengths @ 3.25% APR:

$25,000 minimum loan amount for 61 to 84 months

$30,000 minimum loan amount for 85 to 180 months

[Anonymous]

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@Anonymous wrote:
What's the interest rate on the loan?

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2.25%