Which CU for Installment loan for a quick score boost?

[WP2020]

Hi Everyone, which CU do you recommend for this loan in particular?

Im looking for a CU to get a small installment loan to pay down immediatelly to 8.9% and get 15-35 boost on my Fico 8. I only have cc debt so it should work well. Please advice which CU you had experience with. I only need a quick boost and dont need the exact SSLT to carry this loan for many years, just a few months. Here is what I need help with:

1. Loan - It can be unsecured or secured of around  $500-$3000. I think I prefer secure so there is no HP.

2. Lender - Any CU, but even better if  they offer credit cards and lines of credit with high limits, not rewards.

3. HP or SP - Ideally, SP to join and SP to get the loan (secure I suppose) BUT please recommend any CU you know is great even if they do HP to join or for the loan.

4. Term - It can be 12-60 months, I will be paying down to 8.9% immediatelly but if longer even better.

5. Prepayment - Must be able to prepay 91% immediatelly, doesnt matter if they lower the loan term. As long as they dont close the loan for at least 6 months then any CU will work for me.

I Dont need the NFCU 60 month SSL which is ideal but I dont qualify. The Alliant loan is also great BUT it depends on getting approved. I would prefer to know 100% I can get the loan not just apply for it. Thanks in advance for any and all recommendations.

Special thanks and recognition to @Anonymous for helping me out with this strategy. Also to @CreditCuriosity for some great advice and suggestions.

[AllZero]

Here are one institution that has SSL which you can pay in advance to 8.9% utilization without shortening loan term:
SSFCU - geofence.

PenFed personal or auto loan will allow you to pay in advance without shortening the term. No SSL available.

[WP2020]

Hey, @AllZero I was hoping you chime in, I read many of your posts. Yes, I read about SSFCU but Im in NY and dont have a military way to qualify.

PenFed is very interesting, will that be SP to join and HP for loan I suppose? They pull EQ? For a small $500-$1000 loan do you have any DP on their loan approval requirements? If I got approved, they could be great for me but i hate the IF part. Thats why I was leaning for a secure loan but if DP support my chances I could do Penfed. Any other CU´s?

[AllZero]

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@WP2020 wrote:

Hey, @AllZero I was hoping you chime in, I read many of your posts. Yes, I read about SSFCU but Im in NY and dont have a military way to qualify.

PenFed is very interesting, will that be SP to join and HP for loan I suppose? They pull EQ? For a small $500-$1000 loan do you have any DP on their loan approval requirements? If I got approved, they could be great for me but i hate the IF part. Thats why I was leaning for a secure loan but if DP support my chances I could do Penfed. Any other CU´s?

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@WP2020   With PenFed, I would always expect a HP to join so you won't get disappointed. However, there has been mixed reports on myFICOers joining with a SP. Their favored bureau is EQ9.

What is your time frame to apply for the loan or SSL?

Once a member, PenFed does periodically send out SP BT check mailers. That may have been reduced due to current situation. If time is not on your side, then applying for a loan product will be a HP for application. So expect a HP to join and another HP for loan product. Which may not suit your needs.

@Anonymous  made a post regarding NASA FCU here and here. Based on his post, paying in advance to 8.9% utilization may shorten the loan term?

[Anonymous]

As long as they can stretch it out to six months it’s good so maybe they can get the 24 month term? NASA could work well with a 24 month term and maybe a card

@Anonymousknow any good credit unions in New York?

[Anonymous]

By the way if you time it right the two separate hard pulls wouldn’t matter because they would be installment from a credit union and would be combined for scoring purposes along with the loan that you plan to get afterwards.

[Anonymous]

I belong to three NY based CUs - GHS FCU (my daily driver, been with them since 1988), Visions FCU, and Sidney FCU. GHS is open to members of only three counties, SFCU and Visions I'm not sure regarding any geofencing but it would be worth OP looking into them, particularly Visions as around here at least they have largest membership and widest reach. I've never looked into SSLs so I don't know if they're offered, but web presence info for them is:

GHS FCU: www.ghsfcu.com

Sidney FCU: www.SFCUonline.org

Visions FCU: www.visionsfcu.org

Phone numbers and credit product info are available there and the reps for all three are very friendly and helpful.

[WP2020]

@AllZero Thanks for the info, BT checks from PenFed would be great and I also believe they give out high SL correct? BUT I do need the loan asap as in the next 30 days and if its double HP will make me think about that twice.

@michaelsmith Can you update on your Nasa SSL? Did the prepayment to 8,9% work and did they extend your due date or not and for how long? I would appreciate it.

@Anonymous thanks for all the info. You think if PenFed hit me with HP to join and then HP for the loan, that would only appear as 1 HP?

@Anonymous thanks for the NY CU´s info I will research them for SSL and eligibility, appreciate it!

Anyone, know someone who took out an SSL with Andrews FCU? I thought I read they were both SP to join and get the loan.  

[Anonymous]

If both of PenFed‘s inquiries are coded as installment then they would only be scored as one even though you would see both. De-duplication.

Does anyone know if PenFed codes inquiries as installment only?

[Kforce]

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@WP2020 wrote:

 Term - It can be 12-60 months, I will be paying down to 8.9% immediatelly but if longer even better.

 Prepayment - Must be able to prepay 91% immediatelly, doesnt matter if they lower the loan term. As long as they dont close the loan for at least 6 months then any CU will work for me.

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Two problems for any conventional loan that does not lower payment with loan paydown

 1)  Drop between 8.9% and loan pay off in months is <= (Term in years -1)

If it takes 5-6 weeks for fico to hit you have a very short window of time.

You need a minimum of 5 year loan to have a 2-3 month target zone, depending on interest rate.

2)  Loan term is almost always tied to loan amount.

For a $3000 loan it will be hard to find a 5 year loan.

You are best off using one of the SSL lenders that lower you payment

or

Borrow a lot more to get a 7+ year loan

Good luck