NFCU. SSL RANT.

[Anonymous]

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

[AllZero]

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@Anonymous 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

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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?

[Jnbmom]

@Anonymous 

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

[Anonymous]

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@AllZero wrote:

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@Anonymous 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?

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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.. 

[AllZero]

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@Anonymous wrote:

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@AllZero wrote:

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@Anonymous 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.. 

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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?

[Anonymous]

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@AllZero wrote:

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@Anonymous wrote:

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@AllZero wrote:

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@Anonymous 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?

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No I lost points..

[Anonymous]

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. 

[Anonymous]

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

[Anonymous]

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

[Anonymous]