The Quest for an SSL alternative to Alliant

[Anonymous]

I'd like to suggest something to the folks who are using Navy as a tool for the SSL Technique.  Would one of you like to put together a step by step guidance in its own dedicated thread?  If you want advice for doing that I can help -- I put together a guidance for Alliant a couple years ago. 

This thread (that we are talking in right now) is not a thread for helping people with Navy.  The comments section is supposed to be purely for people who have found a new CU or bank that meets all the criteria we need in a candidate for the SSL Technique.  It's not here to help beginners who don't know what SSLs are, how the Technique works, or who have questions about Navy.

Putting together a clear dedicated step-by-step guidance would also prevent hundreds of people calling Navy and asking them about the Share Secured Loan Technique.  Apparently this is what happened with Ideal Credit Union which is why they shut theirs down.  As I warned people about in my step-by-step guidance for Alliant, it is really important to avoid calling the customer service reps about the SSL product (or worse still the Technique) since it just puts our use of it on the CU's radar in a bad way.

Again, I will be happy to help someone who wants to put this together.  I am not a member of Navy so we need someone who is to lead the effort.

[Anonymous]

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@Bees18 wrote:

Yes sorry, funding the savings ....I can't do the SSL until the savings is funded, and I am not sure how to fund the savings in order to do the loan.

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Typically people fund a savings account by transfering money from another bank.  The electronic transfer is called an ACH transfer.

I suggest that you not talk to the customer service rep about the SSL.  That's a separate issue and one that only makes sense after you have had a savings account for a little while.  Instead, explain that you are a new member, you are trying to place your first deposit into the savings account, and you need help doing that.  After the savings account has had the necessary funds in it for several days, you can consider applying for an SSL.

[Bees18]

Didn't go into specifics about the SSL, as I read not to do that. I was just asking how to fund, which sounds like it needs to be pushed through externally. I'll make a Navy SSL questions thread elsewhere, as I still have questions.

[Bees18]

So I did this, paid it to under 8.9 % and it reported as such, and it tanked my score 45 pts. Has this ever happened to anyone else? Absolutely nothing else changed on my report as there is hardly and accounts on there and no baddies.

[Anonymous]

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@Bees18 wrote:

So I did this, paid it to under 8.9 % and it reported as such, and it tanked my score 45 pts. Has this ever happened to anyone else? Absolutely nothing else changed on my report as there is hardly and accounts on there and no baddies.

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With Alliant unsecured? Did you take a few hits for opening it??

[Bees18]

No this was Navy secured, they don't do hardpulls for membership anymore, or the loan so no hits of any kind, just a very thin file younger file.

[Revelate]

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@Cookiegrabber wrote:

AFAIK, that is how loans work.

Speaking of which, I have a related question... why not pay down, say, $4900 instead of $4500 to minimize interest expense?

I have like $9 left on my DCU SSL, and it hasn't automatically closed or anything yet... Payment due date is still 3 months away.

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Absolutely go pay it down a $5000 loan to $100, even to $10 like I did for my Alliant SSL loan that started this whole adventure years ago heh.

8.9% or whatever was just the line that we found that reliably works, but anything below that (non $0 of course) is just fine too as long as the lender pushes the date out into the future.

DCU sadly isn't a good spot as last I had an auto loan with them they reset the date whenever I went over 3 months advanced payment.  Actually, I'm looking at financing a Tesla Model 3 in a few months, and while I will put an app in at DCU, if I get a comparable rate from Penfed or almost any other lender, I will probably go with them because I expect to make payments above the minimum, and I'd like to take advantage of this little FICO reindeer game.

[Revelate]

@Anonymous

Did we ever get results back from like Penfed or others?

Once the Tesla financing goes, I don't mind testing ones like Penfed and First Tech, both of which I already have accounts with (and both of which I'd like to put some other activity on there besides an idle LOC and idle CC respectively).  Maybe others, taking the hit with the auto financing and at this point I could beat my credit report like a rented mule and not take any damage AAOA wise.

[jamie123]

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@Revelate

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Absolutely go pay it down a $5000 loan to $100, even to $10 like I did for my Alliant SSL loan that started this whole adventure years ago heh.

8.9% or whatever was just the line that we found that reliably works, but anything below that (non $0 of course) is just fine too as long as the lender pushes the date out into the future.

DCU sadly isn't a good spot as last I had an auto loan with them they reset the date whenever I went over 3 months advanced payment.  Actually, I'm looking at financing a Tesla Model 3 in a few months, and while I will put an app in at DCU, if I get a comparable rate from Penfed or almost any other lender, I will probably go with them because I expect to make payments above the minimum, and I'd like to take advantage of this little FICO reindeer game.

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Wow...Tesla?

I like how you roll! I'm jealous!

[Revelate]

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@jamie123 wrote:

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@Revelate

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Absolutely go pay it down a $5000 loan to $100, even to $10 like I did for my Alliant SSL loan that started this whole adventure years ago heh.

8.9% or whatever was just the line that we found that reliably works, but anything below that (non $0 of course) is just fine too as long as the lender pushes the date out into the future.

DCU sadly isn't a good spot as last I had an auto loan with them they reset the date whenever I went over 3 months advanced payment.  Actually, I'm looking at financing a Tesla Model 3 in a few months, and while I will put an app in at DCU, if I get a comparable rate from Penfed or almost any other lender, I will probably go with them because I expect to make payments above the minimum, and I'd like to take advantage of this little FICO reindeer game.

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Wow...Tesla?

I like how you roll! I'm jealous!

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I'm pretty much giving up on the quest for kids, which means no saving for college, no 3ish room house in a good school district, everything just gets cheap and easy to the point I could nearly retire right now but I think I need another several years income for sufficient cushion.

Ultimately I wanted something just for me, and while I'm not a rabid fanboi I support what Tesla is trying to do, and I can afford it pretty easily so decided to just do it.  

Did think long and hard about just waiting for the SR model at 35k or whatever, but ultimately I don't know what my plans are for the future and where I will be living even, so went with the LR dual motor / AWD option even if I would be absolutely fine with a RWD car here in S. Cali.