EDIT INPUT: I have posted a SURVEY for FICO Scores of people who have successfully been approved for Alliant Credit Union Instant Offers here. So, check the survey out to see what scores have been approved. Check back from time to time for new user input.
ORIGINAL POST: I read in another thread (Alliant Credit Union Rocks!) that Alliant was easier to qualify and quicker to get results than PenFed and that people with high 600's were getting up to $5k and low 700 was getting $7.5k. Results may vary depending on specific derogs in your file in addition to your score.
I just completed, successfully, joing and being approved for the Alliant Visa Platinum Reward ($10k) and Auto Loan (4.69%). I referred my brother and sister, they each had similar success. I have pretty high EQ of 808, my brother had 736 and sister 753.
I went to www.alliant.org and "JOINED" Alliant Credit Union by opening a "Share Account" (Savings), which took only 3-4 minutes. Upon completing the sign up information, it said they would "verify" my identity through Equifax Security, Inc. (division of EQ). This only took 45 seconds. But upon completion I was presented with instant preapproved offers for Visa, Auto Loan, Home Equity Line of Credit and Checking. I accepted the Visa and Auto, clicked a couple more acceptance/acknowledgements and was done. Then I had to print out a "Signature Card" to mail back (Alliant must receive within 10 days of application). It was easy, quick, painless and very REWARDing.
With that said, I did pick up a few tips and info along the way:
1. Alliant Credit Union (www.alliant.org) ONLY pulls your EQUIFAX credit report (to date). So, if this is your strongest CR, you're in luck, and you will not get inquiries across all three, just EQ. UPDATE: It appears they also to a ChexSystem verify on top of EQ. If you have banking baddies with ChexSystems people have been reporting this kills their apps for credit.
2. Alliant is very generous if you are at all credit worthy (reports of $5k with upper 600's & $7.5k with low 700).
3. If you qualify, you will receive instant preapproved online "offers" for credit cards, auto loans, home equity lines of credit, checking and other offers from your single credit pull when you open an initial Share Account (Savings) which you only have to fund $5 to (debit/credit card or checking draft). Not everyone will be offered every item, limits will vary, interest rates will vary.
4. Alliant is a credit union and you must be a member in order to bank or be able to apply for any loans or credit.
5. In order to "join" Alliant you must be employed by, or belong to a "qualifying" organization/company.
6. The easiest way to qualify to join Alliant is with your "local PTA" (if you all ready belong to the PTA at your kids school). Local PTA's generally cost $8 - $15 annually.
7. The fastest and easiest organization to join which qualifies is the national PTA (www.pta.org) which you can do online and only cost $25.
8. When you select Local or National PTA as your qualifying membership organization, you will NOT be required to verify or provide any proof of membersip.
9. You do not have to maintain your membership with the "qualifying organization" once you have joined Alliant.
10. IMPORTANT: Make sure your EQ credit file is NOT "locked" otherwise you will get a message/error that your "identity could not be verified" and you will not be able to complete the online process. If you get this error, once you have "unlocked" your EQ CR, you CAN re-apply online without calling or sending in the paper app.
11. The only way to know if your EQ file is locked, is to be subscribed to EQ subscription/service.
12. If you have EVER signed up for EQ credit services and "locked" your file (intentionally or not) you can only unlock your file "temporarily" for up to 1 year max. If you cancel your service with EQ, many people have reported that their credit file was "locked" upon cancellation, forcing them to sign up again when they needed to apply for credit in order to unlock the file.
13. If you do not unlock your EQ file, then Alliant can NOT pull your file from EQ, and will not be able to approve you for credit.
14. If you are offered the auto loan, you may want to "ACCEPT" the offer and then later not use it. If you accept the initial offer, then your CC and Auto will be on the same single EQ pull. If you decline one of the offers, then later want to change your mind, you have to reapply and they will do another hard pull.
Message Edited by txjohn on 04-04-2009 03:01 PM
