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secured share loans in 2015

jamie123
Valued Contributor

Re: secured share loans in 2015


@joltdude wrote:

Seems it.. But Im trying to figure out in what order and exactly when I want to pull the trigger on what...

Really want payment to process to bring down util to 10% or so.. its a bit high due to the holidays...

 

Thiking Discover first, that way if they offer me a secured ill take it and hold off on the secured share loan, or take it out as a creditbuilder loan instead...

Then the Amex...

Then the secure loan if the discover didnt require the security deposit.. Then apply for the 4year loan with alliant when the share loan distributes...

 

Do realize its a bit of a order of operations for this... 

-J

 


Yes, make sure to wait at least 10 days after your CC credit card due date and perhaps 2 weeks because it is a CU CC to make absolutely sure that the CRAs have your proper UTI posted. You will look much better if your UTI is less than 10%.

 

If you are apping for the AMEX, do it first. They have the highest standards and you want your reports looking as best as possible at this point. The very second that you press the app button an HP will show on your reports.

 

After the AMEX app, no matter how it turns out. App for the Discover IT.

 

Once you have your new cards you can get the Alliant shared secured loan. This takes a while but there are no HPs involved at all. You need to:

 

1. Join Alliant Credit Union by opening a savings account.

2. Fund the savings account with $550. (So you have a bit of extra money to pay the interest on the $500 loan.)

3. Wait for 1 to 2 weeks for the funds to clear and your account to become active. (The time varies by individual.)

4. App for the $500 shared secured loan online.

5. Call the next day and inquire about the progress. They will finish the loan right there on the phone with you. Tell them you want to set-up autopay directly from your savings account.

6. Decide where you want the $500 loan deposited.

 

(So really, the shared secured loan only costs about $30 in interest over the loan's term. You are only tying up your $500 for the time it takes your account to activate because they are giving you back the $500 as a loan.)


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 11 of 14
Anonymous
Not applicable

Re: secured share loans in 2015

I just did that, with Coastal Federal CU. Everything went very smooth, didn't have to visit a physical branch even once. To become eligible for that CU you should pay one-time $18 fee. Deposited $550, took out a $480 loan for 24 months, 2.1% annual interest. I don't see any hard credit hit on my report, maybe they wave credit checks for secured loans. My TransUnion score immediately jumped 20 points. FICO score rose 7 points, and a message appeared "PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH:". So I think it is bound to rise in the future as I pay that loan down.

"

Message 12 of 14
vanillabean
Valued Contributor

Re: secured share loans in 2015


@pfarro1 wrote:

 

alliant only soft pulled me, as I wasn't going for checking or cc. no pull for the secured loan. I am however local to them so I opened account in a branch, YMMV. They did not pull at all when I did the share secured loan, which i did completely online/phone.


 

How long did you spend on the phone? I passed some idle time at my local credit union today by going for a $500 installment loan. The process took up the entire lunch hour; I am not kidding. It was a hard pull as it wasn't within 60 days of opening my checking account. The friendly clerk asked me so much additional information that I had to wonder if secured really meant secured; some of the questions may well have been just making conversation, I don't know. The loan is good for 24 months, probably needed $1000 for 48 months. $21.42 per month, have seen better, but the whole thing is ridiculous of course lol.

Message 13 of 14
Revelate
Moderator Emeritus

Re: secured share loans in 2015


@My-own-fico wrote:

@pfarro1 wrote:

 

alliant only soft pulled me, as I wasn't going for checking or cc. no pull for the secured loan. I am however local to them so I opened account in a branch, YMMV. They did not pull at all when I did the share secured loan, which i did completely online/phone.


 

How long did you spend on the phone? I passed some idle time at my local credit union today by going for a $500 installment loan. The process took up the entire lunch hour; I am not kidding. It was a hard pull as it wasn't within 60 days of opening my checking account. The friendly clerk asked me so much additional information that I had to wonder if secured really meant secured; some of the questions may well have been just making conversation, I don't know. The loan is good for 24 months, probably needed $1000 for 48 months. $21.42 per month, have seen better, but the whole thing is ridiculous of course lol.


That wasn't my experience at all... what did you? Smiley Happy

 

Anyway they did call me, but they simply asked "What do you need this for?" to which I answered "For FICO Scoring purposes, the money from the loan is going to sit in the savings account on autopay for the loan"

 

Dunzo, was that simple.  No HP at all from Alliant on my credit reports for either membership or share secured loan.  Couldn't be happier with them for a 5 year term on $500 at 3% APR.




        
Message 14 of 14
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