NFCU SSL… What did I do?! What should I do now?

[SoonerSoldier33]

Awesome you're so close! I'm envious. LOL. No BK for me, but I have paid COs that won't fall off for 5 more years, so I'll be on a dirty card for a good while. My scores are rebounding nicely coming out of my rebuild though. I just need my baddies to age now. Keep us updated when your SSL reports. I'd love to compare your point increase with mine, especially as mine got convaluted with another report change, so I couldn't assess it 100% accurately. 

[Horseshoez]

---

@SoonerSoldier33 wrote:

Awesome you're so close! I'm envious. LOL. No BK for me, but I have paid COs that won't fall off for 5 more years, so I'll be on a dirty card for a good while. My scores are rebounding nicely coming out of my rebuild though. I just need my baddies to age now. Keep us updated when your SSL reports. I'd love to compare your point increase with mine, especially as mine got convaluted with another report change, so I couldn't assess it 100% accurately. 

---

Will do.  Congratulations on your rebuild.  

[Anonymous]

My NFCU cash rewards is my only card from my recent app spree that hasn't reported....  my score dropped from around 750's to around 680's. The dropped included 4 HPs, paying off my self secured loan and closing my self cc.  I was also approved for a store card with no HP.  My aaoa is really low now. My total credit lines was at 2475 and now it's at 33,600... but my credit reports haven't started reflecting that amount because my NFCU cc hasn't reported yet.  I'm hoping that the secured loan will get me back into the 700's.

The apr for the secured loan is 2.25 and it says the total finance charge will be $180 but when I immediately pay it down then the finance charge will be lower?

[Anonymous]

It will be my only installment loan and I don't have any intentions of opening another installment loan anytime soon.

Maybe I'm just mixing up what I've read in all of the threads...  maybe they were adding in the fees for opening the account? Idk...

This is my first time opening up an installment loan by myself and trying to manage it myself.  Just kind of wanted to make sure I wasn't messing it up and that I'm not going to be paying an ridiculous amount in interest/finance charges.

The self builder loan that I had calculated everything and charged way too much in interest/fees.

[SoonerSoldier33]

Hey, no worries. We're here to answer questions. If you find out something about why those slightly higher amounts make a difference, let us know. Trust me, I learn something new about FICO metrics every single day. I think you're good here though. Pay it down as you see fit...over time, or down to under 9% now, and then make micro payments if NFCU lets you do it that way. Let us know how it goes. Good luck!

[Anonymous]

I'm not sure either...  

I'm not sure if it was because some people are experimenting or just makin simple process not so straight forward.

I actually don't need immediate scores inscrease so I might try paying it down to each of the thresholds to see what happens...  

What are yalls calculated cost for your SSL?

Paying it down early also decreases the charges?

Another thing - I don't see the SSL account on the NFCU app. 

[Horseshoez]

---

@Anonymous wrote:

I'm not sure either...  

I'm not sure if it was because some people are experimenting or just makin simple process not so straight forward.

I actually don't need immediate scores inscrease so I might try paying it down to each of the thresholds to see what happens...  

What are yalls calculated cost for your SSL?

Paying it down early also decreases the charges?

Another thing - I don't see the SSL account on the NFCU app. 

---

For Navy Federal and PenFed SSLs there are no additional fees like the ones charged by the predatory lenders like LendingPoint, Best Egg, and One Main Financial.  The only thing you'll pay is the accrued interest on the outstanding balance; if you pay it down to under 9% early, then you'll only be accruing interest on the remaining balance.  In the case of the SSL I detailed above, I've had the loan open for just over five months, gradually paying it down from it's initial value of $3,000 to a current value of $250.11; in that time I've only paid $12.88 in interest, and from here on, the amount of interest which will accrue each month on a roughly $250 balance will be minimal.

[Anonymous]

That's soooo much better than the fees and interest with the Self loan I had... 

If I didn't pay it down then it roughly work out to 36 per year which is probably 4x lower than my 2 year loan.

live and learn... but I'm glad I did it because I probably wouldn't have researched different alternatives and found NFCU.

[EAJuggalo]

Last I knew 5 years was the max length for a SSL so the 3,000 vs 3,001 looks to be fixed.  What you should do now is immediately pay the loan down to $269.  That should push your next payment date out a long ways.  What I did was set up a very small autopay, like $5 a month, so that the balance would change.

[FireMedic1]

The higher loan amount talk was so you could get the longer terms. Lower amounts get 36 months. Thats the reasoning behind it. So the 3100 was the buffer to do so long term.