The Quest for an SSL alternative to Alliant

[Anonymous]

Any update to this?

[Anonymous]

Same, any updates?

[Anonymous]

These can be crossed off the list as they can not be payed early without having the term recalculated: Penfed, Golden1, California Credit Union, and Stanford Credit Union.

Anyone else have any luck? Really hoping someone has some luck finding a new solution soon!

[Revelate]

Did buy the car (US Bank DS so no fun times there with payments) but going to play some silly FICO reindeer games if I can get away with it to try to test the payment functions at a few CU's.

Saw Penfed looks to be tested, so trying:

1) First Tech - looked to be approved, EX something for UW

2) Langley  - We'll see, has SSL, EQ FICO 8 puller presumably.

3) Lake Michigan - They have a secured loan, unclear on collateral, TU puller presumably though they do an EX verification.  $5 donation to ALS to join if you aren't in Michigan or parts of Florida.

If you're wondering how I came up with these 3: First Tech I have a relationship with and they're big and open to everyone, Langley not quite sure on size but appear to be open to everyone and EQ pullin, Lake Michigan just went down the list of largest CU's that had nationwide eligibility and TU pullers (there were several which apparently didn't as of a few years ago at least, namely Security Service and RBFCU both in Texas cause I personally tried, hard, several years ago haha).

Again I'm just playing reindeer games so I'm applying for outsized personal loans at least with the first two, pay back about half as soon as it funds, "borrow" the rest which I'm going to hold for about a month elsewhere and then pay the vast majority right back.  It's going to look funny on the credit report but I don't think Chase is going to more than side eye it so I really don't care .

[Revelate]

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@Anonymous wrote:

These can be crossed off the list as they can not be payed early without having the term recalculated: Penfed, Golden1, California Credit Union, and Stanford Credit Union.

Anyone else have any luck? Really hoping someone has some luck finding a new solution soon!

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To confirm, was Penfed explicitly tested?  At least previously you could do it from some posts I found here from years ago, but that could've changed and I haven't tried myself.

[Anonymous]

I just did one through NFCU for $1501 (24 months).  Was what I could do at the time, wish I could have done more - but it is what it is!  Still waiting for it all to process and what not.  

So I should pay it down to $121 when it comes available - correct?

[Anonymous]

9% of $1501 is $135.09.  It needs to be less than that.  If I were you I would go with $130 and set up an automated monthly push of $2 from a checking account into the loan.  That will cause a gradual paydown but still keep the balance above the original monthly payment.

You will need to make manual payments toward the end of the loan's lifecycle.

I would also give the loan at least a few days to start generating interest.  Making a huge payment on Day 2 feels a little too obvious to me.

[Anonymous]

And yes, if anyone can confirm through a real loan that prepayment works the way we want it to, that would be great.  That was the whole point of this thread.  I contacted dozens of lenders without success, though there must be some besides Navy and Alliant.

[Anonymous]

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@Anonymous wrote:

9% of $1501 is $135.09.  It needs to be less than that.  If I were you I would go with $130 and set up an automated monthly push of $2 from a checking account into the loan.  That will cause a gradual paydown but still keep the balance above the original monthly payment.

You will need to make manual payments toward the end of the loan's lifecycle.

I would also give the loan at least a few days to start generating interest.  Making a huge payment on Day 2 feels a little too obvious to me.

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Ok, thanks!  Was doing 8% just to be safe.

He actually brought up if I was doing it because I had no loans and rebuilding credit.  And said don't make the mistake of paying it ALL off immediately, if anything do most of it.  That he talked to so many people that thought instantly paying it ALL and not leaving a balance and it open, was the way to go.  lol

[UncleB]

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@Anonymous wrote:

And yes, if anyone can confirm through a real loan that prepayment works the way we want it to, that would be great.  That was the whole point of this thread.  I contacted dozens of lenders without success, though there must be some besides Navy and Alliant.

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+1

I'm sure there are more as well. 

I thought I had stumbled across a postitive data point for BBVA/Compass, but on closer look it wasn't.