The Quest for an SSL alternative to Alliant

[spiritcraft1]

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@SouthJamaica

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I just transfer the money for the payments from the savings account to the loan.

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What I meant was...  after I pay it, shares in savings should be released from a hold correct? 

[spiritcraft1]

Regarding NFCU SSL.  It took about 4 business days to release funds after paying the loan down to 8%.  The next payment due date is pushed out until 2022.  I guess I did a 48 month term rather than 60.  I will do a small auto pay to keep it reporting correctly.

Question:  For those who have done the SSL with NFCU, how long until it reports?  After the first due date and statement date, or before?

[SouthJamaica]

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@spiritcraft1 wrote:

Regarding NFCU SSL.  It took about 4 business days to release funds after paying the loan down to 8%.  The next payment due date is pushed out until 2022.  I guess I did a 48 month term rather than 60.  I will do a small auto pay to keep it reporting correctly.

Question:  For those who have done the SSL with NFCU, how long until it reports?  After the first due date and statement date, or before?

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I believe it was a few days after the first of the month. I don't think it's tied to either the statement date, or the due date, but to the 1st of the month.

[spiritcraft1]

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I believe it was a few days after the first of the month. I don't think it's tied to either the statement date, or the due date, but to the 1st of the month.

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Thank you so much.  It is like watching paint dry!  Patience, Patience...

[Bees18]

It reports several days after the 1st of every month. Their cards report several days after your statement end date.

question for those who have been doing this awhile. I accidently paid my loan down to 42 instead of 44. So I don't want to do the small payment every month because I don't want the remaining balance to get too low and be closed. I just want to make sure even though the next due date is pushed out, that if I just leave as it is it will still report as a green check mark and payed as agreed each month, even with no payment? 

[SouthJamaica]

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@Bees18 wrote:

It reports several days after the 1st of every month. Their cards report several days after your statement end date.

question for those who have been doing this awhile. I accidently paid my loan down to 42 instead of 44. So I don't want to do the small payment every month because I don't want the remaining balance to get too low and be closed. I just want to make sure even though the next due date is pushed out, that if I just leave as it is it will still report as a green check mark and payed as agreed each month, even with no payment? 

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Yes it will report ok.

[Anonymous]

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@Bees18 wrote:

It reports several days after the 1st of every month. Their cards report several days after your statement end date.

question for those who have been doing this awhile. I accidently paid my loan down to 42 instead of 44. So I don't want to do the small payment every month because I don't want the remaining balance to get too low and be closed. I just want to make sure even though the next due date is pushed out, that if I just leave as it is it will still report as a green check mark and payed as agreed each month, even with no payment? 

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Many banks and CUs impose a fee when a given account (savings, checking, loan, etc.) has had no activity for a while (typically 12 months).  Some of their policies can even involve shutdown of an account.  Thus it makes sense to make a small payment at least every 11 months. 

[Chris1231]

For Andrews FCU, $1000 will get you 33 months term because their minimum required monthly payment is $30.  (33 months x $30 = 999).

It seems though their formula for calculating your next payment due date is to half the # of advanced payments you are making.  For example, I just made a 6 months advanced payment, and it is showing my next payment due date as only 3 months later.

Can somebody validate this? 

[Anonymous]

There are some CUs/banks that only permit prepayment by up to three months.  Thus, it may not be a "divide by two" formula but rather something like this:

Prepay By       Postpones DueDate By

1 Month         1 Month

2 Months        2 Months

3 Months        3 Months

4 Months        3 Months

5 Months        3 Months

6 Months        3 Months

7 Months        3 Months

I agree that testing by multiple people with differing amounts is the only way to know.  Thanks for letting us know what you are discovering!

[spiritcraft1]

My new NFCU SSL reported today on EX.  It correctly reported the 8% balance and reported well before the first payment due date of 10/24/18.  All is well so far!