topic Re: FICO Survey for Alliant Credit Union in Credit Cards

Alliant Credit Union TIPS - APP & FICO Survey Results

Anonymous — Sat, 23 May 2009 16:42:54 GMT

If you have applied for Alliant Credit Union (http://www.alliantcreditunion.org), please help others by posting your results here. This way people can collectively see results to compare to their own circumstances and then post their own. Various helpful Tips & App Info for Alliant is provided below.

Please share your results: (UPDATED)

1. what your EQ FICO score at time of app

2. what was your AAoA and age of oldest account

3. what was your highest CL at time of app

4. any EQ derogs at time of app

5. what instant offers you received online

6. what instant Credit Limit & APR did you get

7. what credit did you receive through LO if no preapprovals

8. what verification or docs were required

9. Comment you think helpful

TIPS & INFO FOR ALLIANT CU:

1. ONLY pulls your EQUIFAX credit report (to date). UPDATE: ACU also uses ChexSystem verify in addition to EQ. If you have banking baddies with ChexSystems, people have been reporting this kills their apps for credit and membership.

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

3. If you qualify (FICO min 680, no recent baddies), you may 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. If you don't get instant online preapprovals, you may still qualify for credit by speaking with a Loan Officer and providing additional information (such as income, etc.)

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. Alliant does NOT offer secured credit cards nor credit builder loans (but claims to be working on developing a credit builder loan and possibly be available sometime by August - September 2009). Alliant does offer savings secured personal loans at only 2% above savings rate. This means if you put the borrowed funds back into savings you will earn more interest than you pay on the loan.

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 online 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 membership.

9. You do not have to maintain your membership with the "qualifying organization" (such as PTA) once you have joined Alliant. Once you are a member of Alliant, you will always be a member from that point forward.

10. IMPORTANT: Make sure your EQ credit file is NOT "locked" or "frozen" 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. However, having two applications on file (one failed and one successful) may cause confusion on credit applications or online offers.

11. The only way to know if your EQ file is locked/frozen, 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 or membership.

14. If you are offered the auto loan, you may want to "ACCEPT" the offer even if you don't need it, 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.

ANOTHER HELPFUL THREAD ON ALLIANT CU:

ALLIANT CREDIT UNION ROCKS!
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=152534

Message Edited by txjohn on 05-23-2009 09:42 AM

Re: FICO Survey for Alliant Credit Union

Anonymous — Wed, 25 Mar 2009 21:28:58 GMT

EQ FICO: 808
No Derogs
Intant Offer: Visa Platinum Rewards Card $10K, Auto Loan 4.69%, Home Equity Line, Free No Min Checking

Re: FICO Survey for Alliant Credit Union

Creditaddict — Wed, 25 Mar 2009 21:34:28 GMT

@Anonymous wrote:
Hey, I posted a TIPS thread for Alliant Credit Union, but we have lots of people asking what EQ FICO scores have been approved for the online "instant" offers.

So, please list (as few words as possible)

1. what your EQ FICO score at time of app =630, the EQ score they use was 610 (they don't use fico)
2. any EQ derogs at time of app = bk13
3. what instant offers you received online - failed the security thing, had to call in... they could not approved credit card right now, she said she could approve car loan but it would be better to wait because it would get a lot better if I got my score up 40-50 points which she thought I could do if I paid more debt down over the next 6 months and my bk would be over 3 years old then also.

Overall one of the nicest conversations I have had with a credit underwriter anytime recently and was very happy in the end even though I didn't get the products I was hoping for.

Message Edited by txjohn on 03-25-2009 02:30 PM
Message Edited by txjohn on 03-25-2009 02:30 PM

Re: FICO Survey for Alliant Credit Union

Anonymous — Wed, 25 Mar 2009 21:45:49 GMT

EQ Fico: 736

2 30 day lates (6yrs ago), 1 60 day late (6 yrs ago), 1 90 day late (6 yrs ago)
Instant Offers: Home Equity Line, Auto Loan 5.24%, Visa Platinum Reward $5k, Free Checking

WIFE

EQ Fico: 753

1 30 day late (2 yrs ago), 2 30 day lates (6 yrs ago), 1 60 day late (6 yrs ago), 1 90 day late (6 yrs ago)
Instant Offers: Auto Loan 5.24%, Visa Platinum Reward $10k, Free Checking

Message Edited by snibarger on 03-25-2009 02:45 PM

Re: FICO Survey for Alliant Credit Union

Schoolbuskid — Wed, 25 Mar 2009 23:01:14 GMT

I bit the bullet and applied nothing was instant for me nor did i receive any preapproved offers.

Equifax Score-584 (probably needs to be atleast a 630 or more) Just my opinion.

Baddies-1 unpaid Med Collection, High credit card balances.

I have not spoken with them again since the app, probably call tomorrow to see what they can do, i was only interested in a personal loan, to replace my HSBC loan.

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 00:51:52 GMT

I just applied the only special offers i received was a free checking account didn't accept it an most likely i will not fund or open the saving account this was a waste why did i do this to myself. My EQ score is 653 only baddies i have on my report is one paid collection that's a year old.

