Installment tradeline utilization thread

[JBjunior]

Thank you for the response, good to know. I added a question about using their website and finding the make a payment option.

[manyquestions]

"Transfer Money" on the top menu bar.   Select from savings. Select to the loan.

[JBjunior]

Sweet, thanks.  And before I do it, it seems that if I go ahead and pay it down to $45 before it reports the first time, I will still be good to go.  Does anyone have any differing opinions?

[SouthJamaica]

Question: Alliant just indicated to me that I need to have an automatic payment provision. Apparently that provision will prevent me from holding on to the loan over a long time, if I pay it down quickly. E.g., if I pay it down to a $150, or 15%, balance, the automatic payments of $11 per month will obliterate the loan in 13 months.

Now what do I do?

[Anonymous]

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@SouthJamaica wrote:

Question: Alliant just indicated to me that I need to have an automatic payment provision. Apparently that provision will prevent me from holding on to the loan over a long time, if I pay it down quickly. E.g., if I pay it down to a $150, or 15%, balance, the automatic payments of $11 per month will obliterate the loan in 13 months.

Now what do I do?

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On page 11 of "Should I get an Installment Loan," Olehammer and CreditMagic7 discuss this very thing. Olehammer says he recently got this same loan from Alliant, and they set him up with the automatic payments, but he was able to turn around and cancel them and proceed on his own. He said he then could have set up another recurring payment at a lesser amount if he wanted or just pay manually as he chose.

[mster]

Ummm... my new Alliant loan just posted to EX at <10% util. My score jumped **** 30 **** points #@$^&%!

[Anonymous]

Congrats mster!

Is it fair to assume that you had no installment loans -- open or closed -- on your credit report prior to this, so part of your bump is your improved credit mix?

[jamie123]

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@mster wrote:

Ummm... my new Alliant loan just posted to EX at <10% util. My score jumped **** 30 **** points #@$^&%!

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That is great! You are on the top end of point accumulation for one of these loans. I haven't ever heard higher than 30 points. Good job.

[mster]

No closed or open installment loans previously reporting. Think my student loans fell off a while ago. Never had an auto loan or a mortgage.

[Anonymous]

Sweet!! congats!