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Adding an installment loan -- the Share Secure technique

Community Leader
Senior Contributor

Re: Adding an installment loan -- the Share Secure technique


Seezer wrote:

How do you set up an alliant ssl? I can't even figure out how to apply for one. You have to log in, but I can't even set up a new user account online. 


 

Contributor ABCD (in another thread) urged you to read the first three posts in the thread you are in now.  Have you done that, slowly and carefully?  Post #3 gives a detailed breakdown of each step in the process.

Message 1631 of 1,664
Valued Contributor

Re: Adding an installment loan -- the Share Secure technique

Was just going to come in and reply with the same thing.

 

Just a word of caution to others reading: if you can't read the first 3 posts on this thread, the Alliant SSL is likely not a good fit for you.

 

One of the big parts of credit rebuilding is learning to be patient and to do the research.  It's hard to do, I know.  I've had to rebuild my credit 3 times now in 25 years so I am an old hand at reading up on everything Google points me to, making hand written notes, and patiently considering what to do next!

 

But the Alliant SSL is truly the most important and easiest step I've ever taken in rebuild, and the first 3 posts here cover everyone exceptionally.

 

Please read those posts.  If you don't understand something in one of those posts, please QUOTE the section you don't understand so that I know you've read it.

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Message 1632 of 1,664
Member

Re: Adding an installment loan -- the Share Secure technique

I am trying to avoid hard pulls....I know they don't matter too much BUT my report is messed up enough so if I can keep them as low as possible I will do that. Also, I am trying to avoid soft pulls because (again) my report is messed up and I dont want to be asked to explain and probably be rejected even for secured products. As I understand it...Aliant is now a hard pull (for membership) right?

EDIT: NO hard pull for membership. IT IS A SOFT PULL.

So, I found my local One Nevada CU and they also have this type of loan and NO credit check at all.

My question is.....does all of these loans work in this way...will I be able to pay off most of the balance and keep the loan reporting for 5 yrs with low utilization?

Hopefully someone with direct experince with OneNevada can help....

Asking a csr is like asking a random person on the street. They will give me the answer (because they have to) but only when I try it, will I know the actual answer. Dont want to be in a situation where I get this loan and then I can only have it report with high utilization

Message 1633 of 1,664
Community Leader
Senior Contributor

Re: Adding an installment loan -- the Share Secure technique


alexj wrote:

I am trying to avoid hard pulls....I know they don't matter too much BUT my report is messed up enough so if I can keep them as low as possible I will do that. Also, I am trying to avoid soft pulls because (again) my report is messed up and I dont want to be asked to explain and probably be rejected even for secured products. As I understand it...Aliant is now a hard pull (for membership) right?

So, I found my local One Nevada CU and they also have this type of loan and NO credit check at all.

My question is.....does all of these loans work in this way...will I be able to pay off most of the balance and keep the loan reporting for 5 yrs with low utilization?

Hopefully someone with direct experince with OneNevada can help....

Asking a csr is like asking a random person on the street. They will give me the answer (because they have to) but only when I try it, will I know the actual answer. Dont want to be in a situation where I get this loan and then I can only have it report with high utilization


Alliant is not a hard pull, either to join the CU and open a savings, nor if you later apply for a Share Secure loan.  I notice that you use the word now -- do you mean that Alliant has very recently changed to doing a hard pull for CU membership?  If so, I am naturally interested in hearing that; and also what you are basing that on.  (I.e. do you have a source for that?)

 

As far as your second question, no.  There's a wide variety of policies.  Some lenders do hard pulls; some do not.  Some permit a five year loan -- some allow at best 12 or 24 months.  Some require you to make the same monthly payment even if you pay almost all of it off early on -- and this means that you can't meaningfully implement the technique there.  Other lenders are like Alliant and simply push back the due date of the next payment (way into the future) once you make a big payment. 

 

You are right that CSRs often don't understand their own institutions policies and products, especially if it is anything that could affect one's credit report.  Nonetheless I don't have a better suggestion than to contact the CU that you have in mind.  What I advise you to do is figure out the questions you want to ask and write them down.  Then call three of four times over a two week period and see if you get the same answers each time.

 

You should ask about hard pulls, about term length (60 month?), and about whether they push back the due date if you make a big payment.  The latter is called pre-payment.

Message 1634 of 1,664
Member

Re: Adding an installment loan -- the Share Secure technique

I saw a "hard check" on this thread BUT it looks like they were talking about Allied NOT Alliant.

