Alliant is the bomb!!!!!!!!!!!!!

[favor4me2]

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.

[Anonymous]

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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.

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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]

Thanks

[wndrwmn78]

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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.

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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?

[wndrwmn78]

Also, do you mind my asking what rate you received on the loan?

[favor4me2]

No not at all, the lo said it would be around 14% because my score was under 740 and I didn't have a relationship with the bank yet. The payment will be $211 a month for 30 months with no early prepayment penalty, so I don't expect to keep it that long, I will pay it off the first of the year. This is still cheaper than what I pay a month on cc and he said I could redo that loan in 6 months for a cheaper interest rate. Currently I pay 23% for Hooters so it is much cheaper than that and my score will go back up when the cards are paid off.

[wndrwmn78]

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!

[favor4me2]

I have 10 inq on equ 5 of which is from this year because of all the recent apping for credit, and to my surprise 2 from Alliant which explains why my score was 660. When I originally did the app my score was 680 because the new car I bought hadn't hit yet. The lo did pull another cr I recently received an alert from scorewatch saying my score had dropped to 664 I was wondering how he got that information, when I went to check my inq for you it said I had 2 inq from Alliant one on 7-10 when my score was 680 and one on 7-20 after it dropped to 664 the lo told me he would use the same score however it appears that he told an untruth, I will be talking to him tomorrow about that. The other 5 are from two years ago that will drop off next month from a car I bought and traded in. I was planning on opening a checking account with them before the 30 days was up, but I'm not sure now because I cannot trust them that it won't result in another inq. My util at the time was around 60% I hope this helps good luck.