@FicoMike0 wrote:Great info here! I just took out a PenFed ssl. My situation is, my scores are all above 760 now, but I expect a drop in about 18 months. I was credit retired for many years. My oldest account is a card closed 8.5 years ago. Otherwise, my oldest is 14 mo. I neither have or plan any installment loans. I hoping the ssl will help when the old account drops.
- I just opened the ssl, $1800 for 6 years. First payment is due 04/04/24. Any help on how to proceed? It looks like I want to pay $1620 to get to 9%. Should I make several smaller payments? Is it safe to pay to 9% before the first is due, or should I do, say $500, then pay more after the due date? I don't want them to cancel or shorten the loan. Any help is appreciated. I'm thinking I'll get a good set of scores right before the due date, then right after for the data. Is there any data value in paying it to intermediate points, say 80%, 60%, etc over several months? I'm not really in a hurry.
Welcome to the forum.
And good job.
Pay 1640 right away.
You were 100% correct @Horseshoez .
I decided to pay the mortgage loan off in Febuary earlier than planned.
Been monitoring on and off last few months and if I have a balance on one or more of my cards, typically my score is around 835 Fico 8.
Have not made any moves towrd an SSL to date. Thinking of just riding this out for 6months to a year and see.
If the score just sits there and zero upward movement then I will probably do the SSL. No hurry, not like 830 isn't going to get me anyless than 850 that I am aware of.
Thanks for your feedback
