Credit Cards

[jimmytftw35]

Alliant approved me for 500 , I know it's not like the other limits I've seen on here but I have my foot in the door . My eq was 660 with 14 inq and 7 new accounts opened less than 60 days ago . I need to stop applying but it's so addicting . my only other cc is orchard with 300 opened less than 60 days ago . I think I have a card that will grow with me now .

[dizbuster]

Congrates on the card. That's the same CL I seem to be stuck in as well. I think it's a creditors equivalent to training wheels. Treat it right and the training wheels will come off. While I don't yet have an Alliant card it is my next and last card for a very long time. I have a secured loan with Alliant right now and in 6 months to a years time I'm going to apply for an Alliant visa.

Again congrates on getting your foot in the door.

[tray]

Congratulations on your new visa card.

[BungalowMo]

I've heard great things about Alliant.  Be good with that card & it will reward you well into the future!

Congrats! 

[tiffanie]

Congrats! I'm waiting until next year in May to apply for their credit card. By then, most of my inquiries will have fallen off on all 3 cra.

[favor4me2]

dizbuster, if you don't mind me asking, what kind of a secured loan do you have with them and what is the amount and terms? I'm thinking of trying to get a unsecured loan with them, I just want to know the difference.

[favor4me2]

jimmytftw35, did they say why they only gave you a $500 limit? I don't need another low limit card.

[dizbuster]

Hey favor4me2,

It's basically a loan that is secured by however much you have in your savings account. There's no credit check and you can basically set up how long you want to pay pay it back (six months, one year, no penalty for early payment). It's at 4.50% interest, but if you don't touch the loan and put it right back into your savings basically doubling your savings the interest you pay on the loan is pretty negligible. Then have them automatically take the payment out every month.

I had $8000.00 to work with so I took out a secured loan for that amount and will pay it back in one years time. I will then apply for the Alliant visa. This was the most painless experiance I have ever been through. The call took about five minutes and the check was in my mailbox in about three days.

Hope this helps.

[favor4me2]

Thanks dzbuster, but why didn't you just apply for the visa or the unsecured loan in the first place?

[Susyquk]

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dizbuster wrote:

Hey favor4me2,

It's basically a loan that is secured by however much you have in your savings account. There's no credit check and you can basically set up how long you want to pay pay it back (six months, one year, no penalty for early payment). It's at 4.50% interest, but if you don't touch the loan and put it right back into your savings basically doubling your savings the interest you pay on the loan is pretty negligible. Then have them automatically take the payment out every month.

I had $8000.00 to work with so I took out a secured loan for that amount and will pay it back in one years time. I will then apply for the Alliant visa. This was the most painless experiance I have ever been through. The call took about five minutes and the check was in my mailbox in about three days.

Hope this helps.

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No reason why you can't pay of $7000 of it now, or overpay by a bit each month to reduce the interest you are paying and then just pay the rest off over the year, right?