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The Quest for an SSL alternative to Alliant

Established Member

Re: The Quest for an SSL alternative to Alliant

Awesome. I was currently in the process of trying out SDFCU but they seem to be taking their sweet time reviewing my member application. I might have to sign up for Ideal CU in the near future. You mentioned that a $5000 minimum is required for the 60 month term, but what are the minimums for the 36 or even 24 month terms?

 

Edit: During the application process for Ideal, I tried using my ZIP code and it won't let me continue since I'm outside of their service area, despite it saying that anyone in the US is eligible through the $5 donation.

Bizz408's Credit Cleansing 2018
Starting Score: 568-570 12/2017
As of 6/2018: TU: FICO8: 686 (CK: 648) | EQ: EQ04: 653 (CK: 644) | EX: FICO8: 654 (Vantage 3.0: 629)
2018 Goal: 700

Current TLs: First Progress Secured $300 3/13 ; Macy's $600 7/13 ; Fingerhut $800 12/17 ; Kohl's $700 12/17 ; CapOne QS1 $750 12/17
CB Indigo $300 12/17 (Plan to close 11/18) ; Discover It $2400 3/18 ; Paypal 2% CB MC $300 3/18 ; Amazon Prime Store $600 3/18
Target $300 3/18 ; CapOne Platinum $300 3/18 ; AAoA: 16 months ; HPs: TU: 6 EQ: 3 EX: 13 (mainly CU/SSL INQs)
Message 31 of 153
New Contributor

Re: The Quest for an SSL alternative to Alliant

Same issue when I applied, I’m in the west coast.

FICO 8 - EQ 731 TU 728 EX 749
Message 32 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

The URL I gave earlier....

 

https://www.idealcu.com/join?highlight=WyJqb2huIiwibWlsbGVyIiwiam9obiBtaWxsZXIiXQ==

 

does appear to state clearly that you can join via that $5 donation.  I encourage you to give Ideal a call Monday, explain that you'd like to join the CU and open a savings account, but that the online process is not recognizing the $5 donation option.

 

I would not mention the SSL strategy when you talk to the rep  Just work on getting your savings account set up and document carefully (for the benefit of the folks here on the forum) what they do to resolve the donation issue.  It's important for us to gently help them get that fixed so that we can do a write-up of the approach.

 

Be sure not to rush the SSL app.  Wait until your savings account is fully set up, and that you have all the necessary funds in the account ($10 more than what the loan amount is for) and those funds are marked as available.

Message 33 of 153
Valued Member

Re: The Quest for an SSL alternative to Alliant

Hey, guys, thanks for your posts regarding these SSLs. I'm new here, my credit reports are blank, and I was going to get an SSL on top of the Discover secured card I just got approved for, but a lot of pros and cons were jumbled up in my head until I found these threads today. CreditKarma, Nerdwallet, etc.'s articles are of absolutely zero help regarding shared secured loans.

 

I have an ongoing SSL application for $200 over 10 years, approved by the loan rep. They'll need departmental approval as well, though, so I'll post details once my own safety is assured. Cat Tongue

 

My real contribution today is a list of personally researched (via website) credit unions that can be joined for free or with a modest donation to their designated nonprofit. The vast majority have Share Secured Loans (either under Personal Loans or in their Rates page), but minimums are usually not mentioned. Average APR is roughly the interest you earn on their savings account + 3%, so probably about 3.5-4%.

 

Sorry about the poor formatting - the forum forced me to remove all tables.

 

Name / External Cost to Join / Eligibility:

Langley FCU $5.00 Various

Hanscom FCU $12.00 Burlington Players

Premier Members CU $0.00 Impact on Education

Chevron FCU $20.00 Contra Costa County Historical Society

Hiway FCU $10.00 Minnesota Recreation and Park Foundation

Kinecta FCU $10.00 Consumers Cooperative Society of Santa Monica

Redstone FCU $5.00 Land Trust of North Alabama

Justice FCU $38.00 National Sheriff’s Association

Affinity Plus FCU $25.00 Affinity Plus Foundation

Heartland CU (KS) $0.00 Profession

Self Help CU $5.00 Center for Community Self-Help

US Senate FCU $0.00 American Consumer Council

Great Lakes CU $0.00 Not listed - let us help

Melrose CU $0.00 Open membership

Andrews FCU $0.00 American Consumer Council

Garden Savings FCU $8.00 American Consumer Council

Finex CU $10.00 East Hartford Friends of the Library

McGraw Hill FCU $10.00 VOICE Foundation

Pen Air FCU $3.00 Friends of the Navy-Marine Corps Relief Society

Southeast Financial FCU $5.00 Autism Tennessee

Consumers Credit Union $5.00 Consumers Cooperative Association

Korea:
Samsung Card SSG7 Limit: $15,000 + Instant Loan Limit: $20,000
Hyundai Card M.2 Kia Q Limit: $10,000 + Instant Loan Limit: $10,000 [closed]
Credit Rank: Was 2, dropped to 5 (scale of 1-10) simply for taking out a loan from a savings bank at 8% instead of a "tier 1 bank" at 12%
-----
US:
Discover it Secured Limit: $200
-----
Needing two different countries' financial systems is like needing two severely flawed women.
Korean credit system is dumber than FICO. US fund transfer speeds really need to catch up to Korea's 2 seconds. Seriously.
Message 34 of 153
Valued Member

Re: The Quest for an SSL alternative to Alliant

Here is my update to the mythical $200 10-year SSL -- it's a myth. So far, for $200, anyway, at DCU.

