@Remedios wrote:SSFCU is mentioned in the second post.
I can update as needed, as long as it's clearly spelled so I can copy and paste 🤦♀️
I get it I get it! I just spoke with SSFCU rep today and they said it will cut the loan term by doing so...but then I called again to speak with another rep and he said no it will not cut your loan term and yes your next payment will be not soon, but why you want to do so, if after your 1st payment we will not be reporting on-time payments because you are not making them. So, guys should I make on time payments for 5 months and then on 6th month pay it down to 8 %, let it report and then apply for a car loan for example? Also another question is, SSFCU confirmed that they are reporting secured loans as secured to CBs, so is it still worth going this route even if it is reported as secured? FYI: I have no option to join PenFed or NFCU, so SSFCU is my only option.
@MrPepperoni wrote:
I get it I get it! I just spoke with SSFCU rep today and they said it will cut the loan term by doing so...but then I called again to speak with another rep and he said no it will not cut your loan term and yes your next payment will be not soon, but why you want to do so, if after your 1st payment we will not be reporting on-time payments because you are not making them. So, guys should I make on time payments for 5 months and then on 6th month pay it down to 8 %, let it report and then apply for a car loan for example? Also another question is, SSFCU confirmed that they are reporting secured loans as secured to CBs, so is it still worth going this route even if it is reported as secured? FYI: I have no option to join PenFed or NFCU, so SSFCU is my only option.
@MrPepperoni See forum member TtiGeR posts for data points. Click on username to read the 7 posts regarding their experience. I have no first hand experience with SSFCU so I can not comment on the nuances of how they do their SSL.
SSL is a Shares Secured Loan. I don't know how SSFCU reports. NFCU reports as secured.
Hi all,
I applied to SSFCU today for a membership, waiting for approval.
Set the max deposit at the registration stage (1k).
I will post more details here after I am approved to join and SSL.
But they confirmed on the phone that no HP will occur for what I am trying to apply for, also I will be able to pay in advance and push out due date without cutting loan term. So, looks like all works as described here by other members.
@MrPepperoni Best wishes with your SSFCU approval. Thank you for the DP. Looking forward to learning how your SSL goes. I just drove by one of their branches this afternoon.
@EverForward wrote:@MrPepperoni Best wishes with your SSFCU approval. Thank you for the DP. Looking forward to learning how your SSL goes. I just drove by one of their branches this afternoon.
Thank you! I am in Houston...no branches here, so I am doing everything online. Also, just FYI...I don't have TX ID, so we will see how process goes. I have CA DL, I moved recently and DMWs are closed to replace...
@MrPepperoni wrote:Hi all,
I applied to SSFCU today for a membership, waiting for approval.
Set the max deposit at the registration stage (1k).
I will post more details here after I am approved to join and SSL.
But they confirmed on the phone that no HP will occur for what I am trying to apply for, also I will be able to pay in advance and push out due date without cutting loan term. So, looks like all works as described here by other members.
Congratulations on your membership. From TtiGeR post regarding SSL terms;
$10,000 min for 10 years
$4,000 min for 5 years
Thank you for sharing the data points. It will be beneficial for future members.
Hi guys, before I decide what loan amount to choose, I need your advice...
So, basically, I am taking SSL to thicken my profile, so it is no longer a thin file.
I can go and get a car loan in December (not sure if I should because I will be able to buy in cash) or to get CSP card. No other goals for next 6 months. So, the second post in this thread says:
"If a person is preparing to buy a car in the next 10 months (to take one example) the 60 month term has no real benefit. His needs will be fully met with a small $500 loan and a 12 month term. Such a borrower should still execute the full SSL Technique. Once he is approved for his "real" loan (e.g. the car loan) the SSLT will have done its work."
So, taking this loan is basically making a gift to CU and paying them interest, but the less loan amount I get the less I pay in interest. And it looks like for my purpose (to make profile thick and potentially get a car loan or hier tier card) I don't need to got with like 10k, or even 3k SSL, do I understand it right? So, even 500-1k will work ? I am just not a fan giving my money to a CU for basically loaning money to myself lol.