penalized for not having installment loan? what does this mean

[lord_kinbote]

1 HP for membership and a second HP for a share secured loan.

[Firehorse]

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@akula wrote:
1 HP for membership and a second HP for a share secured loan.

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Oh, forget that then... The whole point here is for gardening and building a score. Not to take another hit, let alone two! 

Let's see what happens with Alliant first. I'm not sure what their issue is right now.

[Firehorse]

A-ha! So it's turns out Alliant was just watching my back. They couldn't figure out either why the micro deposit for verification went through yet the funds transfer didn't. It was escalated to a gal in their security department. She tells me, "I listened to your phone conversation with the CSR and even I didn't understand what they were trying to tell you." LOL!  "I'm the one that put the lock on your account because I needed to investigate this without an interference while I was in that process."

She called UMB (Fidelity) and they put their heads together and then it occured to them. I missed one of the MANY 3s in my account for the transfer.

Unlocked. And I'm good again.

Even though that was frustrating, it is nice to know that they were looking out for me.

Let you know when the loan is set up.

[lord_kinbote]

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@Firehorse wrote:

A-ha! So it's turns out Alliant was just watching my back. They couldn't figure out either why the micro deposit for verification went through yet the funds transfer didn't. It was escalated to a gal in their security department. She tells me, "I listened to your phone conversation with the CSR and even I didn't understand what they were trying to tell you." LOL!  "I'm the one that put the lock on your account because I needed to investigate this without an interference while I was in that process."

She called UMB (Fidelity) and they put their heads together and then it occured to them. I missed one of the MANY 3s in my account for the transfer.

Unlocked. And I'm good again.

Even though that was frustrating, it is nice to know that they were looking out for me.

Let you know when the loan is set up.

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Good deal.  I have only dealt with Alliant thus far, but they were excellent in regards to setting up the share secured loan.  Let me know how they compare to your other experience.  I just linked SDFCU to my brick and mortar but have yet to transfer funds.  I am not sold on the two year share secured loan term just yet.  I am trying to find one of a longer duration that is 500.00 and with a SP, but I will probably end up with SDFCU for 24 months.  I just switched to Discover banking, and did an ACH transfer of my entire savings account, so I am waiting for that to become available at Discover before I proceed with th second installment.

[Imperfectfuture]

Mine is soft pull. 509 gets you free checking, but it's only 24 months. The interest is only 11.5. Will be doing that, then a 1k secured savings or certificate for 4 years, think I am done at 6 years,

Looked at the other guys, but these are the lowest interest rates around,

[Firehorse]

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@Imperfectfuture wrote:
Mine is soft pull. 509 gets you free checking, but it's only 24 months. The interest is only 11.5. Will be doing that, then a 1k secured savings or certificate for 4 years, think I am done at 6 years,

Looked at the other guys, but these are the lowest interest rates around,

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Is this DCU?

Alliant seems okay, they approved my loan, but they asked me to send them: Driver's License, Utility Bill, SS Card, IRS Returns for 2012 & 2013, September bank statement. Not only does that seem like overkill for a secured share loan, they want in email! I'm sitting on it that thought right now.

[Imperfectfuture]

No, Alaska USA federal credit union (I escaped from wamu predatory banking in jan 2008).

Their interest rate is 2.2 percent. When I do the certificate (later). It's only 2% above certificate level, making it 3.1% for the four year (regular is 3.2 percent).

I already have account with them, so no docs required. They don't do docusign! So online, phone stuff is done by mail. Consequently, I go into branch to open installment. Since can sign docs right then.

[Anonymous]

As an update my Equifax just updated after my Alliant loan reported for the second time and it went from 656 to 662.  So now I am back to 1 point above where I started before taking out the loan.  Due to being paranoid about the autopay not going through, I actually double payed the first two payments.  Now I'm waiting on the TU and EX updates.  The TU tanked 15 points from the loan and I'm really hoping it comes back up near my starting point soon.  I'm glad DCU uses Equifax for car loan approvals, I'm really hoping I can get it up to 675 in the next few months so I can get their top auto loan rates.  My Bankruptcy will be 2 years since discharge next February, and my credit cards will keep aging.  All of the the many lates from before the BK will keep aging as well.    

[lord_kinbote]

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@Anonymous wrote:

As an update my Equifax just updated after my Alliant loan reported for the second time and it went from 656 to 662.  So now I am back to 1 point above where I started before taking out the loan.  Due to being paranoid about the autopay not going through, I actually double payed the first two payments.  Now I'm waiting on the TU and EX updates.  The TU tanked 15 points from the loan and I'm really hoping it comes back up near my starting point soon.  I'm glad DCU uses Equifax for car loan approvals, I'm really hoping I can get it up to 675 in the next few months so I can get their top auto loan rates.  My Bankruptcy will be 2 years since discharge next February, and my credit cards will keep aging.  All of the the many lates from before the BK will keep aging as well.    

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Gunmike1, thanks for the update!  My EQ took a 16 point drive when the Alliant installment posted to my account.  It has only appeared on EQ thus far and no payments have posted yet.  I am glad to hear yours went back up after a payment posted and please let us know the impact on TU/EX when payment posts.  Question, you stated that 675 puts you in DCU's top auto loan rates - is their specifics on fico score/rates anywhere?  Thanks

[Anonymous]

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@akula wrote:

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@Anonymous wrote:

As an update my Equifax just updated after my Alliant loan reported for the second time and it went from 656 to 662.  So now I am back to 1 point above where I started before taking out the loan.  Due to being paranoid about the autopay not going through, I actually double payed the first two payments.  Now I'm waiting on the TU and EX updates.  The TU tanked 15 points from the loan and I'm really hoping it comes back up near my starting point soon.  I'm glad DCU uses Equifax for car loan approvals, I'm really hoping I can get it up to 675 in the next few months so I can get their top auto loan rates.  My Bankruptcy will be 2 years since discharge next February, and my credit cards will keep aging.  All of the the many lates from before the BK will keep aging as well.    

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Gunmike1, thanks for the update!  My EQ took a 16 point drive when the Alliant installment posted to my account.  It has only appeared on EQ thus far and no payments have posted yet.  I am glad to hear yours went back up after a payment posted and please let us know the impact on TU/EX when payment posts.  Question, you stated that 675 puts you in DCU's top auto loan rates - is their specifics on fico score/rates anywhere?  Thanks

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I believe current DCU rates are 1.49% with direct deposit, and 1.99% without direct deposit for their best auto rates.  When I called them they told me the use Equifax, and 675 gets their top rate.  If you check the Auto Loan forum you might find more specifics on the rates other lenders give based on FICO score ranges.  When I looked around DCU was the best I could find.  My current CU would stick me with a 6% rate right now, with a 3.49% if I could somehow get my FICO's up to 680.  From memory DCU told me with my current score they could get me a mid 3% rate, so even if your scores aren't great their rates are still good.