@RushXTC wrote:At the moment I only have $5xx at my DCU Savings, If I took out a $500 savings secured, Do they leave those $500 in my account or do they take it until I finish paying off the $500 loan?
I'm asking because I wouldn't be interested if they took it... Unless they just need you to have that amount in the savings account.
Any info appreciated, Thanks.
I haven't used DCU's share secured product, but rationally I expect they'd simply mark the $500 as not being able to be withdrawn. I have that on an old savings account where there's somethin like $9.xx in it but I can only withdraw $4.xx from it, $5 minimum exactly, I suspect it'd work the same way.
Why would it matter if they took it vis a vis BOFA and dumped it into a hidden account? You get it back eventually, and can't touch it while it's underwriting the loan, and is returned once paid off... not seeing the difference semantically unless you're using that $500 for asset verification?
@RushXTC wrote:
@Revelate wrote:
@RushXTC wrote:At the moment I only have $5xx at my DCU Savings, If I took out a $500 savings secured, Do they leave those $500 in my account or do they take it until I finish paying off the $500 loan?
I'm asking because I wouldn't be interested if they took it... Unless they just need you to have that amount in the savings account.
Any info appreciated, Thanks.
I haven't used DCU's share secured product, but rationally I expect they'd simply mark the $500 as not being able to be withdrawn. I have that on an old savings account where there's somethin like 9.xx in it but I can only withdraw 4.xx from it, $5 minimum exactly, I suspect it'd work the same way.
Why would it matter if they took it vis a vis BOFA and dumped it into a hidden account? You get it back eventually, and can't touch it while it's underwriting the loan, and is returned once paid off... not seeing the difference semantically unless you're using that $500 for asset verification?.
Well, I could use the loan, But I don't NEED it. (I could pay off 2 accounts and merge it into one with $500) however, I do enjoy DCU's 3% APY on those $500... So that's why it matters to me.
Might still get it, I still get the dividends on both my Alliant and USAA secured loans for the underlying account.
Damn though, minimum $200 at 3.5% for 120 months... I should've done that instead of USAA, oh well, lesson learned for 5 years from now if I still need these loans at that point. Doubly true if you still get the 3% (which I suspect you would for as long as they're offering that) knocking the effective APR down to .5%.
Wow doubly nice, I may have to rethink my Alliant CU = best in class for this (though they didn't HP for membership in addition to no HP for the secured loan either).
That said, my DCU secured card doesn't seem to report as secured; while that's not a big deal as every underwriter on the planet is going to know what a $500 loan is anyway, I'd be interested to know how your loan reports after it does so.
@Revelate wrote:Wow doubly nice, I may have to rethink my Alliant CU = best in class for this (though they didn't HP for membership in addition to no HP for the secured loan either).
That said, my DCU secured card doesn't seem to report as secured; while that's not a big deal as every underwriter on the planet is going to know what a $500 loan is anyway, I'd be interested to know how your loan reports after it does so.
rev i am thinking of doing an secured loan with allaint just so i have an instalment loan on my credit report. Whats the min they will loan , and do i have to do income verification with them like i would if i applied for auto loan or cc ?
@mongstradamus wrote:
@Revelate wrote:Wow doubly nice, I may have to rethink my Alliant CU = best in class for this (though they didn't HP for membership in addition to no HP for the secured loan either).
That said, my DCU secured card doesn't seem to report as secured; while that's not a big deal as every underwriter on the planet is going to know what a $500 loan is anyway, I'd be interested to know how your loan reports after it does so.
rev i am thinking of doing an secured loan with allaint just so i have an instalment loan on my credit report. Whats the min they will loan , and do i have to do income verification with them like i would if i applied for auto loan or cc ?
$500, I didn't submit any paperwork for it. I know I wouldn't in such a product, $500 security deposit counts towards my fractional reserve, charge whatever interest rate so that I'm not losing any money on the payment transactions and if they flake /shrug.
@RushXTC wrote:So, I received an e-mail today at 7AM saying I had to call them to finalize the process.
They gave me a reference number and a phone number/extension to call, Called them, Gave them extension.... They e-mailed me a "DocuSign" document to sign over the internet and BOOM! Within an hour I had the money into my savings.
Wow, That was super simple! I recommend it to anyone wanting to do that... I'll be using it over and over as a method of paying my accounts faster and not touching that money (Technically). I'll pay accountsi n full (the ones that are less than $500) and use the minimum from that + the minimum from DCU ($42 on $500) and pay it off in half the time. =P (Total interest is like $10 in 12 months, lol).
Erg, congrats, but why do you want to keep it half the time? You want to extend it as long as possible 
. Just pay the minimum.