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@favor4me2 wrote:
called lo today to inquire about unsecured loan was told he did not have to pull another report because it was wihin the 30 day time frame I requested a 5k unsecured loan to pay off cc debt. He put me on hold to send it to underwriter came back and said i was approved. I told him I also wanted to inquire about a cc, he unformed me that because I was a new member I should wait about six months to acquire some payment history with them and apply again. He also told me that if I opened a checking account that they could use the same report. Funny thing tho when I applied with them my Equ score was 680, he told me that it was between 640-660.
Congrats!
Many banks and CUs use their own internal model for interpreting your credit report and FICO score. In many instances its lower.
That being said, if you handle your loan with Alliant responsibly, your payment history on the loan will be as important as your FICO in determining additional credit offered.
@favor4me2 wrote:
called lo today to inquire about unsecured loan was told he did not have to pull another report because it was wihin the 30 day time frame I requested a 5k unsecured loan to pay off cc debt. He put me on hold to send it to underwriter came back and said i was approved. I told him I also wanted to inquire about a cc, he unformed me that because I was a new member I should wait about six months to acquire some payment history with them and apply again. He also told me that if I opened a checking account that they could use the same report. Funny thing tho when I applied with them my Equ score was 680, he told me that it was between 640-660.
Congratulations! I've been thinking about doing the same thing; I really want to getmy cards paid off, and would rather have the balance as installment than revolving. It's only about $3500 but even that will take me a while to get paid down.
In addition to your score, how is your EFX report?
Thank you for the info! I agree with you - I have some cards with much higher rates, so the monthly payments would definitely be less, with the option of paying off early. I know the general consensus is to not move debt around, but if you can refrain from charging up the cards again, I think it can be a good thing. Plus, it's a great way of establishing a relationship with Alliant!
Do you mind mentioning your number of inquiries and UTIL? I'm just trying to compare my report to yours a little...you can PM if you don't want to get into specifics. Thanks again!