Re: FICO Survey for Alliant Credit Union

Creditaddict — Thu, 26 Mar 2009 01:11:50 GMT

CALL tomorrow morning and speak with a credit person. tell them you are looking to refinance your car loan. If I can get a car loan with BK and a 610, I'm sure you can!

Re: FICO Survey for Alliant Credit Union

Woolfman — Thu, 26 Mar 2009 01:16:45 GMT

Well i also bit the bullet and applied and they offered me a 5k visa rewards and a 15k auto loan at 5.26%

No baddies on my credit. No real credit history getting close to 1yr AAOA and 8 accounts opened in that year period and my scores are below I didnt take the car loan as i just got one . The rate is lower but i am going to talk to them about refi

Message Edited by Woolfman on 03-25-2009 06:16 PM

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 01:16:05 GMT

mj,

I agree, just because you didn't get an instant offer does not mean you can't get credit with them. It just means that it will take a loan officer to review and possibly to get income verification. Remember, their online process does not ask about income nor review your entire report.

They have pulled the report, it cost you 1 inq on EQ...so you might as well follow through and call to see if they what a loan officer will say.

Re: FICO Survey for Alliant Credit Union

Creditaddict — Thu, 26 Mar 2009 01:17:59 GMT

I did have to agree to another pull when talking to loan officer, she said it was a different system then when opening an account... but I would still tell you it will be worth it!

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 01:47:44 GMT

Congrats on the scores and on the Alliant offers.

Message Edited by txjohn on 03-25-2009 06:47 PM

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 01:24:30 GMT

FICO 710 (Clean report, no lates,no baddies)

Approved for Platinum Rewards Visa $7,500 @ 11.5%

Approved for Auto Loan $21,000 @ 4.85%

When I closed on my auto loan, they also gave me a $1,000 ODLOC @ 12.15%

Absolutely love Alliant CU !!!!

Re: FICO Survey for Alliant Credit Union

billsfan14 — Thu, 26 Mar 2009 02:34:07 GMT

@Anonymous wrote:
FICO 710 (Clean report, no lates,no baddies)

@Anonymous for Platinum Rewards Visa $7,500 @ 11.5%
@Anonymous for Auto Loan $21,000 @ 4.85%

@When I closed on my auto loan, they also gave me a $1,000 ODLOC @ 12.15%

Absolutely love Alliant CU !!!!

I have the same score... what's your AAoA and INQ totals? I told myself no more accounts, but I have been wanting to join a CU for some time now...

Thanks

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 04:10:56 GMT

I just apped and received an account rep. will contact me by mail within 3-5 days. I have a EQ 662 and AAoA 2yrs with oldest being 9yrs. 19%UTIL and.

What does this mean?

Re: FICO Survey for Alliant Credit Union

Creditaddict — Thu, 26 Mar 2009 04:20:58 GMT

@Anonymous wrote:
I just apped and received an account rep. will contact me by mail within 3-5 days. I have a EQ 662 and AAoA 2yrs with oldest being 9yrs. 19%UTIL and.

What does this mean?
thats what I got... call tomorrow and ask to speak to someone in credit, they will probably want to pull credit again but they have decision power!

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 04:34:25 GMT

I just found that they pull Chexsystem... I have a checking account that was opened about 5 yrs ago that bit the dust for abour $900. Will they decline on this if Fico is good and if I pay would they open the account? I have a Business Checking and two Personal at our Local bank plus a Savings with BOA so I am not worried about the Savings just a good CC.

Thanks

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 08:58:23 GMT

I like what i'm reading about Alliant , but i probably woulnt qualify with an EQ of 611 and 2 baddies (a paid off Cap 1 CC and an HSBC auto loan- paid up in full but with lates) . Only positive thing is a Cap 1 auto loan paid without any lates. I also have quite a number of inquiries. What do you think guys?

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 09:51:37 GMT

My newest A/C is 6 months old, oldest is 8 years old.

Re: FICO Survey for Alliant Credit Union

Anonymous — Thu, 26 Mar 2009 09:55:09 GMT

Forgot to mention, I had 0 inquiries when I applied.

Alliant does pull Chexsystems and will decline accounts (including credit products) if any derogatory items are listed there.

Another note - CLI's cannot be requested at time of activation. The account must be at least 6 months old, and it is handled as a new application; hard pull, income verification etc. They told me that they are good about CLI's as long as your credit profile has remained consistent and your payment history with them is solid with no lates.

Re: FICO Survey for Alliant Credit Union

haulingthescoreup — Thu, 26 Mar 2009 11:15:47 GMT

Hey, everyone, I'd like to remind you of txjohn's (OP's) original request on msg 1:

I posted a TIPS thread for Alliant Credit Union, but we have lots of people asking what EQ FICO scores have been approved for the online "instant" offers.

So, please list (as few words as possible)

1. what your EQ FICO score at time of app
2. any EQ derogs at time of app
3. what instant offers you received online
4. what instant Credit Limit & APR did you get

I do realize that lots of you are posting this, but many are also including "I have to wait " and stuff like that.

There are several general feedback threads on Alliant going around --it's the card du jour --so maybe you can post your hurrays on those others, and keep this on a resource for others wanting to know how to qualify.

Congrats to those who got in, and good luck to those who are waiting to hear.