@Anonymous wrote:
@Revelate wrote:
@Creditaddict wrote:
@Revelate wrote:
@Creditaddict wrote:
@Anonymous wrote:I'm considering Alliant because I don't have any installment loans right now. Maybe you can advise me on when will be a good time to apply for it? I was pondering on the benefits of a secured 2-year loan now, or closer to home-buying time (looking at 2018)?
if you are going secured then now is great.
+1 but do a 5 year loan. If playing installment reindeer games you want as long of a term as possible when we're talking FICO improvement. Mo' pretty OK's, mo bettah!
but op won't want that loan after the mortgage right... if mortgage is in 2018, should they still take a 5 year loan and pif before applying for mortgage?
You can PIF after the mortgage, but you want the pretty installment utilization explicitly for EX Risk Model v2 which is part of the mortgage trifecta where it does actually matter. An additional $9 or whatever on the DTI calculation should make absolutely no difference, and at least as of last year many lenders would ignore it if we're talking small balances anyway.
I haven't dumped either of my secured loans (USAA and Alliant) as they're costing me literally pennies and they're easy to maintain positive tradelines.
Thanks for your advice Rev! I'll definitely do the 5YR secured loan. I currently have an installment loan C/O that's due to fall off in August of 2017 so this Alliant loan is likely not going to help me until that baddie falls off. It also has a delinquent balance but I'm thinking of settling after the fall off.
Actually FICO 8 wants open installment loans at pretty utilization; a closed line ending in a CO isn't good for one's FICO, but that's payment history, and that's not where the share secured loan lands for the bulk of the points.
Open up the Alliant loan, let it report, then knock the balance down to $20 or whatever, and kick a dollar every six months to it. You should see an increase in your FICO 8 and on EX 98 which is a mortgage score awfully quickly. Look at CreditGuyinDixie's guide for specific how-to.
I just received a OneMain 6k pre-screened offer too. Says Express Loan Certificate sideways on the right side. A couple months back they sent me a 4k pre-screened offer with a little plastic card enclosed.
No thank you. If it didn't affect my AAoA, I'd take out the loan just to return it within 14 days like the offer says I can. At least I know I'm opted back in for sure now. That's the benefit of receiving this offer today (=
No thank you. If it didn't affect my AAoA, I'd take out the loan just to return it within 14 days like the offer says I can. At least I know I'm opted back in for sure now. That's the benefit of receiving this offer today (=
@Anonymous wrote:
@woodyman100 wrote:
@Anonymous wrote:I received my first pre-selected mailer ever! It just so happens to from OneMain Lending for a $6K loan. It doesn't say what the interest rate will be but it's fixed. I'm so glad that it's confirmed that I'm not opted out of mailers because I thought that was the reason I wasn't getting anything. Hopefully as my credit rebuilding journey progresses, I'll be receiving more of them with better offers.
The rate will probably be in the 21-25% range.
Ouch!
+1 to this. OP from experience, I hope you look at all of your options, as far as who you get the loan from. There have been some bad experiences with them, and the interest rates are out of this world. I'm not suggesting to not use them, but if you look around you may find a better option. I'm just suggesting that you do your research on them and any others before youe commit. Best of Luck.
