SSL Question

[ChiTownTony]

Hi,

In January of 2020 I opened two credit cards (Visa, Discover). I lost a little over 50 points on my credit rating. What could I expect to lose if I opened an SSL with NFCU, ballpark? I'm thinking of doing this to add an installment loan to my profile in Jan/Feb of 2021 when my current inquirys fall off. I have a thin file. 3 revovlers and no installments. 

Thanks.

[Iusedtolurk]

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@ChiTownTony wrote:

Hi,

In January of 2020 I opened two credit cards (Visa, Discover). I lost a little over 50 points on my credit rating. What could I expect to lose if I opened an SSL with NFCU, ballpark? I'm thinking of doing this to add an installment loan to my profile in Jan/Feb of 2021 when my current inquirys fall off. I have a thin file. 3 revovlers and no installments. 

Thanks.

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Pretty big hit for adding 2 credit cards but you should have picked up a few points since you have been paying on them since Jan.

Having 3 cards it's good to carry a zero balance on 2 of them and let 1 carry a small balance that will get you maximum points added to your score. Also the ssl will add some points due to you adding an open intallment loan.

No one can really say how many points would be gained because it's specific to your profile  and doing the all zero except one move and credit mix enhancement along with all the moving parts such as aging, new inquiry/no new inquiry, where your scores are now, addition of a new account, age of oldest account, age of youngest account and some other variables.

You get the few points you lose from new inquiries (Jn 2020) after they age a year but they don't drop off until they are 2 years old if you looking for them to drop off in Jan of 2021 (they drop Jan 2022).

[ChiTownTony]

Yes, I do the AZEO. And what I meant by dropping off is I'll get the points back after 12 months. I'm already over 800 on two of the three FICO 8 scores. I just don't want to open the SSL if I'm going to lose another 50 points or so.

[AllZero]

If no open installment loan, doing the SSL technique could gain 15-30 points.

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

NFCU SSL

[ChiTownTony]

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@AllZero wrote:

If no open installment loan, doing the SSL technique could gain 15-30 points.

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

NFCU SSL

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Thanks my friend. 

[AllZero]

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@ChiTownTony wrote:

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@AllZero wrote:

If no open installment loan, doing the SSL technique could gain 15-30 points.

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

NFCU SSL

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Thanks my friend. 

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You are welcome. Good luck.

[SouthJamaica]

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@ChiTownTony wrote:

Hi,

In January of 2020 I opened two credit cards (Visa, Discover). I lost a little over 50 points on my credit rating. What could I expect to lose if I opened an SSL with NFCU, ballpark? I'm thinking of doing this to add an installment loan to my profile in Jan/Feb of 2021 when my current inquirys fall off. I have a thin file. 3 revovlers and no installments. 

Thanks.

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If you take out an SSL with NFCU, then pay it down to 9% of the loan amount, you'll experience a good score gain, not a loss.

[Anonymous]

No you are not gonna experience that loss with a SSL. That loss came from scorecard reassignment to a new account scorecard, and you being in a thin profile is why it was so severe.

SSL’s do not cause scorecard assignment and in any case you’re already been reassigned and are therefore under penalty, so whether you open up another card or an SSL, you’re not gonna see that type of penalty again, but the good news is you’ll get those points back when the youngest revolver turns 12 months.

And if you move yourself into a thick profile, you won’t have such severe penalties. 😉 Plus you can achieve your best scores across versions with five revolvers. How many cards do you have now? And no open or closed loans on record?

[ChiTownTony]

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@Anonymous wrote:
No you are not gonna experience that loss with a SSL. That loss came from scorecard reassignment to a new account scorecard, and you being in a thin profile is why it was so severe.

SSL’s do not cause scorecard assignment and in any case you’re already been reassigned and are therefore under penalty, so whether you open up another card or an SSL, you’re not gonna see that type of penalty again, but the good news is you’ll get those points back when the youngest revolver turns 12 months.

And if you move yourself into a thick profile, you won’t have such severe penalties. 😉 Plus you can achieve your best scores across versions with five revolvers. How many cards do you have now? And no open or closed loans on record?

I have 3 revolvers and one closed auto loan from many years ago still showing up.

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[Anonymous]

@ChiTownTony Your best course of action scorewise is to go ahead and do the SSL now and then in January grab 2 more cards and lock yourself in the garden permanently, until/unless you actually need something else in the future.

So I would recommend spending now until January picking out the 2 new cards that fit your spend best and will fit into your finances the best long-term. JMHO.