 

Despite being approved by the initiation rep, the finalization rep called it nuts. He said he couldn't provide a 10-year term, not for a $200 loan. Which I guess we all know is logical. He then offered a 1-year term before noticing my bummed out tone and offered 2 years, which I gladly took. Payment has been set at $8.65/mo. for 24 mos, 3.5% APR, for a total interest amount of $7.50-ish.

 

Now regarding CreditGuyInDixie's method for paying down 91.1% and keeping an 8.9% balance for the remainder of the term, I think I'll have to test it myself (slowly), unless there are other volunteers wanting to join? The loan finalization guy couldn't tell me anything about it, and referred me to the regular information line. Information lady asked the loan people and reported to me that it was not possible, that if I prepay on the loan it'll come due early and my loan would close once it's all paid. But I'm not sure they're right, because of this:

 

- Initial balance $200. $8.65 is due on 5/24/2018.

- I paid $8.65 --> $8.65 is now due on 6/24/2018.

- I paid $8.65 --> $8.65 is now due on 7/24/2018.

 

That's what's happening to my account page every time I pay. I'm not willing to test it further yet as I definitely don't want to close my loan acct in 2 months flat, but it certainly looks like there's a chance it's going to work the way we want it to, doesn't it?

Korea:
Samsung Card SSG7 Limit: $15,000 + Instant Loan Limit: $20,000
Hyundai Card M.2 Kia Q Limit: $10,000 + Instant Loan Limit: $10,000 [closed]
Credit Rank: Was 2, dropped to 5 (scale of 1-10) simply for taking out a loan from a savings bank at 8% instead of a "tier 1 bank" at 12%
-----
US:
Discover it Secured Limit: $200
-----
Needing two different countries' financial systems is like needing two severely flawed women.
Korean credit system is dumber than FICO. US fund transfer speeds really need to catch up to Korea's 2 seconds. Seriously.
Message 35 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

DCU typically does permit prepayment, but only for three months in advance.  You can confirm that by paying two more months and seeing if it does in fact extend the due date two more months beyond what it has done thus far.  If it does, then DCU has started permitting much further prepayment.

 

Continue following this thread and see if we can find some good 60-month options that permit paydown to 8%.  The three we currently have listed are all good.

Message 36 of 153
Valued Member

Re: The Quest for an SSL alternative to Alliant

 

I paid it 3 more times, and the next due date has been pushed back every time. It's now at 10/24/2018. Looking good so far?

 

I would've joined Navy Federal but my military experience is non-US; Ideal -- I don't have that kind of money to put into a secured loan; Alliant doesn't support my "state" code of MP. Meh. This is why I have that candidate list of 20 CUs -- they all support the state code in their applications.

 

EDIT: I DID IT FOR SCIENCE.

Paid all but $17.80, $8.65 at a time. My next due date is 1/24/2020. I just hope someone doesn't manually change it down the line.

Korea:
Samsung Card SSG7 Limit: $15,000 + Instant Loan Limit: $20,000
Hyundai Card M.2 Kia Q Limit: $10,000 + Instant Loan Limit: $10,000 [closed]
Credit Rank: Was 2, dropped to 5 (scale of 1-10) simply for taking out a loan from a savings bank at 8% instead of a "tier 1 bank" at 12%
-----
US:
Discover it Secured Limit: $200
-----
Needing two different countries' financial systems is like needing two severely flawed women.
Korean credit system is dumber than FICO. US fund transfer speeds really need to catch up to Korea's 2 seconds. Seriously.
Message 37 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Great news... we may have another winner.  Until now the received wisdom has been that DCU only permitted up to the first three months of prepayment.

Message 38 of 153
Valued Member

Re: The Quest for an SSL alternative to Alliant

 

Yeah, if it stays this way, it looks like a great option for people with not a lot of money to put into a secured loan, people like me. Those with more saved can put in a bigger amount and ask for a longer term. I'll definitely be keeping watch for any abrupt changes to my loan term so I could maybe open up another one ASAP if this one backfires.

 

Also, about DCU, it's been really easy to reach them from my experience this past week EXCEPT for loan finalization. That department seems understaffed. Reps are nice and professional enough, although maybe not the most knowledgeable.

 

Korea:
Samsung Card SSG7 Limit: $15,000 + Instant Loan Limit: $20,000
Hyundai Card M.2 Kia Q Limit: $10,000 + Instant Loan Limit: $10,000 [closed]
Credit Rank: Was 2, dropped to 5 (scale of 1-10) simply for taking out a loan from a savings bank at 8% instead of a "tier 1 bank" at 12%
-----
US:
Discover it Secured Limit: $200
-----
Needing two different countries' financial systems is like needing two severely flawed women.
Korean credit system is dumber than FICO. US fund transfer speeds really need to catch up to Korea's 2 seconds. Seriously.
Message 39 of 153
New Visitor

Re: The Quest for an SSL alternative to Alliant

Is there an HP joining DCU?

Message 40 of 153