Hi everyone,
I hope that everyone is doing well in their rebuilding process. I just signed up for credit counseling and I need to get a share secured loan from a credit union. I burned NFCU in my BK7 so they are out (sadly). I am looking for recommendations on a SSL that works the same as the one offered by NFCU. I want to apply for the one that is offered by AODFCU as it seems to have the lowest interest rate that I could find (1.00% + savings rate - which is currently .250% = 1.25%). I am unaware if there is a hard pull to be approved for a SSL and have sent them a message to this affect. Any suggestions on another SSL offered by a credit union would be greatly appreciated.
Current Credit Union Membership
AOD (4/2020)
DCU (4/2020)
Andrews (3/2021)
PenFed (9/2021)
Credit_Master
PenFed, their SSL works the same as the one from NFCU and there is no pull at all, hard or soft. That said, there is a soft pull when you become a member.
@Horseshoez wrote:PenFed, their SSL works the same as the one from NFCU and there is no pull at all, hard or soft. That said, there is a soft pull when you become a member.
That is great news. I just joined them to start a relationship in hopes of acquiring some of their credit cards. Opened a regular savings account and plan on adding more to it to get this loan in the near future. As for gaining membership it took almost a month to finally get it opened but I am glad that I am finally in. Thanks for the reply Horseshoez!
Horseshoez,
I looked on their website and didn't see a way to apply for a SSL. Are you familiar with how to apply?
@Credit_Master wrote:Horseshoez,
I looked on their website and didn't see a way to apply for a SSL. Are you familiar with how to apply?
Understood, they do not list an SSL as an option; you need to call an agent and they will set it up for you. Basically you fund a savings account, let the money "season" for 30 days, and then you can open an SSL for the amount in the account. It is pretty easy; I think the phone call took no more than 5 minutes.
@Horseshoez wrote:
@Credit_Master wrote:Horseshoez,
I looked on their website and didn't see a way to apply for a SSL. Are you familiar with how to apply?
Understood, they do not list an SSL as an option; you need to call an agent and they will set it up for you. Basically you fund a savings account, let the money "season" for 30 days, and then you can open an SSL for the amount in the account. It is pretty easy; I think the phone call took no more than 5 minutes.
Thank you!
Why are you with a CCS? And why is a SSL needed for now? The money needed to start a SSL could go to the debts. Finances over FICO we say here. Drop the CCS. Post your stats here and we can help.
Creditor Name/ Credit Line/ Balance.
@Anonymous wrote:Andrews FCU is open to anyone.
No credit check for share secured loans. Interest rate is tiny. Have one myself. $3,000 with seven year term. Monthly payment of $39. Great way to put years of excellent credit on your report.
@Anonymous do they extend your payment date if you pay the loan down to 8.9% like some of the other credit unions already mentioned?