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Successful PenFed SSL Loan

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Patient957
Frequent Contributor

Successful PenFed SSL Loan

Just wanted to drop in with some data points on the PenFed SSL I recently opened. 

 

Loan amount: $3150

Term: 142 months

Payment $25

Paid down to $250 immediately (7.9% B/L)

Next payment due Aug 2034

Ex8 +31 pts (743 ->774, clean score sheet)

Eq8 +32 pts (699-> 731, dirty score sheet)

 

It's my only open installment loan.  

 

Thanks to those who provided data points in other threads.  Very helpful!

Message 1 of 43
42 REPLIES 42
DoppelgangerD
Regular Contributor

Re: Successful PenFed SSL Loan


@Patient957 wrote:

Just wanted to drop in with some data points on the PenFed SSL I recently opened. 

 

Loan amount: $3150

Term: 142 months

Payment $25

Paid down to $250 immediately (7.9% B/L)

Next payment due Aug 2034

Ex8 +31 pts (743 ->774, clean score sheet)

Eq8 +32 pts (699-> 731, dirty score sheet)

 

It's my only open installment loan.  

 

Thanks to those who provided data points in other threads.  Very helpful!


Can you list some of the process you had to do to get started with the SSL?

Did you call them, or go into a b&m branch?

Were you able to do online document signing, etc.., or did you have to receive paper docs, sign them and send them back?

Stuff like that, if you don't mind, please and thank you.

Message 2 of 43
Patient957
Frequent Contributor

Re: Successful PenFed SSL Loan


@DoppelgangerD wrote:

Can you list some of the process you had to do to get started with the SSL?

Did you call them, or go into a b&m branch?

Were you able to do online document signing, etc.., or did you have to receive paper docs, sign them and send them back?

Stuff like that, if you don't mind, please and thank you.


I deposited $4000 in my share account.  After 30 days, I called and asked about a secured share loan.  I asked what the longest term was and the rep said 142 months.  She did a calculation and determined that $3150 was the loan amount I would need to meet the minimum $25 payment.  So I said I'll take it, and she set it up immediately.

 

The loan appeared in my account in a day or two and the proceeds also appeared in my share account.  I made a $2900 payment immediately, which advanced the payment date to 2034.

 

They mailed me a promissory note, which I signed and mailed back.  That was the only paperwork involved.

 

Edit:  The interest rate is 2.05%

 

I set up an automatic payment of $2 per month, which should get the loan paid off right about on time.

Message 3 of 43
JoeRockhead
Senior Contributor

Re: Successful PenFed SSL Loan

Nicely done, congratulations on your boosted scores. 

Message 4 of 43
MissLiz
Established Contributor

Re: Successful PenFed SSL Loan

Very nice! Congratulations!

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce
Message 5 of 43
FicoMike0
Valued Contributor

Re: Successful PenFed SSL Loan

They send a pre addressed, postage paid envelope to return the paperwork, nice touch.

Message 6 of 43
keekers
Valued Contributor

Re: Successful PenFed SSL Loan

Well done.


Message 7 of 43
SouthJamaica
Mega Contributor

Re: Successful PenFed SSL Loan


@Patient957 wrote:

Just wanted to drop in with some data points on the PenFed SSL I recently opened. 

 

Loan amount: $3150

Term: 142 months

Payment $25

Paid down to $250 immediately (7.9% B/L)

Next payment due Aug 2034

Ex8 +31 pts (743 ->774, clean score sheet)

Eq8 +32 pts (699-> 731, dirty score sheet)

 

It's my only open installment loan.  

 

Thanks to those who provided data points in other threads.  Very helpful!


Good work. Thanks for sharing the details.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 706 TU 701 EX 692




Message 8 of 43
SouthJamaica
Mega Contributor

Re: Successful PenFed SSL Loan


@Patient957 wrote:

Just wanted to drop in with some data points on the PenFed SSL I recently opened. 

 

Loan amount: $3150

Term: 142 months

Payment $25

Paid down to $250 immediately (7.9% B/L)

Next payment due Aug 2034

Ex8 +31 pts (743 ->774, clean score sheet)

Eq8 +32 pts (699-> 731, dirty score sheet)

 

It's my only open installment loan.  

 

Thanks to those who provided data points in other threads.  Very helpful!


@Patient957  Question: during the 12 months prior to adding the SSL and paying it down, had you had any new accounts?


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 706 TU 701 EX 692




Message 9 of 43
Patient957
Frequent Contributor

Re: Successful PenFed SSL Loan


@SouthJamaica wrote:

@Patient957  Question: during the 12 months prior to adding the SSL and paying it down, had you had any new accounts?


Yes, I had 3.  All credit cards, which are currently 4, 7 and 8 months old.

 

So my AoYA was equal to my AoYRA.  But now my youngest account is the SSL.

 

 

 

Message 10 of 43
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