I also saw it on another thread.

It is not the case, sorry for the confusion.

this is directly from their website:

***

Does Alliant do a hard credit check for checking account applicants?

No. When reviewing a prospective member’s application, Alliant conducts what is called a “soft credit check.” Soft inquiries won’t affect your credit or credit score in any way.

***

 

question:

Does Alliant deny anyone(for membership, savings and SS loan) based on soft check? my scores are 400-500 range, a lot of lates/charge offs....all paid off in full / $0 debt now.

Message 1635 of 1,664
Frequent Contributor

Re: Adding an installment loan -- the Share Secure technique

The wait is over. Followed all the steps. Opened Sept. Account posted on all 3 CRA's Oct. Hit up CK for the weekly stats and saw the balance dropped on EQ. Pulled a MyFICO 1B report. Loss 1 inqury also. Score went up from 695 to 737! Right back where I was before paying off the truck. Always sit at 1% util. For those talking about mortgage score possible increases. Didnt change at all for EQ Mortgage FICO 5 717.  Same score. Now I'll wait for the auto TU and EX update. Thanks CGID! Smiley Very Happy

 

Update EX-740 Up 31pts. Mortgage EX FICO 2 724 to 757.


BK 08/15 FICO 8 12/17 EX-740 EQ-737 TU-703
Message 1636 of 1,664
Community Leader
Senior Contributor

Re: Adding an installment loan -- the Share Secure technique


alexj wrote:

I

Does Alliant deny anyone(for membership, savings and SS loan) based on soft check? my scores are 400-500 range, a lot of lates/charge offs....all paid off in full / $0 debt now.


 

Well, it's unclear to me why they would do a soft pull of a person's Equifax report if there was no limit to how bad it could look with Alliant approving them for membership anyway.  Thus there must be something that would trigger them to say No. 

 

On the other hand it is encouraging that the report shows that all accounts show a zero balance.  BTW, did I understand that correctly?  Do all accounts have a zero balance?  All loans, all credit cards, etc?  If you do have any open credit cards, your score will be best if you have exactly one card reporting a small balance with all cards reporting $0.

 

If you are willing to be a test case, it would certainly help us if you applied for membership and then let us know whether you got accepted.

Message 1637 of 1,664
Contributor

Re: Adding an installment loan -- the Share Secure technique

A few set data points on my Alliant SSL journey on EQ only as the other two haven't updated yet.

Before the installment my EQ on MyFico was 681, 681, 683 over the previous three months with many new accounts over the previous year. Two months ago added Alliant and Disco in same week. Overall uti at the time 1%, two cards reporting under 9%, the rest zero.

Had an "oops" moment and didn't make my lump payment until after the installment reported the first month and also oopsied on a card and let it report 11%. EQ last month was 683 again with one card at 11%, overall uti 2%, installment at 98%.

Just got the alert from MyFico of an EQ increase. Alliant reported at 39/500 and EQ jumped to 721. Will update the other CRA's when they report. Hope these pretty solid data points help some. Still looking at the other scores and will update those also.

Message 1638 of 1,664
Member

Re: Adding an installment loan -- the Share Secure technique


CreditGuyInDixie wrote: 

If you are willing to be a test case, it would certainly help us if you applied for membership and then let us know whether you got accepted.


yes I will test it out since it is a soft pull and will report back. However, unless I can confirm they don't care what is on a report I will then wait a few months. I think some banks use soft check just to check identity??? but I agree, the way it is worded, it seems Alliant does look at the report. 

I paid everything off in full(about 12 lates/charege offs) at the begining of November. Most of it is reported....in a few weeks it should all definately be reported. All my accounts are closed and I have zero open accounts. I applied and was approved(no c check) for Opensky and Primor and should get those cards next week. So, my report/score will look much better in a month when "paid off" and new CCs are reported.

I wanted to attack all this head on...that is why I want to get Alliant SSL now....but dont want to risk being denied....I guess I can wait a month or two.

Message 1639 of 1,664
New Member

Re: Adding an installment loan -- the Share Secure technique

I opened an Alliant SSL and payed it down to $80 last month. It has shown on my EX and EQ reports, but not on TU as of today. I have no FICO score because of my short credit history. However my EQ Vantage 3.0 score dropped 41 on Credit Karma. Hope to see how things will be when I pay down the loan more and get a FICO score. Smiley Happy
Message 1640 of 1,664