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NFCU. SSL RANT.

FloridaBoi
Contributor

Re: NFCU. SSL RANT.

Here's what my MyFICO 1B TU report looks like for my NFCU SSL

10EC14C5-6869-4CA3-8D05-6BF55E93A473.png

 





Message 11 of 17
Horseshoez
Established Contributor

Re: NFCU. SSL RANT.


@Tryinghard258 wrote:

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


Keep in mind, secured credit cards report as "Secured" as well.  

I categorically refuse to do AZEO!

Message 12 of 17
AllZero
Super Contributor

Re: NFCU. SSL RANT.


@Tryinghard258 wrote:

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


I wouldn't recommend disputing a valid account.

 

This is straight from their website. https://www.navyfederal.org/loans-cards/personal-loans.html

 

If you want more detailed information on an SSL...I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

Message 13 of 17
WannaBcreditNerd
Frequent Contributor

Re: NFCU. SSL RANT.


@FloridaBoi wrote:

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. 


It is unfortunate that it has reported with a loss in credit points. I think the vantage score is not as important as the fico score. When looking at your credit monitor service, check out what your fico scores are such as lending, mortgage, and cc lending. Your fico score may have not dropped. I personally did the loan as well, I did not pay it down like most because I wanted to test different patterns, and I did not need the score bump because I was not in the market for new credit cards at that particualr moment. But, the good news is that everytime I paid the loan down it was usually in 10 percent increments. My credit score has gone up monthly like 1 point, to as much as 8 points per month. So I am getting credit score jumps based on the loan and my other credit lines due to the added ssl trade line. You might see a change in your fico, keep us posted.

Good luck!

05/2020 Starting Credit Score: 453 with 15 baddies

6/04/2020 Started Rebuild no credit cards at the time of starting rebuild

7/27/2020 received 3 of 3 secure cards: Total Credit Limit: $1,200

1/24/2021 Fico 8: EQ 633, EX 644, TU 634

1/28/2021 Vantage AMX; 616

4/8/2021 4 CC Total CL $4,200 and 1 ssl 1 hard pull; 3 secured cc 1 unsecured cc; down to 4 baddies: like ooo weee making progresss

5/10/2021 Fico Scores: EQ 663, EX 671, TU 661

12/31/2021 goal: No Baddies Have all unsecured ccs: have a total of 4 with a cl goal of 40k. Each card goal 10k. Only seeking major cards.

Credit Score Goal 720 at some point all smiles no date

Message 14 of 17
Horseshoez
Established Contributor

Re: NFCU. SSL RANT.


@WannaBcreditNerd wrote:

@FloridaBoi wrote:

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. 


It is unfortunate that it has reported with a loss in credit points. I think the vantage score is not as important as the fico score. When looking at your credit monitor service, check out what your fico scores are such as lending, mortgage, and cc lending. Your fico score may have not dropped. I personally did the loan as well, I did not pay it down like most because I wanted to test different patterns, and I did not need the score bump because I was not in the market for new credit cards at that particualr moment. But, the good news is that everytime I paid the loan down it was usually in 10 percent increments. My credit score has gone up monthly like 1 point, to as much as 8 points per month. So I am getting credit score jumps based on the loan and my other credit lines due to the added ssl trade line. You might see a change in your fico, keep us posted.

Good luck!


Thanks for the info.  Last month I initiated a new SSL with PenFed and am kinda-sorta trying the same experiement, but instead of 10% each payment, I'm paying a sixth of the original loan amount.  My new SSL and the 16.6% payment should report for the first time in the next week or so; I'm looking forward to seeing the impact.  Smiley Happy

I categorically refuse to do AZEO!

Message 15 of 17
USMC_Winger
Regular Contributor

Re: NFCU. SSL RANT.


@Tryinghard258 wrote:

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


Your loan rep was incorrect.  The Navy Fed SSL is supposed to be reported as a secured loan, so you shouldn't dispute that part of your account on your CRs.

 

It's possible that the original balance is on your TU CR, but you just aren't seeing it on your phone app.  Your phone app is only displaying 5 lines of report data, with no scroll bar to view additional lines of data.

 

It's also possible (and more likely, given that your score dropped) that the original balance of the loan, $3150, wasn't reported with the rest of your account data.  If that's true, then you would submit a dispute to TU that the original balance is incorrect -- BUT first verify that the original balance actually is missing or incorrect by cross-checking with TU's website or another TU CR monitoring service.  (I use WH and CK for daily checks.)

 

Once you get it squared away, you should see a nice bump in your FICO 8 scores.  I got 27 points on EX, ~20 on TU, and ~40 on EQ.  I say ~40, because my EQ FICO 8 score was 740 in March and 782 in May.  My AoORA turned 9 months old this month, but that's the only thing that could have added any FICO points besides two months of age for my three credit accounts:  AAoA 5 months, AoYRA 5 months, and AoYA 2 months.

 

Good luck!

FICOs:





Message 16 of 17
WannaBcreditNerd
Frequent Contributor

Re: NFCU. SSL RANT.

@Tryinghard258 wrote:

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

 

When I applied for he SSL, my loan rep told me the same thing. She stated that it is a Shared Savings Loan. However, she never told me how it report other than a loan. I did not ask her if it would report as a shared loan or secure loan. It showed up on my credit report 45 days later as a secured loan. It also reported my balances correct, but they were the currect balances from the first month of the loan and not the second month.

 

To me that is not a big deal, but to others it is. I was just glad it finally reported.. Today it is reporting correctly. The amounts of the original loan amount was always correct along with the term of the loan. I did not pay my loan down right away because I wanted to make sure there were no possibilities of it reporting a loan balance of 248 dollars vs original loan balance of $3,150. That gave me peace of mind, and then after it reported correctly I started to pay it down and there have been no problems since. You might want to talk to a loan rep at NFCU to see what your options are.

05/2020 Starting Credit Score: 453 with 15 baddies

6/04/2020 Started Rebuild no credit cards at the time of starting rebuild

7/27/2020 received 3 of 3 secure cards: Total Credit Limit: $1,200

1/24/2021 Fico 8: EQ 633, EX 644, TU 634

1/28/2021 Vantage AMX; 616

4/8/2021 4 CC Total CL $4,200 and 1 ssl 1 hard pull; 3 secured cc 1 unsecured cc; down to 4 baddies: like ooo weee making progresss

5/10/2021 Fico Scores: EQ 663, EX 671, TU 661

12/31/2021 goal: No Baddies Have all unsecured ccs: have a total of 4 with a cl goal of 40k. Each card goal 10k. Only seeking major cards.

Credit Score Goal 720 at some point all smiles no date

Message 17 of 17
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