topic Re: Alliant Credit Union TIPS in Credit Cards

Alliant Credit Union TIPS

Anonymous — Sat, 04 Apr 2009 22:01:32 GMT

EDIT INPUT: I have posted a SURVEY for FICO Scores of people who have successfully been approved for Alliant Credit Union Instant Offers here. So, check the survey out to see what scores have been approved. Check back from time to time for new user input.

ORIGINAL POST: I read in another thread (Alliant Credit Union Rocks!) that Alliant was easier to qualify and quicker to get results than PenFed and that people with high 600's were getting up to $5k and low 700 was getting $7.5k. Results may vary depending on specific derogs in your file in addition to your score.

I just completed, successfully, joing and being approved for the Alliant Visa Platinum Reward ($10k) and Auto Loan (4.69%). I referred my brother and sister, they each had similar success. I have pretty high EQ of 808, my brother had 736 and sister 753.

I went to www.alliant.org and "JOINED" Alliant Credit Union by opening a "Share Account" (Savings), which took only 3-4 minutes. Upon completing the sign up information, it said they would "verify" my identity through Equifax Security, Inc. (division of EQ). This only took 45 seconds. But upon completion I was presented with instant preapproved offers for Visa, Auto Loan, Home Equity Line of Credit and Checking. I accepted the Visa and Auto, clicked a couple more acceptance/acknowledgements and was done. Then I had to print out a "Signature Card" to mail back (Alliant must receive within 10 days of application). It was easy, quick, painless and very REWARDing.

With that said, I did pick up a few tips and info along the way:

1. Alliant Credit Union (www.alliant.org) ONLY pulls your EQUIFAX credit report (to date). So, if this is your strongest CR, you're in luck, and you will not get inquiries across all three, just EQ. UPDATE: It appears they also to a ChexSystem verify on top of EQ. If you have banking baddies with ChexSystems people have been reporting this kills their apps for credit.

2. Alliant is very generous if you are at all credit worthy (reports of $5k with upper 600's & $7.5k with low 700).

3. If you qualify, you will receive instant preapproved online "offers" for credit cards, auto loans, home equity lines of credit, checking and other offers from your single credit pull when you open an initial Share Account (Savings) which you only have to fund $5 to (debit/credit card or checking draft). Not everyone will be offered every item, limits will vary, interest rates will vary.

4. Alliant is a credit union and you must be a member in order to bank or be able to apply for any loans or credit.

5. In order to "join" Alliant you must be employed by, or belong to a "qualifying" organization/company.

6. The easiest way to qualify to join Alliant is with your "local PTA" (if you all ready belong to the PTA at your kids school). Local PTA's generally cost $8 - $15 annually.
7. The fastest and easiest organization to join which qualifies is the national PTA (www.pta.org) which you can do online and only cost $25.

8. When you select Local or National PTA as your qualifying membership organization, you will NOT be required to verify or provide any proof of membersip.

9. You do not have to maintain your membership with the "qualifying organization" once you have joined Alliant.

10. IMPORTANT: Make sure your EQ credit file is NOT "locked" otherwise you will get a message/error that your "identity could not be verified" and you will not be able to complete the online process. If you get this error, once you have "unlocked" your EQ CR, you CAN re-apply online without calling or sending in the paper app.

11. The only way to know if your EQ file is locked, is to be subscribed to EQ subscription/service.

12. If you have EVER signed up for EQ credit services and "locked" your file (intentionally or not) you can only unlock your file "temporarily" for up to 1 year max. If you cancel your service with EQ, many people have reported that their credit file was "locked" upon cancellation, forcing them to sign up again when they needed to apply for credit in order to unlock the file.

13. If you do not unlock your EQ file, then Alliant can NOT pull your file from EQ, and will not be able to approve you for credit.

14. If you are offered the auto loan, you may want to "ACCEPT" the offer and then later not use it. If you accept the initial offer, then your CC and Auto will be on the same single EQ pull. If you decline one of the offers, then later want to change your mind, you have to reapply and they will do another hard pull.

Message Edited by txjohn on 04-04-2009 03:01 PM

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 20:32:05 GMT

So I can apply and chose that I am a member of the PTA and not really be a member? Do they give offers with those of EQ 662 and a 2yr avg. age?

Re: Alliant Credit Union TIPS

Creditaddict — Wed, 25 Mar 2009 20:34:10 GMT

@Anonymous wrote:
So I can apply and chose that I am a member of the PTA and not really be a member? Do they give offers with those of EQ 662 and a 2yr avg. age?
It will cost you $25 to be a member of PTA, it's not a big deal to join them and then not lie on your application.

