@sourpuss29 wrote:
@Gmood1 wrote:Yeah, wish you'd hit us up before playing with Alliant. You would have been forewarned, this is more a bank than a credit union IMO.
Good credit unions are hard to find!
Sorry for denial.
Plenty of them do offer a secure share loan.
I wish I would have floated my plan here first as well; and had I known in advance that they operate more like a bank, I NEVER would have opened an account with them.
I have been VERY methodical as it pertains to my rebuild...which is why, with the exception of Alliant, I only have inquiries correlating to accounts I have open.
*edit*
Since I just paid off an unsecured loan, wouldn't taking out a secured one be a step back?
No it's not a step back at all. The credit bureau's computers grade it as a installment loan. That's all that matters. I have a shared secure loan that has been reporting for 48 months now. I've had several auto loans and a mortgage during that time. I didn't necessarily need the SSL. But wanted it to help thicken my credit file. IMHO and experience, it has done it's job. I may add another in the coming months as this one is about to expire.
So grab another SSL! lol
From a credit scoring perspective there is no difference between a secured and unsecured loan.
A secured loan is always cheaper frankly, at the cost of parking $500 for a few weeks at the outside I don't know why anyone doesn't go that route if they don't have another open installment loan on their reports.
If I didn't have an auto loan and soon to be two open mortgages I'd be opening up a share secured loan with Penfed and going and playing my reindeer games. As it is with my net worth just hitting a monster milestone today (for all that it's probably temporary) I'm seriously considering switching gears, forgetting about the stock market for now, and just focusing on my debt which is all installment anyway at this point.
Thank you for the feedback as it pertains to SSLs. I'll definitely be looking into it tomorrow. 
@coldfusion wrote:
@Revelate wrote:From a credit scoring perspective there is no difference between a secured and unsecured loan.
A secured loan is always cheaper frankly, at the cost of parking $500 for a few weeks at the outside I don't know why anyone doesn't go that route if they don't have another open installment loan on their reports.
If I didn't have an auto loan and soon to be two open mortgages I'd be opening up a share secured loan with Penfed and going and playing my reindeer games. As it is with my net worth just hitting a monster milestone today (for all that it's probably temporary) I'm seriously considering switching gears, forgetting about the stock market for now, and just focusing on my debt which is all installment anyway at this point.
There is the caveat that not all share secured loans are identical - the current NFCU version (and the old Alliant version) allows you to pay down the majority of the loan immediately yet maintains the original due dates for those payments yet unpaid. If done correctly you can for example with a 4 year loan get ~3-1/2 years of an active loan reporting with less than 8.9% outstanding with the potential subsequent benefit to FICO scoring while reclaiming back that portion of the secured loan which you have paid off.
Most loans of this type - I'll use DCU as an example - will pull in the due dates of the remaining payments. You'd still get a potential benefit, but for shorter duration. In the case of a new 4 year loan your next payment will still be due next month, not potentially in 3+ years.
Actually I don't think it's most TBH.
People haven't tested very many and some that were assumed not working (because of what they heard from a CSR) actually do work (hi Penfed!).
DCU and First Tech are two that I directly tested and you're right, it's busted there... but Alliant, NFCU, Penfed, USBank, WFDS, Federal student loans as I understand it, there's a bunch in there which do. Admittedly not all of these offer secured loans and some don't even offer unsecured personal loans, but there's lots of lenders to pull reindeer games with unless you're stuck behind a non-trivial loan (mortgage / auto / etc).
@Anonymous wrote:
@coldfusion wrote:
@Revelate wrote:
@coldfusion wrote:
@Revelate wrote:From a credit scoring perspective there is no difference between a secured and unsecured loan.
A secured loan is always cheaper frankly, at the cost of parking $500 for a few weeks at the outside I don't know why anyone doesn't go that route if they don't have another open installment loan on their reports.
If I didn't have an auto loan and soon to be two open mortgages I'd be opening up a share secured loan with Penfed and going and playing my reindeer games. As it is with my net worth just hitting a monster milestone today (for all that it's probably temporary) I'm seriously considering switching gears, forgetting about the stock market for now, and just focusing on my debt which is all installment anyway at this point.
There is the caveat that not all share secured loans are identical - the current NFCU version (and the old Alliant version) allows you to pay down the majority of the loan immediately yet maintains the original due dates for those payments yet unpaid. If done correctly you can for example with a 4 year loan get ~3-1/2 years of an active loan reporting with less than 8.9% outstanding with the potential subsequent benefit to FICO scoring while reclaiming back that portion of the secured loan which you have paid off.
Most loans of this type - I'll use DCU as an example - will pull in the due dates of the remaining payments. You'd still get a potential benefit, but for shorter duration. In the case of a new 4 year loan your next payment will still be due next month, not potentially in 3+ years.
Actually I don't think it's most TBH.
People haven't tested very many and some that were assumed not working (because of what they heard from a CSR) actually do work (hi Penfed!).
DCU and First Tech are two that I directly tested and you're right, it's busted there... but Alliant, NFCU, Penfed, USBank, WFDS, Federal student loans as I understand it, there's a bunch in there which do. Admittedly not all of these offer secured loans and some don't even offer unsecured personal loans, but there's lots of lenders to pull reindeer games with unless you're stuck behind a non-trivial loan (mortgage / auto / etc).
Alliant stopped issuing loans that retained the original due dates on payments in January 2018(?), their current offering is much like the DCU one. The old type was quite popular among MFers because they would issue 48 month share secured loans that reported as installment loans for as little as a $500 initial layout, most of which you could free up within several weeks and with no additional payments due for roughly another 43 months.
There was a pretty long thread at that time focused on researching potential replacements in IIRC the General Credit Topics forum.
I was given the impression that Alliant loans still worked this way and they had just eliminated the SSL option. Is that not correct?
That was what I understood too.
Admittedly of all the people on this forum I understood why Alliant was so popular for this .
Clearly the underwriter didn't bother to look at your account before sending you that form letter with a decline. Alliant uses their own internal scores it seems. No love lost between you and them, but don't worry about it. I think you'll be better off at Chase....
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