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The Quest for an SSL alternative to Alliant

M_Smart007
Epic Contributor

Re: The Quest for an SSL alternative to Alliant


@michaelsmith wrote:

(Sorry If I'm posting this twice but I can't find my post from yesterday)

I got an SSL through NASA FCU in the last 2 weeks.

 

Works perfectly:
60 month term

As you pay it the loan, the savings becomes partially available

3% + savings account rate for the loan

1 Hard Pull from Equifax

Min $25/month, so for 60 month term you'll want a $1,500 loan (but since you're paying $1,000+ back straight away it shouldn't bother anyone).

 

A few oddities:

* Max $500 payment (so you'll need to do a 3 initial payments to get the loan mostly paid)

* Max $100 initial deposit into savings account via ACH (But I think Credit Card was $500, but it's not a cash advance so you can earn points!)
* Entire process online except loan application (which I did online by applying for a personal loan and asking them to correct)
* They sent a check for the loan (not sure why they don't just put it in your savings account with them, but oh well

If people have more questions feel free to ask.


@michaelsmith  ,

Welcome to the forum & Congrats on your NASA SSL !!!

Hopefully this can help someone out.




Message 451 of 463
michaelsmith
New Member

Re: The Quest for an SSL alternative to Alliant

TLDR; With NASA it would appear you need to be careful with large repayments. I recommend just paying the amount due each month (maybe plus a few cents/dollars or what you feel to cover interest)


Full Explanation:

 

I've noticed with NASA is whilst the first $100 repayment effectively made nearly 4 monthly repayments and pushed the next due date to 4 months time, it didn't work the same with the next $500 payment (it moved it about a month), but my 3rd payment was the amount due for the following month (e.g. $20) and that worked.

 

NASA must have some kind of rule where if you pay above a certain amount it doesn't hit forward payments. Given the 3rd payment worked though it appears to be a rule limited to individual payments.

Message 452 of 463
Birdman7
Super Contributor

Re: The Quest for an SSL alternative to Alliant

@michaelsmith Yes, welcome and thanks for the dps. Interesting. Keep us posted please.

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 453 of 463
jamespplplay
New Visitor

Re: The Quest for an SSL alternative to Alliant

My CU offers a credit-builder loan where they deposit the approved loan proceeds in a particular type of account (at their CU) and you pay monthly, and have access to the funds only as you pay. Is this the same as an SSL for the purposes of the SSL technique? (assuming that otherwise the prepayment policy also works for the SSL technique).

Message 454 of 463
coldfusion
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Yes, but the ability to pre-pay while having the original payment dates for the outstanding portion of the loan remain intact is a big YMMV.

Much of the scoring benefit is derived from having the loan report as open for an extended period of time with utilization of under 8.9%.



(2/2021)
FICO 8 (EX) 812 (TU) 816 (EQ) 804
FICO 9 (EX) 825 (TU) 827 (EQ) 826

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 455 of 463
CassieCard
Senior Contributor

Re: The Quest for an SSL alternative to Alliant


@jamespplplay wrote:

My CU offers a credit-builder loan where they deposit the approved loan proceeds in a particular type of account (at their CU) and you pay monthly, and have access to the funds only as you pay. Is this the same as an SSL for the purposes of the SSL technique? (assuming that otherwise the prepayment policy also works for the SSL technique).


Yes it is. I used the same product from a credit union when I started my credit file 3 years ago. I had a larger than usual score jump (+62 points) on a clean file because I let it age to 1 year before applying for my first credit card.

HOWTO: Get a +62 point FICO 8 jump on a clean file (with chart)

 

Pay attention to what the_old_curmudgeon wrote above. The trick is keeping it in the 0-9% range for as long as you can hold it open. Closing that credit builder loan cost me around -30 points!

 

But it served it's purpose in the final month with 750/728/748 EQ/TU/EX 8 scores (1 loan, 0 cards). That's what Citi saw when they double-pulled EQ/EX and approved me at $6500 on a Citi Costco Visa Anywhere Signature card. No chance of starting from scratch and getting that.

Message 456 of 463
Gonzozap
Frequent Contributor

Re: The Quest for an SSL alternative to Alliant


@Bizz408 wrote:

Was not approved for SDFCU's SSL. This doesn't mean they're out, but it seems they treat their SSL's like regular personal loans (Hard Pull on EX, Income Verification, etc.).


Hmmm. Interesting.  Having nothing to do with this thread, I was talking to SDFCU last week and was told that a secured share loan has no credit pull or income verification.  Gonna be certain I keep my reports blocked just in case.

Message 457 of 463
oorhett
Valued Member

Re: The Quest for an SSL alternative to Alliant

Thought I would share recent DP's on NFCU SSL My DD opened an account about a month ago finally convinced her to get an SSL. Deposited $3100 into her Savings she applied was told she could get 60 mo but received a phone call a day later saying it's going to be 36 mo. Asked if we raised it to $3500 would they do 60 mo and was told no it's 36 months for this application. FWIW



BK 7 5/19 Discharged 09/19
Beginning Scores - EQ 579, TU 565
Current Scores(Vantage) - EQ 681, TU 662 / (Fico8/9) EX^8 665 TU^8 639 EQ^9 655
Mortgage (02/21) - EX 670 / TU 663 / EQ 658
Message 458 of 463
Jkrause702
Regular Contributor

Re: The Quest for an SSL alternative to Alliant


@Revelate wrote:

I saw some info earlier in the thread that Penfed didn't work but looked like it was just cold calling a CSR rather than really testing; data from @pizza1 suggested it would indeed work from her experience of paying it ahead.

 

I'm trying to be good right now so not trying the unsecured loan check that they just sent me but has anyone really tested it?


Was Penfed ever definitively determined to work or not? 
I recently paid off a car loan, not realizing as my only installment I would take a hit (30 points so far on Ex) including a hit to my Ex-2 mortgage scores which I am not pleased with since I want to get a mortgage in the coming months. 

 

I just called and they still offer SSL so I'm going to transfer some to PenFed and give it a shot in 30 days if it will work, just have to figure out the combination of loan amount and everything.







Message 459 of 463
Birdman7
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@Jkrause702 wrote:

@Revelate wrote:

I saw some info earlier in the thread that Penfed didn't work but looked like it was just cold calling a CSR rather than really testing; data from @pizza1 suggested it would indeed work from her experience of paying it ahead.

 

I'm trying to be good right now so not trying the unsecured loan check that they just sent me but has anyone really tested it?


Was Penfed ever definitively determined to work or not? 
I recently paid off a car loan, not realizing as my only installment I would take a hit (30 points so far on Ex) including a hit to my Ex-2 mortgage scores which I am not pleased with since I want to get a mortgage in the coming months. 

 

I just called and they still offer SSL so I'm going to transfer some to PenFed and give it a shot in 30 days if it will work, just have to figure out the combination of loan amount and everything.


@Jkrause702 The strategy does not really improve the mortgage Scores much, if any. So if that's why you're doing it, it may be a waste of time.

 

The score loss you saw on EX2 was probably due to the age of the open loan and would not be recovered by opening another one and paying it down under 10% on the mortgage Scores in my opinion.

 

There are some metrics that measure only the average and oldest open loan. I think Experian mortgage score is one of them. I would have to go check to be positive, but I don't think the SSL strategy is going to help your mortgage Scores. Jmho

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 460 of 463
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