I just joined and have been VERY happy so far.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 20:56:45 GMT

In the interest of honesty, I recommend that you actually join. I only meant to communicate that you will not have to send in a copy of membership card or other proof. But, that is a personal choice, since it is an "honor system" when you apply.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 21:22:28 GMT

My EQ score 653 i have a few new accounts an one paid collection showing i wonder do i have a chance.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 21:31:14 GMT

I'm not gonna apply until i see people with the same score of mine approved,

Re: Alliant Credit Union TIPS

Creditaddict — Wed, 25 Mar 2009 21:36:45 GMT

@Anonymous wrote:
My EQ score 653 i have a few new accounts an one paid collection showing i wonder do i have a chance.
If you don't have much debt, you should be good... that seemed to be her biggest issue with my application today, even more so than the bk! especially my $486/500 target card... she mentioned that a couple times, she even commented that yes this isn't much money but probably dragging my score down real low.... and yes it's paid to $0 already, I just missed the reporting on it.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 21:46:18 GMT

@Creditaddict wrote:
If you don't have much debt, you should be good... that seemed to be her biggest issue with my application today, even more so than the bk! especially my $486/500 target card... she mentioned that a couple times, she even commented that yes this isn't much money but probably dragging my score down real low.... and yes it's paid to $0 already, I just missed the reporting on it.
Yeah i just don't wanna waste a inquire. Right now on my credit report only 3 cards are reporting a balance an a car loan an a personal loan. Best Buy balance is $22 limit is $600 Sams Club balance is $43 limit is 750 JCP balance is $6 limit is $650. I would like to refinance my car loan with Capital One.

Re: Alliant Credit Union TIPS

Creditaddict — Wed, 25 Mar 2009 21:50:29 GMT

the car loan offers I have seen from Alliant are 3.99, is Capital One offering that?... might be worth that inq!

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 21:52:08 GMT

mj,

something to consider is this: Cap One will check (inquiries) all three CRA. Cap One rates are not as good as Alliant. If you want an auto loan and cc from Cap One, each will cost you an inquiry on all 3 CRA's.

If you apply to Alliant, it cost you 1 inquiry on 1 CRA only. If you get an offer, you may very well get an offer for auto and cc from the same inquiry.

But, if you want to be more comfortable, we have started a new FICO Survey thread in the Credit Cards section (link has been added to the original post of this thread).

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 21:58:46 GMT

@Creditaddict wrote:
the car loan offers I have seen from Alliant are 3.99, is Capital One offering that?... might be worth that inq!

My card loan with Capital One has a 15 percent interest rate I've had it for a year. I'm just wondering if they approve me for a car loan how would i refinance my car loan i have now i'm confused?

Re: Alliant Credit Union TIPS

Creditaddict — Wed, 25 Mar 2009 22:04:09 GMT

if your currently with capital one I don't think you can refinance with them, if you get a loan with Alliant, you just call capital one for your payoff and then tell alliant how much you need the check for to pay off capital one.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 22:06:52 GMT

@Creditaddict wrote:
if your currently with capital one I don't think you can refinance with them, if you get a loan with Alliant, you just call capital one for your payoff and then tell alliant how much you need the check for to pay off capital one.

Ok thats how it works not sure still thinking if i wanna apply.

Re: Alliant Credit Union TIPS

Creditaddict — Wed, 25 Mar 2009 22:08:35 GMT

at 15% I wouldn't be thinking, I would be applying as fast as possible!!!! Keep us posted of your decision.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 22:17:38 GMT

@Creditaddict wrote:
at 15% I wouldn't be thinking, I would be applying as fast as possible!!!! Keep us posted of your decision.

Yeah your right i'm gonna apply in like a hour after i take care of some things around the house ill let you no my results.

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 22:20:20 GMT

Please post your results on our SURVEY thread at http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=153089.

We are trying to get a thread that shows a large number of results with corresponding FICO and offers so that people considering an app can have a little idea up front of what to expect. Thanks!

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 22:22:10 GMT

@Anonymous wrote:
Please post your results on our SURVEY thread at http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=153089.

We are trying to get a thread that shows a large number of results with corresponding FICO and offers so that people considering an app can have a little idea up front of what to expect. Thanks!

Sounds like u work for Alliant? lol

Re: Alliant Credit Union TIPS

Anonymous — Wed, 25 Mar 2009 22:29:28 GMT

I just like research to be a little less complicated. Alliant seems to be of enough interest and value to many people that I would like to see helpful info for specific items to be in a single useful thread. Heck, I'd like to see similar on PenFed and others too.

Re: Alliant Credit Union TIPS

Woolfman — Wed, 25 Mar 2009 22:41:55 GMT

So just curious here .. If you sign up and are pre approved for something . Does that mean your really approved? Or does that mean you just fit thier criteria and someone else will be reviewing it and making the final decision?

Re: Alliant Credit Union TIPS

Creditaddict — Wed, 25 Mar 2009 22:43:25 GMT

from what I have seen in the last week... it means APPROVED!