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SSL vs Self lender loan

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masscredit
Valued Contributor

SSL vs Self lender loan

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?

 

EQ - 676 / TU - 673 / EX - 681

Capital One Venture - $13000 / TD Cash Card - $7500 / Capital One Savor - $7500 / Apple Card - $6500 / TD Double Up - $5500 / Mercury - $5000 / Capital One QuickSiver - $5000 / Ally Master Card - $4300 / DCU Visa - $3000
$57,300
DCU Auto Loan
Message 1 of 6
5 REPLIES 5
FireMedic1
Community Leader
Mega Contributor

Re: SSL vs Self lender loan

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.


Message 2 of 6
masscredit
Valued Contributor

Re: SSL vs Self lender loan

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.

EQ - 676 / TU - 673 / EX - 681

Capital One Venture - $13000 / TD Cash Card - $7500 / Capital One Savor - $7500 / Apple Card - $6500 / TD Double Up - $5500 / Mercury - $5000 / Capital One QuickSiver - $5000 / Ally Master Card - $4300 / DCU Visa - $3000
$57,300
DCU Auto Loan
Message 3 of 6
Fico82
Frequent Contributor

Re: SSL vs Self lender loan

Not sure if this credit union is available in your area but another is SSFCU . 







Message 4 of 6
masscredit
Valued Contributor

Re: SSL vs Self lender loan


@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.

EQ - 676 / TU - 673 / EX - 681

Capital One Venture - $13000 / TD Cash Card - $7500 / Capital One Savor - $7500 / Apple Card - $6500 / TD Double Up - $5500 / Mercury - $5000 / Capital One QuickSiver - $5000 / Ally Master Card - $4300 / DCU Visa - $3000
$57,300
DCU Auto Loan
Message 5 of 6
Credit_Master
Regular Contributor

Re: SSL vs Self lender loan


@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

Current Cards

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Total CL $84,850
Message 6 of 6
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