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I'm having a hard time finding a lender to set up an SSL that I can quickly pay down to 8% while maintaining the origional term of the loan. A lot of details about them can be seen here.
Alliant was the popular choice but they no longer do them. I've found that PenFed and NFCU offer SSLs like this but... I burned them in my BK. I have a couple of other credit unions I'm going to check out. I'm wondering how much of a difference there will be in a SSL vs a Self lender loan? Either will get a loan on my reports so there will be a noticeable score benefit for having that in the mix. I'd like the additional points from paying down an SSL. Plus it can be open a longer amount of time and I won't have to do much with it.
Does anyone know any other banks/credit unions that offer the SSL that I'm looking for and if anyone has had a Self lender loan, how was your experience? Do you feel it was worth it?
Your right on the SSL's with NFCU and PENFED. Too bad they were burned. You can always pay back NFCU if possible to get back in. I dont know of anyone else. Others may chime in. Self has the loan many have used. Least it reports as a installment loan. The credit mix itself will help.
I owe NFCU about $9000 so I won't be doing that. I'd consider it if the balance was less than $1000. It was an accomplishment to get in with lenders like them. Kind of sucks that I will no longer have that.
Not sure if this credit union is available in your area but another is SSFCU .
@Fico82 wrote:Not sure if this credit union is available in your area but another is SSFCU .
They only offer memberships to residents of Texas, Colorado and Utah.
The other one I'll be looking at is - SDFCU - State Department Federal Credit Union.
@masscredit wrote:I owe NFCU about $9000 so I won't be doing that. I'd consider it if the balance was less than $1000. It was an accomplishment to get in with lenders like them. Kind of sucks that I will no longer have that.
I feel your pain all to well. I burned NFCU for around $30,000 and like you will never be able to pay that off. I get sick to my stomach every time I think about burning such a great institution.
Credit_Master