If no open installment loan, score boost can range from 15-30 points.
I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant
NFCU SSL
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.
$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.
AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.
Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.
@spikeman768wrote:
I just spoke with a rep in the loan dept at NFCU, and I was told the following:
- Membership step: there is a soft pull (she spent a few minutes researching this)
- Loan application step: there is a hard pull
(from posts I've read elsewhere, experiences may vary in regards to whether or not they do them or what type and when)
Here is some SSL limit/threshold info for others so it can reduce phone calls:
$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
Before I had even asked asked about the 60 month term, she told me that the 60 month term criteria can vary and final term approval will be left to the discretion of the loan officer on the consumer lending team who is approving the loan and setting the details of the loan. She said, "For instance, if a person decides to borrow, say, $3,050, the loan officer may choose to set the loan to a 36 month term. I have seem them do that sometimes. It is up to their discretion."
I asked if there is a certain amount which would ensure a 60 month term, and she said that could vary and is left to the loan officer to decide.
I updated these details in the online shared spreadsheet, "Credit Union Share-Secured Loan (SSL) Info":(the main info is in the "CU list - Good SSL Offers" tab at the bottom of the spreadsheet)
https://docs.google.com/spreadsheets/d/1C86xZUbOlPK1XBSt9cutKQ8rU8ZwRAiVbpqHWA4J-tg
-Spike
@Anonymous wrote:Yes @M_Smart007 . The only credit products are credit card in my profile. So 5 years is the term I should look for? Not any shorter than that? Also does the size of loan helps in anyway say 3k versus 30k?
@Anonymous, I would go with 5 year over 3 year, as you get the added two years of scoring boost.
For FICO scoring purposes ( it just see's an open installment loan) ..the size of the loan does not matter, but to get 5 years,
Navy usually wants around $3010 or so.
This amount fluctuates a little so I would call and ask what it takes to get 5 years.
If you do this, pay it down immediately once approved, so it does not report at 100%.
Navy usually reports at the end of the month, so I would probably apply at the beginning of the month.
Once you have been approved after the initial deposit, and you have paid it down, they will release the funds
back into your checking or savings acct. (whichever you choose).
Hope all this helps? ... Anymore questions? Please feel free to ask