Share Secured Loan

[M_Smart007]

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@Anonymous wrote:

@M_Smart007 Thank you. I am just gonna follow this and open on 1st Aug

https://ficoforums.myfico.com/t5/Personal-Finance/Approved-NFCU-SSL-with-detailed-steps-May-2020/td-p/6012898

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I just re-read that, looks like it is all good to follow

I think you will be glad that you did it

[M_Smart007]

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@AllZero wrote:

I don't recall the exact specifics of ageing factors for installment accounts versus revolving accounts; AoYA, AoYRA. Maybe apply besides the 1st if you are one to keep track your FICO metrics? Reason being you won't be able to isolate changes. If that does not apply to you, then it's a moot point.

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Come on @AllZero 

[Anonymous]

@AllZero Didnt totally understand but this is my 1st installement loan. Only product in my credit profile is CC so far.

[AllZero]

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@Anonymous wrote:

@AllZero Didnt totally understand but this is my 1st installement loan. Only product in my credit profile is CC so far.

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I'll drop this link for your reading pleasure. 

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[Anonymous]

@M_Smart007 @AllZero Was approved and followed the same steps as in the above SSL technique post. Everything was over the phone and was pretty painless. I had funds in my share for $5010 and requested for 60 Mo and approval came in five minutes when I was over the phone. The customer service was real nice that they walked me through the whole steps and processed the loan in the same phone call and had the funds available in checking. All under 30 minutes.
I need to pay it off tomorrow!

[AllZero]

@Anonymous. Congratulations on your SSL!

[M_Smart007]

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@Anonymous wrote:

@M_Smart007 @AllZero Was approved and followed the same steps as in the above SSL technique post. Everything was over the phone and was pretty painless. I had funds in my share for $5010 and requested for 60 Mo and approval came in five minutes when I was over the phone. The customer service was real nice that they walked me through the whole steps and processed the loan in the same phone call and had the funds available in checking. All under 30 minutes.
I need to pay it off tomorrow!

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@Anonymous Congratulations on your SSL Approval (well done)    .. and Thank you for the update.

Once everything reports, if possible, please give us the outcome of your score(s) as it will help others.

[Anonymous]

@M_Smart007  I will. 

[Anonymous]

@M_Smart007 

Why did the author choose  "$90 lowest ‘safe’ balance" here?

I see that my loan is reflected in NFCU account now and I paid off the 45xx and I see that my min payment is 29.62. But want to understand that why did that OP choose $90 and setup min payments as $5 on AP.

[M_Smart007]

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@Anonymous wrote:

@M_Smart007 

Why did the author choose  "$90 lowest ‘safe’ balance" here?

I see that my loan is reflected in NFCU account now and I paid off the 45xx and I see that my min payment is 29.62. But want to understand that why did that OP choose $90 and setup min payments as $5 on AP.

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► 5/7/2020 - I set up monthly AutoPay to keep the loan active. My SSL’s minimum payment is $88.40, therefore I made monthly AutoPay $5 so that the loan balance would not fall below the minimum payment and trigger NCFU closing the account.

My calculations: $440 remaining principal – $90 lowest ‘safe’ balance = $350 ÷ 60 months = $5.83. Rounded down to $5. Check calculations: $5 x 60 months = $300. $440 – $300 = $140, which is more than $90 / $88.40

I am guessing that the OP considered the $90 the lowest safe balance (possibly for reporting purposes?) if making the $5 auto pay.???

Seems that a concern is NFCU closing the account? .. I honestly think some people make it more complicated than it really is.

I am not totally understanding this.  ... but just guessing.