The Quest for an SSL alternative to Alliant

[Anonymous]

A warning about NFCU - if you don't put in $3010, you run the risk of being offered 36 months instead of 60. 

https://ficoforums.myfico.com/t5/Personal-Finance/The-Quest-for-an-SSL-alternative-to-Alliant/m-p/55...

[M_Smart007]

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@AllZero wrote:

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@M_Smart007 wrote:

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@AllZero wrote:

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@M_Smart007 wrote:

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@Anonymous wrote:

I'd like to try these reindeer games. I could spare about $1800 for this, though I'd feel much better around $1300. Could anyone offer me any advice about the longest SSL terms I might be able to find for this? I am eligible for NFCU. Would any of the other CUs offer longer terms? Is there any hope at all of a 60 month term with less than $3000?

Thank you all very much.

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Hi and Welcome @Anonymous 

I am pretty tired, and off to bed... Maybe @AllZero can help you when available.

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Need larger size thumb

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If you had droopy eyes, I wanted to make sure you saw it. 😃

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[M_Smart007]

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@Anonymous wrote:

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@Anonymous wrote:

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@AllZero wrote:

If you want 60 month term, It'll be $3,001 minimum with NFCU. Best to save up. Once you pay down to 8.9% utilization, you do get your funds back right away.

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That must be an extremely small payment to stretch $250 out for 60 months! 

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I pay $3 a month. 

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I am cheap, I pay $1

[M_Smart007]

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@Anonymous wrote:

A warning about NFCU - if you don't put in $3010, you run the risk of being offered 36 months instead of 60. 

https://ficoforums.myfico.com/t5/Personal-Finance/The-Quest-for-an-SSL-alternative-to-Alliant/m-p/5517733/highlight/true#M66542

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That is why I just went to $3010

[Anonymous]

Thank you all for your answers. I'm very appreciative of any advice you can offer.

I'm tempted to go with lightstream, since it was mentioned that they allow prepayment without shortening the loan term. I think this might be best for my score if I have a large loan mostly paid off to offset my upside-down student loans. I have about $20,000 of federal student loans with around 140% installment utilization, on an income based repayment plan with $0 payments. I'm hoping an open 10k or 20k loan paid down to a few hundred dollars would improve my total utilization percent. Is that right?

I'm assuming I'd only have to pay the high interest rate on the few hundred dollars left on the balance, right?

I know the downside is a hardpull, but I'm hoping it'd be close enough to the hard pulls I just made in credit card applications (fingerhut and CapitalOne Platinum) a couple weeks ago so as to not be a problem?

I am very new to this. Thanks again for your patience and any advice you can offer. I'm sorry if this isn't the best place for my question, I searched and didn't find any other threads which seemed more appropriate.

[Anonymous]

@Anonymous HPs for loans are buffered for 30 days and do not affect your score for 30 days. So you typically want to do the loan before the credit card cuz the credit card HPs have lowered your score.

Yes lowering overall installment utilization will help your score. But you do not get the big points until aggregate is under 9%.

I’ll let other members chime in about your other questions, but I believe you would only pay interest on the reduced principal, but that’s why you always read the contract first to make sure there’s no pre-payment penalty.

[Anonymous]

Gosh i may have to seriously look into this then. My current Loan only has 3 more months left, and I was actually thinking of paying more on it sooner to pay less interest and lower UT for a possible mortgage. Though I do still have an auto lease, it's only 30% paid while the loan is 90%.

I don't plan to do anything right now, but likely after the mortgage and the old loan is finally paid. As i don't plan to pay down the auto loan enough for the insallment UT boost. 

[Anonymous]

I hope it’s a big loan then because it goes by aggregate and it affects version eight more than it does the mortgage scores anyway.

And if you’re about to do a mortgage you don’t want any HPs.

[MrZero]

Well, I didn't intend on this being my first post here but I applied for an NFCU SSL (I joined three weeks ago) this morning for the $3,010 I had deposited for it because of running that risk, got an e-mail about a half hour later about needing additional information. Waited for that message but it never came so I called in about a half hour ago and just got off the phone with a rep. The issue was needing to agree to the shortened term they offered, it wasn't 48, 46 or whatever shortened terms some have gotten recently, no it was only for 36 months. Still agreed but not particularly happy about losing a whole two years. The rep I talked to went back and forth with the UW but she still didn't know the reason for such a short term. I'll have to wait until I get their letter in the mail to possibly know the reasoning for it.

[Anonymous]

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@MrZero wrote:

Well, I didn't intend on this being my first post here but I applied for an NFCU SSL (I joined three weeks ago) this morning for the $3,010 I had deposited for it because of running that risk, got an e-mail about a half hour later about needing additional information. Waited for that message but it never came so I called in about a half hour ago and just got off the phone with a rep. The issue was needing to agree to the shortened term they offered, it wasn't 48, 46 or whatever shortened terms some have gotten recently, no it was only for 36 months. Still agreed but not particularly happy about losing a whole two years. The rep I talked to went back and forth with the UW but she still didn't know the reason for such a short term. I'll have to wait until I get their letter in the mail to possibly know the reasoning for it.

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Unfortunately it's up to UW discretion. 36 months is still plenty of time and you can renew it at that point if you want to without taking too much of an AAoA hit. I think you are the first one to get told no for 60 months when offering $3010 though so thanks for the DP.