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NFCU. SSL RANT.

Tryinghard258
Contributor

NFCU. SSL RANT.

So what is the reason for doing  this SSL THING if NFCU is going to report it as secured and no credit  limit for the account.. just the balance of $248 but no $3150...what a waste of

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

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16 REPLIES 16
AllZero
Super Contributor

Re: NFCU. SSL RANT.


@Tryinghard258 wrote:

So what is the reason for doing  this SSL THING if NFCU is going to report it as secured and no credit  limit for the account.. just the balance of $248 but no $3150...what a waste of


Which CMS Credit Monitoring Service are you using?

 

The SSL is an installment loan and should show original loan amount and current balance.

 

What were your expectations?

Message 2 of 17
Jnbmom
Community Leader
Senior Contributor

Re: NFCU. SSL RANT.

@Tryinghard258 

 

The reason one gets a SSL is to add an installment loan when one doesn't have any reporting .

EXP 758 TU 783 EQ 729
Message 3 of 17
Tryinghard258
Contributor

Re: NFCU. SSL RANT.


@AllZero wrote:

@Tryinghard258 wrote:

So what is the reason for doing  this SSL THING if NFCU is going to report it as secured and no credit  limit for the account.. just the balance of $248 but no $3150...what a waste of


Which CMS Credit Monitoring Service are you using?

 

The SSL is an installment loan and should show original loan amount and current balance.

 

What were your expectations?


It reported to my transunion as a secured loan , open date 4/5/2021,

remaining balance $248,

credit limit $0.00 ...no original balance 

I have no other loans or installments reporting.. 

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

Take the myFICO Fitness Challenge



Message 4 of 17
AllZero
Super Contributor

Re: NFCU. SSL RANT.


@Tryinghard258 wrote:

@AllZero wrote:

@Tryinghard258 wrote:

So what is the reason for doing  this SSL THING if NFCU is going to report it as secured and no credit  limit for the account.. just the balance of $248 but no $3150...what a waste of


Which CMS Credit Monitoring Service are you using?

 

The SSL is an installment loan and should show original loan amount and current balance.

 

What were your expectations?


It reported to my transunion as a secured loan , open date 4/5/2021,

remaining balance $248,

credit limit $0.00 ...no original balance 

I have no other loans or installments reporting.. 


One of the S in SSL is for Secured. For scoring purposes, secured or not, account type is not a scoring factor.

 

What is the important factor is the score boost for having an open and optimized installment loan.

 

I don't use the TransUnion portal so I don't know how it reports. All my CMS reports the SSL properly.

 

Did you see a score gain when the optimized SSL reported?

Message 5 of 17
Tryinghard258
Contributor

Re: NFCU. SSL RANT.


@AllZero wrote:

@Tryinghard258 wrote:

@AllZero wrote:

@Tryinghard258 wrote:

So what is the reason for doing  this SSL THING if NFCU is going to report it as secured and no credit  limit for the account.. just the balance of $248 but no $3150...what a waste of


Which CMS Credit Monitoring Service are you using?

 

The SSL is an installment loan and should show original loan amount and current balance.

 

What were your expectations?


It reported to my transunion as a secured loan , open date 4/5/2021,

remaining balance $248,

credit limit $0.00 ...no original balance 

I have no other loans or installments reporting.. 


One of the S in SSL is for Secured. For scoring purposes, secured or not, account type is not a scoring factor.

 

What is the important factor is the score boost for having an open and optimized installment loan.

 

I don't use the TransUnion portal so I don't know how it reports. All my CMS reports the SSL properly.

 

Did you see a score gain when the optimized SSL reported?


No I lost points..

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

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Message 6 of 17
FloridaBoi
Contributor

Re: NFCU. SSL RANT.

I'm sorry but this isn't correct. So my SSL I opened 4-16 just reported to TU. I pulled MyFICO TU report. It shows that it's a secured loan, largest balance($3,100), installment acct, individual acct, scheduled payment amount, shows current balance of $275 and shows current. I also got a real nice bump on my FICO 8 & 9 scores. 
On the TU app is shows the term of the loan, 60 months. I also lost 9 points on the vantage score, lol. 
Which site/app are you using to see the info?

 

edit: even via the TU app, it shows $3,100 as highest balance. And who cares about vantage scores. The FICO points were totally worth it for me. 





Message 7 of 17
Tryinghard258
Contributor

Re: NFCU. SSL RANT.

And with NFCU it is a Shared savings loan..the loan rep at NFCU  even said that it is like a secured CC and shouldn't be reported as secured. And wants me to dispute it with TU...BUT it was reported to TU as secured

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

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Message 8 of 17
Tryinghard258
Contributor

Re: NFCU. SSL RANT.

I first saw it as an alert from fico then after talking to NFCU I looked on TU

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

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Message 9 of 17
Tryinghard258
Contributor

Re: NFCU. SSL RANT.

Screenshot_20210503-155529.png

 

Starting Score: 1-2021 Eq 631 Tu 633 Ex 630
Current Score: 2-2021 Eq 641 Tu 649 Ex 644
Goal Score: 760

Take the myFICO Fitness Challenge



Message 10 of 17
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