The Quest for an SSL alternative to Alliant

[Anonymous]

Hi Jamie.  There's a gazillion credit unions and banks out there that offer SSLs.  Just hunt around on google and I am sure you will find many.

The key thing is that you don't care about the piece where you pay it down to a small balance at month 1 but still keep it open for the full term.  That additional requirement lowers your options hugely.  But since you just want a bank or CU that offers an SSL or credit builder loan you have tons of options.

[Anonymous]

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@jamie123

Yes, I am going to make her an AU on 2 of my cards and for sure, no access to those cards! She burnt that bridge down.

Try posting this in the Rebuilding section of the forum? Maybe they have other ideas or names of banks. When my credit was a mess I couldn't even get a checking or savings account with a CU.. lol

Make sure to research the AU for the 2 cards. Can the cards she screwed up hurt your credit? I don't know. Just my thought.

Some people make honest mistakes and get in over their head with credit. Sometimes geunine emergencies come up like car repairs.  Sometimes it's bipolar (highs and lows can cause spending sprees) and sometimes people genuinely suck with managing money and unless she genuinely learned her lesson and how to prevent if from happening again then there's nothing anyone can do except keep an eye on them. Couples that live together often have one person that handles the money just because they're better at it or making more than the other.  So being an AU might not really benefit her if she goes off and gets her own card someday and starts missing payments all over again.

I'm on the other side of it. I rebuilt my mom's credit. Then she went off and got a Kohls card that I have to remind her to pay. Drives me nuts that I have to do that.

[jamie123]

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@Anonymous wrote:

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@jamie123

Yes, I am going to make her an AU on 2 of my cards and for sure, no access to those cards! She burnt that bridge down.

Try posting this in the Rebuilding section of the forum? Maybe they have other ideas or names of banks. When my credit was a mess I couldn't even get a checking or savings account with a CU.. lol

Make sure to research the AU for the 2 cards. Can the cards she screwed up hurt your credit? I don't know. Just my thought.

Some people make honest mistakes and get in over their head with credit. Sometimes geunine emergencies come up like car repairs.  Sometimes it's bipolar (highs and lows can cause spending sprees) and sometimes people genuinely suck with managing money and unless she genuinely learned her lesson and how to prevent if from happening again then there's nothing anyone can do except keep an eye on them. Couples that live together often have one person that handles the money just because they're better at it or making more than the other.  So being an AU might not really benefit her if she goes off and gets her own card someday and starts missing payments all over again.

I'm on the other side of it. I rebuilt my mom's credit. Then she went off and got a Kohls card that I have to remind her to pay. Drives me nuts that I have to do that.

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Yeah, this is the last time I give her any help. It's well past the time for her to grow up and stand on her own two feet.

The sad part is that when she started with these 2 cards I always asked her how she was doing with her credit cards and she always told me everything was okay. I told her time and again to just ask me if she needed money to make her payments and I would help her out. I wanted to start her out right and have her build her scores which should have been really easy. It's just hard watching your kids make mistakes that didn't have to happen.

[Luna2]

I have a question,

If I took out a $5000 loan at alliant for 60 months, and then payed it down to <9% thereby pushing the next payment date back for years, would the interest on whatever was left still be compounding for all of those years? For example if I payed it down to $500, would I still be paying compounding interest on that 500 dollars for all of the months until the loan was fully paid off? Or would I only begin paying interest on my next payment? 

I appreciate any responses. 

[Cookiegrabber]

AFAIK, that is how loans work.

Speaking of which, I have a related question... why not pay down, say, $4900 instead of $4500 to minimize interest expense?

I have like $9 left on my DCU SSL, and it hasn't automatically closed or anything yet... Payment due date is still 3 months away.

[Anonymous]

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@DCnDC

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@DCnDCI would hope it's not a YMMV thing. As a NFCU employee, we get no advantages in the credit pull area. Everything has to go to manual review and gets a hard pull. So I felt a bit better getting the answer I got in secure message and on the phone (2 of the 3 times) with that additional info. No alerts or anything yet so hopefully no issues!

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Thanks for the update and info DC

If 4k is the min is there any reason we shouldn't just use a credit  card (I saw someone earlier mentioning using that instead of a bank  account) if we time it right so it's paid and put back within 1 statement cycle or less?

[Anonymous]

Transactions to a credit card can be classified as a purchase (e.g. getting a haircut, buying a hamburger, etc.) or a cash advance. 

In order for funding a new bank account with a credit card to be classified as a purchase, the bank/CU where the new deposit accounts resides AND the CC issuer would both have to agree to classify it as a purchase.  Oftentime one or the other construes it as a cash advance.  CA's are very expensive -- there is typically a fee of at least 3% the amount of the transaction.

Furthermore, many banks/CUs limit the amount that can be funded to a small amount.

https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or...

[Bees18]

Need help from those who have done the SSL at Navy...I just joined today and when asked how I wanted to fund the account he said my options were only up to $100 from my external checking account. (I had wanted to fund the amount for my SSL right then and there)...so I went in and edited the transfer to the amount I wanted. Will this work? Why would he say I could only fund it up to $100 dollars?

I then called in to specifically ask about the SSL and the CSR said I could not fund it from my external bank account? She said I could try to do a push payment from my other bank...is this correct?

Since he attached my external bank account when I joined, I tried to do a transfer that way...but it would not let me hit the button to do it.

Help:/

How exactly did you guys fund and make payments to your accounts? Can I just do it through my bank debit card...she mentioned going into a branch or scanning a check on my phone:/ really confused...side note, I did not open a checking with Navy, just a savings.

Also the website account for Navy seems unresponsive (when trying to navigate pages on my account)...I'm using Safari.

 I just joined today, I see my routing number, but can't even find my savings account number on the account page online just the xxxxxx and the last four digits, so not sure how I would even do a push payment. Do I have to call in to get my account number?

[Anonymous]

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@Bees18 wrote:

Need help from those who have done the SSL at Navy...I just joined today and when asked how I wanted to fund the account he said my options were only up to $100 from my external checking account. (I had wanted to fund the amount for my SSL right then and there)...so I went in and edited the transfer to the amount I wanted. Will this work? Why would he say I could only fund it up to $100 dollars?

I then called in to specifically ask about the SSL and the CSR said I could not fund it from my external bank account? She said I could try to do a push payment from my other bank...is this correct?

Since he attached my external bank account when I joined, I tried to do a transfer that way...but it would not let me hit the button to do it.

Help:/

How exactly did you guys fund and make payments to your accounts? Can I just do it through my bank debit card...she mentioned going into a branch or scanning a check on my phone:/ really confused...side note, I did not open a checking with Navy, just a savings.

Also the website account for Navy seems unresponsive (when trying to navigate pages on my account)...I'm using Safari.

 I just joined today, I see my routing number, but can't even find my savings account number on the account page online just the xxxxxx and the last four digits, so not sure how I would even do a push payment. Do I have to call in to get my account number?

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Funding a bank account  is a phrase used for when a savings or checking account is being opened.  The account initially has $0 in it, but the bank wants you to put some initial funds in the account  Thus, "funding" it.

It is not possible to fund a loan (which is what you mention three times above) -- that would mean depositing money into the loan.  You can push money into the loan account after the loan has been approved, but in that case pushing money into the loan is the same thing as paying it down.

You may be asking about funding a savings account, which you plan to later use to secure the loan once you apply for it.

[Bees18]

Yes sorry, funding the savings ....I can't do the SSL until the savings is funded, and I am not sure how to fund the savings in order to do the loan.