To be honest, with your scores as high as they are and your reports clean, I don't think an SSL would do much for you. If anything, I think it would hurt with the AAoA hit if it falls low enough, along with the new account hit.
BTW, for a car loan, anything over 720 is already prime territory.
@Anonymous
Welcome to the forum.
All Fico scoring paths have takeoff's.
All will get you there.
The question becomes which is the shortest path.
If not in a race you can flip a coin to choose.
Having an installment loan is good for ones Fico score.
Having more than two credit cards is good for one Fico score.
Letting time do it's magic is good for Fico score.
Looks like you have a little hit from all three sides.
From my point of view your age of credit is better than many looking for a loan or new card, this puts you at a point where going for a card or loan would help more than just sitting. If trying to grow your credit profile.
Just sitting would work for Fico scores, not necessary building a thicker profile.
One of my daughters has 835 Ficos, no instalment loans, and only two cards. (CU-7y & Discover-2y)
Not a thick file but good Ficos.
Getting a new credit card would maybe provide better rewards, ability for Azeo, and add some utilization padding. Personally, I think a CC would help more than getting an instalment loan. If after you get a card and have no need/want for more cards an instalment loan could be a next step. That said often just time and waiting for a real need for a car or mortgage also works.
After your scores hit 800+, chasing 10-20 more points by taking out an SSL is something I am not doing even understanding it is there. It would be the cherry on top at the end from my perspective.
From what you posted I would get one new card, let it age 6 months and then re-evaluate your needs/wants. Other cards and loans will always be around. Sometime even better ones pop up, usually after you waisted that HP and lowered your credit age. 
@OmarGB9 I think you may be right. That's my concern with the AAoA. I know it would rebound eventually, but perhaps an SSL doesn't make sense for me right now.
@Kforce I can tell you fully understand the dilemma I was in prior to posting here
I agree that it makes sense to add to my credit profile rather sitting at this point. I think I'll go for the CC app and reassess as suggested. I too had a thought that a good alternative to the SSL would simply be to wait for the need to take out a loan. I can always add an SSL in the future if desired.
Thanks to both of you for the feedback -- very helpful.
I'm not sure if this question is allowable in this section, but I'm curious about which lender to go for with the CC app given my credit history and income (~$22k). I'm thinking about a Chase Freedom Flex or an Amex Blue Cash Everyday card (would eventually PC to BCP). Which of the two would most likely approve me and with a decent starting limit (~$2,500 - $5,000+) -- AMEX or Chase? I know I don't need ~$5,000 for a CL, but I think it would show that I'm trusted with at least $5,000, so that's what I'm aiming for in a reasonable time frame.
I heard that Amex works well with those who have thin files. I have consistently received pre-qualified offers from Amex, but I never had offers available from the Chase website back when their pre-qualification link existed. However, on one occasion, Chase sent me a pre-approval (not pre-qualification) for the Chase Sapphire Preferred and a pre-screened offer for the Chase Freedom Unlimited back in 2019 via mail. With both offers, the purchase APRs were high at ~23%. All Amex offers were below 20%. I'm concerned that Chase will reject over income or provide a low starting limit with no way to increase without a hard pull or the hope of an auto CLI. If I knew I would be approved and with a sufficient SL, I would get the Chase Freedom Flex due to favorable rewards structure and other misc. details. I would be happy with either card though.
Appreciate any additional feedback
@Anonymous wrote:Hello,
I'm looking for some advice regarding the SSL technique using NFCU to add a 60 month installment loan on my credit file to boost FICO scores, add to credit mix, and be positioned for a potential auto loan or similar within 5 years. I currently have no open or closed loans, so it seems like this technique will be useful, but I have some details to share to make sure and determine the order in which I should take certain actions.
Currently, my Ex FICO 8 score is 790 and TU is 781. My EQ was 776 when last checked 07/21. Nothing negative has occurred since then, so the latter score may be a bit higher now.
I have two revolving CC accounts. One is Capital One Platinum -- product changed to Quicksilver -- ($600 CL secured to unsecured) opened 5 years and 6 months ago. The other account is Discover it cash back ($5,200 CL unsecured) opened 4 years and 2 months ago.
