Adding an installment loan -- the Share Secure technique

[panda11]

@CreditGuyInDixie,

Thank you for writing this piece, my auto loan dropped off my credit reports 3 years ago along with 30 points, it took me that long how to add an installment loan back in.

I deposited 800, took out a loan for 800, paid it down to 399 and see my Experian score goes from 696 to 710, I just paid it down to 71, will see how the scores react to it.  My case the loan officer emailed to call him for auto payment, set up the loan etc..  My wife loan account was opened this morning for 1000, was strictly done by email, will pay her loan down to 89 and see the results.  Have not seen an update from EQU but my TU score dropped a few points, will pull the 3 bureaus and FICO from CCT next month when the loan updated.  Will report back in due time.

Capital 1 Quicksilver 16500; Barclays SM 10700; Barclays AA 15000; Wally 3300; NFCU Cash 22000; NFCU Flagship 22000; Chase CSP 5000; AXP Delta Gold 10000; AU Citi Costco 8000. AU Macy's 7000; AU Macys AXP 2300

EXP 2008 FICO 710, EQU 2008 FICO 711; TU 2008 FICO 691.

[Anonymous]

Good for you!  Glad it is benefitting both you and your wife.  Great to hear.

[joltdude]

Heh how long do these folks usually take to get back to you... been about 2 weeks and havent heard or gotten email from an LO..

-J

Know enough not to poke the bear by calling...

-J

[Anonymous]

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@joltdude wrote:

Heh how long do these folks usually take to get back to you... been about 2 weeks and havent heard or gotten email from an LO..

-J

Know enough not to poke the bear by calling...

-J

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Usually people hear back in a week I think.  If anyone is reading JoltDude's question and you were approved for an Alliant SS loan in the last year, can you chime in on how long it took for you?

One thing to remember is that your application fell before MLK weekend.  LOs (like any other employee) can sometimes go on vacation around a 3-day weekend.

If you don't hear back by Wed, I would give them a call.  Just keep it polite and brief -- you just want to make sure they are looking into your application from two weeks ago and that they have your correct contact info.  Also, before you call, be sure you have checked your Spam folder.

[Poppa]

By clicking on the Continue button, I understand that a loan application will be generated and reviewed by Alliant. Also, I understand and consent that a credit bureau report will be requested on all loan applicants.

Did it always have this credit bureau report language?

[Anonymous]

That sounds vaguely familiar, but I personally applied 10 months ago so I can't remember for sure.

Can any recent applicants answer Poppa's question?

What I would not do is worry that this language in itself implies a hard pull.  A soft pull of your credit does indeed mean that Alliant will be viewing your credit report.  So does a hard pull.  The language itself gives you no reason to expect either one in particular.

But I will say that nobody on this thread has notified us (yet) that their application resulted in a hard pull.  Therefore it's safe to say that all the applications up through at least early January were soft-pull based.

[Poppa]

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@Anonymous wrote:

That sounds vaguely familiar, but I personally applied 10 months ago so I can't remember for sure.

Can any recent applicants answer Poppa's question?

What I would not do is worry that this language in itself implies a hard pull.  A soft pull of your credit does indeed mean that Alliant will be viewing your credit report.  So does a hard pull.  The language itself gives you no reason to expect either one in particular.

But I will say that nobody on this thread has notified us (yet) that their application resulted in a hard pull.  Therefore it's safe to say that all the applications up through at least early January were soft-pull based.

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Well I went for it.

We received your loan application, which also serves as your application for membership. You do not need to apply for membership separately. Your loan officer will handle your membership and your loan.

I'm already a member. Is this common as well?

[Anonymous]

Dunno.  Almost everybody who reports in on the results of this technique seems to have joined Alliant because they heard about the SSL trick.  So your situation may be more uncommon (a person who has banked for a while with Alliant applying for the SS loan).

Both of your questions will be answered soon.  (1) You will be contacted by a loan officer who will almost certainly not talk to you about membership in which case you'll just ignore that boilerplate language.  (2) You can pull your reports using any number of free tools and if there is no hard inquiry listed then they didn't do a hard inquiry.  I would time your reports about a week after the LO tells you that you were approved.

[Poppa]

I only joined a few weeks ago just for this as well. It just seemed odd.

[Anonymous]

Well, my auto-pay due date was 1/29. I was able to delete the auto-pay today(1/26). I don't know if the weekend has anything to do with it but that's 3 whole days!