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Share Secured Loan

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Member

Re: Share Secured Loan

@M_Smart007  Maybe its time to shelf the ideas?

 

https://www.navyfederal.org/loans-cards/personal-loans/

 

Shares Secured Loan: $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

Message 11 of 32
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Mega Contributor

Re: Share Secured Loan


@Sherl wrote:

@M_Smart007  Maybe its time to shelf the ideas?

 

https://www.navyfederal.org/loans-cards/personal-loans/

 

Shares Secured Loan: $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months


@Sherl, I would Call NFCU's Loan Dept. on the phone. JMHO

Don't give up yet!

Message 12 of 32
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Mega Contributor

Re: Share Secured Loan

@Sherl, Unless they changed something at NFCU, that I am not aware of?

 

https://ficoforums.myfico.com/t5/Personal-Finance/NFCU-SSL/m-p/5653849#M100731

Message 13 of 32
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Member

Re: Share Secured Loan

@M_Smart007 Will take back. Chat confirms its still $3001. And should I open right away or should I open at the beginning of month? If I open and pay in the same week does it reflect to credit bureau? Most of my CC spend wont show up, if I payed before billing cut-off date you know.

Message 14 of 32
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Mega Contributor

Re: Share Secured Loan


@Sherl wrote:

@M_Smart007 Will take back. Chat confirms its still $3001. And should I open right away or should I open at the beginning of month? If I open and pay in the same week does it reflect to credit bureau? Most of my CC spend wont show up, if I payed before billing cut-off date you know.


@Sherl, That is great news! .. I was pretty confident it was still availableSmiley Happy

 

If you open and pay, It will report at the end of the month. I would open on the 1st of the month to be safe.

If you do not have funds in your Navy account, I would get that done.

 

When you open the SSL,

Just make sure before you eSign the eDocuments that it states "5 Year Term" (just to be on the safe side)

 

Sounds like you are "Good to go"

 

Please update us as the process moves along, Thank YouSmiley Happy

Message 15 of 32
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Mega Contributor

Re: Share Secured Loan

@Sherl, One more thing, I would dis-able any auto-pay for that account once opened.

As you do not want to accidentally pay it off to soon. I would log in manually say every,

6 months or so and just pay the little bit of accrued interest (it won't be much)

That is really just for the purpose of keeping payment activity on the loan.

 

I used to just log in and pay $1.00 or $2.00 here and there.

Message 16 of 32
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Member

Re: Share Secured Loan

@M_Smart007 Its matter of four days vs 1 month on how it counts.

I do have funds so assumuing if I open/approved on 30th and paid on Aug 1st (upto 8.9%). How does this impacts me for the next whole month? It would be counted as 100% utilization and my score would drop?

 

or I open on 29th and pay on 30th. This would be still counted and  recorded but it just boosts my profile as there is no 100% utilization. But this gives me 1 month more edge on the long term prospects.

or why do you recommend opening on 1st?

Message 17 of 32
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Mega Contributor

Re: Share Secured Loan


@Sherl wrote:

@M_Smart007 Its matter of four days vs 1 month on how it counts.

I do have funds so assumuing if I open/approved on 30th and paid on Aug 1st (upto 8.9%). How does this impacts me for the next whole month? It would be counted as 100% utilization and my score would drop?

 

or I open on 29th and pay on 30th. This would be still counted and  recorded but it just boosts my profile as there is no 100% utilization. But this gives me 1 month more edge on the long term prospects.

or why do you recommend opening on 1st?


@Sherl  .. If you open say today or on the 30th, and the payment does not post, but they report the account to the credit bureaus,

it will report and tank your score. This is why I say wait until the 1st. then it should report at the end of the month,

with it paid down to 8.9% or less and will bump your score up.

 

The reason I caution on doing this, @Saeren , Had His report at 100% and tanked His score for one month.

The following month it reported as paid down (less than 9% utilization) and His scores jumped up real nice.

 

He'll probably chime in with His experience.

 

This does not happen very often, but I remember it happening to Him.

I will just say "He was not a very happy camper" at the time.

Message 18 of 32
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Member

Re: Share Secured Loan

Message 19 of 32
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Super Contributor

Re: Share Secured Loan

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.

Message 20 of 32
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