My overall utilization is at 4% and no individual card exceeds that level. I have no new accounts since the Discover it cash back CC app and no hard inquiries on file. My AAoA is 4 years and 10 months. The youngest and oldest ages have been provided above. As mentioned, I only have 2 revolving CC accounts in terms of credit mix. I have made all payments on time and in full. There are no major issues on file from financial mismanagement/hardship.
I feel like it's time to add some accounts and diversify my credit file. The NFCU 60 month SSL seems like a good step forward, but I'm thinking about applying for a new CC such as an Amex BCE (pre-qualified) around the same time. My concerns are the order and timing of these apps given the hit that I will take to my AAoA. If I apply for one or the other, my AAoA should still be above 3 years (~39 months). However, if apply for the second, I think my AAoA would dip below 3 years for ~7 months.
Given the concerns, assuming I apply for both the SSL and CC, which do you recommend I do first? My AAoA will lower if I apply for the CC after the SSL, but the SSL may offset that and help with the credit mix portion of my score. Adding a new account prior to the CC app concerns me given my prior experience of ~40 drop in Ex Fico 8 score after my Discover CC app. It took almost a year to rebound. Perhaps that was due to having such limited history at the time. I want to have the best look I can for the CC app -- which I think is more difficult to get approved for than an SSL. It is my understanding, and I could be wrong, that neither a soft or hard pull is done for the SSL, so perhaps the AAoA won't matter if I applied for the CC first? I'm also curious how my first CLI would go with the CC if the SSL is in place first and dips my AAoA as discussed. I've heard Amex ~61 day CLI's can be substantial.
To be sure, as of today, does the option to take out a NFCU SSL for 60 months with an initial payment of ~92% and small monthly payments for the remainder of the term still exist today? Also, I've heard about getting knocked down to a 36 month term for a little over ~$3,001. Would ~$5,001 increase my odds of a 60 month term?
With all that said, do you recommend I go for both of these apps or just one or the other for now?
I'm curious to hear your thoughts and appreciate any help with this.
My advice would be not to bother with the SSL. Your scores are more than high enough to get the lowest rate on anything for which you apply.
Since you seem to want to stick with cash back cards, the BCE is a good choice. But if I were you I might want to go for one of the Chase Freedom cards, since a Visa is accepted in more places than an Amex.
@Anonymous wrote:@OmarGB9 I think you may be right. That's my concern with the AAoA. I know it would rebound eventually, but perhaps an SSL doesn't make sense for me right now.
@Kforce I can tell you fully understand the dilemma I was in prior to posting here
I agree that it makes sense to add to my credit profile rather sitting at this point. I think I'll go for the CC app and reassess as suggested. I too had a thought that a good alternative to the SSL would simply be to wait for the need to take out a loan. I can always add an SSL in the future if desired.
Thanks to both of you for the feedback -- very helpful.
I'm not sure if this question is allowable in this section, but I'm curious about which lender to go for with the CC app given my credit history and income (~$22k). I'm thinking about a Chase Freedom Flex or an Amex Blue Cash Everyday card (would eventually PC to BCP). Which of the two would most likely approve me and with a decent starting limit (~$2,500 - $5,000+) -- AMEX or Chase? I know I don't need ~$5,000 for a CL, but I think it would show that I'm trusted with at least $5,000, so that's what I'm aiming for in a reasonable time frame.
I heard that Amex works well with those who have thin files. I have consistently received pre-qualified offers from Amex, but I never had offers available from the Chase website back when their pre-qualification link existed. However, on one occasion, Chase sent me a pre-approval (not pre-qualification) for the Chase Sapphire Preferred and a pre-screened offer for the Chase Freedom Unlimited back in 2019 via mail. With both offers, the purchase APRs were high at ~23%. All Amex offers were below 20%. I'm concerned that Chase will reject over income or provide a low starting limit with no way to increase without a hard pull or the hope of an auto CLI. If I knew I would be approved and with a sufficient SL, I would get the Chase Freedom Flex due to favorable rewards structure and other misc. details. I would be happy with either card though.
Appreciate any additional feedback
Amex is easier to get, but your profile is fertile territory for the Chase Freedom cards. So I feel you would easily qualify for either.