Adding an installment loan -- the Share Secure technique

[Anonymous]

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@Anonymous wrote:
 

.... I'm hoping to pull this off this week and will report back in early July. Thanks.

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You will likely not have anything definitive to tell us until mid-July.  Once a creditor reports an account to a credit bureau, it typically takes 3-4 business days, often five or even six, before the bureau updates its database.  And Sat, Sun, and Tues of early July are not business days.  Mon July 3 will have many of the CRA's staff on vacation so in practice I am not sure anything will get done then either.

[stinastina]

I just wanted to share my NFCU experience - the process has been so easy. I moved my funds into my savings account. Then I called CS and told them I wanted a Share Pledge Loan. They verified my info and explained the payment schedule and interest rate and how much I would be paying back monthly and in total. They said that approvals are usually same day. They told me my due date and asked me which account would I like the funds added to. Within one hour, I got an email saying my loan was approved. I logged into my account and the funds are in my account but the pledged amount that was in my savings is not there. I imagined it would be there but frozen. So far so good !

[Anonymous]

cfrepro -- I'm new to this, but the consensus here seems to be that (1) sometimes the first auto payment can't be canceled; (2) there are apparently two different ways to manage and/or cancel auto-transfers within the Alliant interface (see first page of this thread and/or review the last 15-20 pages); and (3) people seem to have the best luck canceling auto-payments 2-3 days before the first one is scheduled. If #1 isn't the problem, then you might need to follow the instructions explicitly re: #2.

CGID -- I get alerts anytime anything changes on any of my credit reports and almost all credit reporting is electronic/automatic, so I would expect to get alerts no later than July 6 or so if I manage to get this loan opened and reporting by this Friday (30th). That said, the bank accounts that give me free credit scores tend to update my EX score around the 15th each month and TU and EQ around the 23rd, so it could be a month or so before I know the effect on my scores. And even at that, I'm only going to be able to give a general range of the effect, since I have some moving parts on my reports. (My TU just shot up 20 points this past 23rd, apparently due to slightly lower utilization, but I also have a new account that just hit, this Alliant account will be new, several other accounts all hitting 12 months of age this month, plus lower utilization due to payments and CLIs.)

Anyway, my deposit appeared at Alliant very early yesterday, but it still hasn't moved to "available" as of 5 minutes ago. I thought that, by law, ACH transfers had to be made available either the same day or by the end of the second business day, but we'll see. I know my account is otherwise up and running, as I've received the welcome packet and I was able to add and verify an external account.

[Anonymous]

Joe - My concern was that there isn't a DELETE button.

(b)  Now go back to that recurring transfer that your loan officer set up.  If you try to delete the autopay before it has gone through once, most people report getting a big red error message.  So now that you have waited till after the first autopay, you can delete it.  Just click DELETE.  It will ask you if you are really sure.  Say yes. 

There wasn't a DELETE button on the "Manage your autopay screen" Only instruction to call to change your autopay settings. That was your only option.

I wonder if anyone else has seen this. Has something changed??

[Anonymous]

As I mentioned above, someone here mentioned that there are apparently two different ways to delete the auto-pay. I don't have time now, but if you re-read from about page 100 onward, you should be able to find it.

[Anonymous]

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@Anonymous wrote:

CGID -- I get alerts anytime anything changes on any of my credit reports and almost all credit reporting is electronic/automatic, so I would expect to get alerts no later than July 6 or so if I manage to get this loan opened and reporting by this Friday (30th).

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Hi Joe.  You may have a misunderstanding of how alerts work. 

First, the creditor has to report the account or the change in the account.  Here we can be almost certain that this will be done late in the evening on Fri June 30.

Second, the credit bureau has to internally update its database.  That typically takes a good three business days.  But it could take longer; four, five, or even six business days.  An optimistic timeline would be all of Monday July 3, all of Wed July 5, all of Thurs July 6, with the update happening Fri morning.  Because so many of the CRA staff will be on vacation of Monday, counting Monday may be over optimistic.  And even when there is no holiday, it can still take 4, 5, or even six business days.  Thus it would not be a surprise at all if a particular bureau's database did not occur until (say) Tues AM (July 11).

Third, after the database is updated, your credit monitoring system has to detect the change in the database and send you an alert about it.  This can take 1-2 more business days.

That's why being certain that you'll get an alert by Thurs July 6 is way overconfident. 

I share your bafflement as to why it should take so many days for a CRA to update its database, given that the submission is electronic and the database is electronic.  Why there should be so much lag time between Date Reported and when the change gets reflected in the database is something I cannot explain.  But it is a fact that is well documented (and is true about many creditors).  Occasionally it happens quickly (the next business day).  But often it takes much longer.  It's as if we are playing D&D and the dungeonmaster rolls a six-sided die to determine the length of time it takes.

If you'd like a case study, let's consider my EQ report from a few months ago.  I am looking at it now and I see it is dated April 10.  When I look at the Alliant record, it states that the last Date Reported was Feb 28.  In other words, even though we know that Alliant must have reported on March 31, as of April 10 this informatrion had still not yet appeared in the EQ database.  (April 1-2 and 8-9 were weekends and therefore not business days.)

[Anonymous]

Thanks for the reply. I understand there's usually a lag between reporting and the info. hitting one's reports, but I've never seen a 10- or 15-day delay. From what I've experienced, Experian updates almost immediately, while TU and EQ can take three to five days. That said, I don't track this stuff closely on a monthly basis, so I could be wrong.

In any event, my deposit still hasn't moved to "available" after two full business days, so I haven't been able to apply for the loan yet. Hopefully it will move to "available" overnight, so I can apply first thing in the morning.

[FiveOhFour]

What's the purpose of a giant SSL?

[Anonymous]

My funds have moved to "available," so I'm ready to apply for my SSL. In fact, I just tried to apply for it but got an error that said loan applications can't be submitted during their nightly maintenance/update period.

I noticed on the last page of the app that it says something to the effect of "Applicant agrees that a credit bureau report will be requested ..." Is that a standard disclaimer that ends up not applying because this is a secured loan, or is Alliant now pulling a credit report even for secured loans? Thanks.

[FiveOhFour]

I imagine that my FICO scores of 780-790 won't see a big boost from this even though I have no installment loans, certainly not 30 points?