Yes - sounds like a plan! Good luck!!
Heh-HEEEEYYYY!
The secured discover and NFCU will be fine.
@Anonymous wrote:
@AllZero wrote:
Make sure you do 5 year SSL. $3001 is minimum.Thank you. I'm going to go in and do it tomorrow. At first I was like "wait I don't have that much to commit to a...." And then I realized that I can just get that money back in hours. 😂 It's a super smart tool. And I'm assuming you suggested doing the max because we don't want the loan to be PIF and then I take a dip in my score right? Also it gives me the longest term to for history.
Just to re-itterate. Make sure you do not have any open installment loans (auto, mortgage, personal, student). If you do, then it defeats the purpose.
Yes, it's a chunk of change. But, you're right. You get the majority of it back once you pay it down to 8.9%. $3,001 is the minimum amount for the 5 year SSL. Set up your autopay to push a few dollars a month payment. You get the most bang for the minimum buck, so to speak.
Do not pay in full. You want to push out the installment loan for the full 5 years. You should see a score boost once it starts reporting to all 3 bureaus.
@thornback wrote:
Okay..sounds good. Remember, if you really want Chase next year, you need to stay under 5/24 so be strategic and plan it out... I'm not sure if AU accounts count towards 5/24...(because they're both only 3 months old, right?) so research that before you do anything...
Maybe do Discover secured but not Navy secured - but get the Navy SSL.
Worst case scenario: you remove yourself as an AU so those tradelines can be deleted from your reports - that will give you 2 additional slots for your 5/24. You can wait til your primary accounts age past 1 year (right before you app for Chase) to remove the AUs, if it will even be necessary to do so. If you're willing to do this, then you can get Disco and Navy secured cards plus the SSL now and you'd be 4/24 for Chase (with AUs gone).
I'm on my mobile so I hope that all makes sense and not just a bunch of jibberish...
IIRC AU does count for 5/24 slot from the data points I've read. Agreed as suggested, OP should remove any AU accounts before applying for Chase.
@Anonymous wrote:I do not have any installment loans open. And The way the lady explained it on the phone to me just now is that I put the money in my savings account. Once approved (within about 2 hours), they give me the same amount into my checking account. Then as I pay it back they free it up in my savings account. So basically its just like a secured credit card only there is no penalty for "max utilization" which is essentially what I would be doing since they give you all of the money up front.
Yes, exactly. It's like a secured credit card. The Secured part of the transactions is the fund you deposit into your savings account. NFCU will put a freeze on that amount. Once you pay it back on the SSL account, it'll be released back to you into your own savings account.
On a clean score card, one could expect a 20-30 point boost for the SSL when loan is paid down to 8.9%. Make sure you take care of your collection too. The collection is holding you back and suppressing your potential.
@Anonymous wrote:Just opened the SSL this morning. Super easy and quick process. Did it all over the phone and signed the promissory note via email. Total time from start to finish 20 minutes. They quote 2 hours but Navy always under promises and over delivers.
Nice job. That is a very quick turn around time! The SSL is a great tool to have. I don't recall how long it takes to report to the bureaus, maybe 30-60 days? Hopefully, you'll see a decent score increase when it does.