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PenFed SSL (Shared Secured loan)

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SouthJamaica
Mega Contributor

Re: PenFed SSL (Shared Secured loan)


@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.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 706 TU 710 EX 708

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