Adding an installment loan -- the Share Secure technique

[FireMedic1]

Checked Wallethub this morning. November finally went thru to TU. Or TU was sitting on their hands. EQ/EX went through last week. Gained 25 points. Lowest of the 3. But why complain. So guys check if it went thru on your end that were waiting as myself. Thanks again CGID!

FICO 8

Before: EX 709 EQ 698 TU 697

After:    EX 740 EQ 737 TU 722 (1 Inquiry fell off EX)

Others: (Some Extra Data Points for Comparsion) YMMV

All FICO Scores Before/After
Mortgage:
EQ 5 717-717
TU 4 716-716
EX 2 724-757

Auto:
EQ 8 722-759 EQ 5 724-724
TU 8 729-754 TU 4 734-739
EX 8 725-766 EX 2 681-730

Bankcard 8:
EQ 713-751
TU 706-731
EX 729-759

FICO 9:
EQ 761-831 Auto 9 761-822 Bankcard 9 763-824
TU 722-797 Auto 9 724-788 Bankcard 9 730-794
EX 750-813 Auto 9  754-809  Bankcard 9 753-808

[arkane]

I joined Alliant on December 8 and applied for an SSL on December 14. As of Monday December 18, I can confirm that I see no new inquiries on any of my reports. It appears joining Alliant and opening an SSL is still a soft pull for both. 

[Anonymous]

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@arkane wrote:

I joined Alliant on December 8 and applied for an SSL on December 14. As of Monday December 18, I can confirm that I see no new inquiries on any of my reports. It appears joining Alliant and opening an SSL is still a soft pull for both. 

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Thanks for a fresh data point.

According to my notes (outdated), I believe we only saw an HP when a joint account or loan was opened.  Since this is basically a free loan (minus a few bucks over 5 years), there's no point in doing a joint to save money.  Each person should just do their own individual SSL.

[FireMedic1]

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@Anonymous wrote:

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@arkane wrote:

I joined Alliant on December 8 and applied for an SSL on December 14. As of Monday December 18, I can confirm that I see no new inquiries on any of my reports. It appears joining Alliant and opening an SSL is still a soft pull for both. 

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Thanks for a fresh data point.

According to my notes (outdated), I believe we only saw an HP when a joint account or loan was opened.  Since this is basically a free loan (minus a few bucks over 5 years), there's no point in doing a joint to save money.  Each person should just do their own individual SSL.

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I can second that. Opened Oct. SP'ed only. No HP.

[Anonymous]

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@arkane wrote:

I joined Alliant on December 8 and applied for an SSL on December 14. As of Monday December 18, I can confirm that I see no new inquiries on any of my reports. It appears joining Alliant and opening an SSL is still a soft pull for both. 

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just to clarify....did you also open Alliant savings?

or

only Membership and SSL?

[Anonymous]

Other folks can correct me if I am mistaken, but I think becoming a member of the credit union necessarily involves opening a savings account.

[arkane]

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@Anonymous wrote:

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@arkane wrote:

I joined Alliant on December 8 and applied for an SSL on December 14. As of Monday December 18, I can confirm that I see no new inquiries on any of my reports. It appears joining Alliant and opening an SSL is still a soft pull for both. 

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just to clarify....did you also open Alliant savings?

or

only Membership and SSL?

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I don't know if you can just join Alliant and not open an account, but in any case I opened a savings (declined offer to also open checking) account and then applied for the SSL.

[arkane]

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@arkane wrote:

I joined Alliant on December 8 and applied for an SSL on December 14. As of Monday December 18, I can confirm that I see no new inquiries on any of my reports. It appears joining Alliant and opening an SSL is still a soft pull for both. 

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Another update: I requested my first autopay date be Dec 23. Today (Dec 20) I logged into my account and was able to delete the scheduled autopay successfully (so 3 days before the first autopay is supposed to go through). Then on the homepage I'm immediately greeted with a cheerful notification to "set up an automatic loan payment".

So if you're super impatient like me, you can try deleting the autopay starting from the 3 day mark, and see if you luck out.

[Anonymous]

Yep, some people have deleted at three days before.  Some were unsuccessful so I didn't put that in.  The guidance currently mentions that deleting it very shortly beforehand the autopay goes through is possible but it may require more work and careful timing than some people care to invest.  Even with the comparatively foolproof method given we still get dozens of people asking how they are supposed to delete the autopay -- I shudder to think how many more we'd have if we gave them a narrow window of time.

Still, I may tweak the guidance to mention that two days before appears to work.

[arkane]

I would just put in BOLD SIZE 7 CAPITAL FONT "do not try to delete autopay until at least 3 days before the first autopay date, otherwise you're guaranteed to get an error message saying you can't!!!" (three exclaimation marks so people know you mean business )

If that doesn't work then I think you've earned the right to ignore people who still ask those questions, because they clearly did not read.