Thank you @CreditSage @Pikaboo-icu @kobeisthegoat
And thank you @CreditGuyIn Dixie
exacty why asking anyone at the bank these "complicated" questions is comletely useles. literraly none realy knows the answer to that question. maybe the person who designed copmputer that runs these things....but who knows where are they now lol.
no need to ask them these questions. you are just bringing attention to this and answer is worth zero.
I read of a few alts to Alliant BUT my question how many of these CU's report to all 3 Bureau's?
All three of the alternatives found thus far (see post #2) report to all three bureaus. If a particular bank/CU did not report to all three bureaus, that would be listed as a major disadvantage. I include post #2 below for your convenience:
CUs/Banks that work for sure (though they may not be perfect)
Navy Federal Credit Union
Score: 99% chance this will work (recent datapoint here)
* Offers a true SS loan, early paydown while keeping it open, etc.
* Navy may require a hard pull to join (mixed reports on this)
* Navy has more challenging criteria to join, but some people have found a way to circumvent this. (E.g. a dead grandfather who was in the army)
* A 60 month loan has a large minimum loan amount ($3000)
Alliant Credit Union (unsecured loan option)
Score: 99% chance this will work
* Works basically just like a Share Secure loan as far as early paydown
* The early paydown essentially negates any problem with the interest rate
* Hard pull (we expect on Equifax)
* People with low scores may be rejected
Score: 85% chance this will work (no one has proven it yet by opening an SSL at this CU and seeing what happens, but the customer service reps have confirmed all the key features)
* Offers a true SS loan
* Early paydown while keeping it open
* Soft pull only
* Basically anyone can join (involves a one-time $5 donation to a non-profit).
* A 60-month loan requires a huge initial loan size ($5000). The much smaller $500 loan is possible but has a 12-month term.
Reminder: If a person is preparing to buy a car in the next 10 months (to take one example) the 60 month term has no real benefit. His needs will be fully met with a small $500 loan and a 12 month term. Such a borrower should still execute the full SSL Technique as described by folks here on the forums, which means paying the loan to under 8.9% in month 1.
Are there people who have done this through ideal with success that it works? Are there any data points on how much it raises a score if it's your only installment loan?
and has anyone finished on through NFCU?
Hello Bees18. Several success stories with NFCU. Few if anyone has tried Ideal (but I will be glad to help you with that if you want to give it a shot).
25-40 points is the range for the scoring bonus, with 30 being a reasonable target.
Applied for a $600 SSL loan at Ideal today. Since someone mentioned that you can fund the account after approval I decided to do it that way instead of calling them to open a Savings account and I can take a HP if necessary. Hopeflly I'll know sometime tomorrow if it was approved.