So it has been a while since I have been active on this board, 2019 or so. So I look like a newb.
Soon I will be finishing up my mortgage loan. Managed to get it paid off in 58 months. It will be paid off in June 2024.
With that being said, I am considering joining PenFed and getting a shared secured installment loan in March timeframe as I have no other active installment loans once my mortgage is paid off.
I wouldn't think I would have trouble with PenFeb denying me membership. Fico 8 score ar EX 847 / TU 850 / EQ 850.
Does anyone have the low done on how much is the requirement for a 5-year and a 10-year SSL?
Meaning the amount needed to qualify for those timelines?
What is the going APR for the loan, approximate, not exact?
I know I have to apply, open a savings account, deposit the amount of funds required for the loan plus PenFed CU joining fee, and wait 30 or more days before applying for the loan.
Just looking for the particulars from anyone who has recently applied and was approved and is aware of the options required for specific terms.
The last time I employed this technique was with Alliant which worked out great, but I understand they no longer support SSL. Although a regular unsecured loan can act the same way, but would be paying more interest and they hit you with a Hard Inquiry, with PenFed as I understand it, is a soft inquiry.
NFCU is not an option in my case.
Thanks in advance.
I opened up a $3,000 SSL with PenFed back in 2021 and if I recall correctly, I was offered term as long as 60 months (I chose 36); I have no idea if this is still the case. What I'd recommend is for you to give them a call; the associate I talked with three years ago was very knowledgeable regarding their SSL offerings and answered all of my questions within a few minutes.
Thanks @Horseshoez
Yes, I plan on doing just that, I just like to be as knowledgeable as possible going into that conversation as possible.
Thanks for your info.
I was reading a post more recent where $3000 would get you the option for a 10-year term. The post indicated PenFed criteria was $25 or more monthly payments. But maybe this all depends on the qualifications, new or existing member, etc
Not to sidetrack but in a similar instance, I have had the Fidelity Credit card for some time. But I didn't do most of my banking with them. I had to apply for a credit limit increase. A few years after that, I switched from Schwab to Fidelity, opening a Brokerage, two CMA accounts, and probably most importantly direct deposit shifted to them. Then all of a sudden automatic credit line increase. So doing business with a bank or brokerage firm does have its benefits is my take.
Hey there @Thomas_Thumb
You know you have a valid point. No, I do not need to take out an SSL and perhaps will take the "wait and see" approach.
I will have 10 AoAA in 3 months. Pay all my cards before they bill typically, but never pay interest. I would expect to lose 32 points give or take a few once mortgage credit reports are paid. Currently, I only monitor Fico 8 for free as well through EX from an Experian account, TU from credit cards, and EQ from logging into Myfico, assuming that is a real Fico8 number, which it appears to be and is current.
It is just the thought of maintaining an active installment loan that makes sense to me. Not that I should employ the method right away. I could wait for a year and see what happens. Not chasing the Fico8 850 on all three. Kinda over that at this point.
Would still consider, after running the numbers and figuring out the total cost, as funds would not be tied up for long and I have no plans for a real installment loan down the road. Of course, one never really knows about tomorrow. Maybe FED rates will drop election year beginning in June timeframe, which might make it very slightly cheaper. However, if I do it, plan to have it for the longest period I can get.
Have time to think about it, as I wouldn't execute till March timeframe.
@Thomas_Thumb wrote:
Where do I go on MyFico to gain free access to EQ Fico 8? The EQ version I have thru Citi is Bankcard 8.
