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The Quest for an SSL alternative to Alliant

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Established Member

Re: The Quest for an SSL alternative to Alliant

lol good luck
Message 241 of 374
New Visitor

Re: The Quest for an SSL alternative to Alliant

Hi,

I signed up today because I read about SSL a year ago on this site and I found something that might help.

I was thinking about getting a small loan from my CU to help my son and I noticed that they have a SSL and

I wanted to pass it on.  SIU School's Credit Union in Southern, IL has a  Share Secured loan under there personal

loans application section. Hopes this helps

Message 242 of 374
Valued Member

Re: The Quest for an SSL alternative to Alliant

Many CU’s offer SSL’s.
The big question is whether anyone can become a member, that doesn’t seem to be the case for the CU you mention.
The other thing is if paying down the loan below 9% will shorten the loan period.
Message 243 of 374
Established Contributor

Re: The Quest for an SSL alternative to Alliant


@ChocolateFactory wrote:
Many CU’s offer SSL’s.
The big question is whether anyone can become a member, that doesn’t seem to be the case for the CU you mention.
The other thing is if paying down the loan below 9% will shorten the loan period.

These are the big issues.  The others are if hard pull is required to join or for the SSL itself.  The good thing is that most member service reps have the time to talk and you can call them and get general details about all of the above, except perhaps, the loan term question.  I would guess there are more like NFCU but they are likely local with limited membership avenues.  Nearly everyone has local CU's and some might work well.

 

I would also pick one that releases funds as you pay it off.


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Message 244 of 374
Highlighted
Moderator Emeritus

Re: The Quest for an SSL alternative to Alliant

First Tech CU: can only pay 3 months ahead unfortunately.

 

Tested with an unsecured loan.




        
Message 245 of 374
Valued Member

Re: The Quest for an SSL alternative to Alliant

If the loan was unsecured anyway, why didn’t you use Alliant? They’ve only discontinued their secured loan, right?
Message 246 of 374
Moderator Emeritus

Re: The Quest for an SSL alternative to Alliant


@ChocolateFactory wrote:
If the loan was unsecured anyway, why didn’t you use Alliant? They’ve only discontinued their secured loan, right?

Because the point was to test another lender (and a secondary one of maintaining the First Tech relationship).

 

I still have a mortgage north of 80% and a car note about to drop at 100% basically.  There's no reindeer games for me unfortunately with those ratios, and not for another decade or more.

 

At that time if we can't find anyone else that I have access to, yeah I'd just do Alliant.  Really surprised, Alliant was literally the first one I tried with it, I'd have to double-check my old statements but USAA did similarly, and therefore 2/2 but we haven't found anyone else except NFCU that does it?

 

Seems patently unlikely statistically but maybe I was just lucky.  I also guess I'm one of the few people who undestands credit doesn't matter to me right now, and as such I can do some silly things like testing lenders.  Happy happy joy joy.

 




        
Message 247 of 374
Established Contributor

Re: The Quest for an SSL alternative to Alliant

Just a tip to others actively trying to find this magical SSL online: Try using 'credit builder loan' in your search terms, as I know that's what many credit unions in my state use to describe what is essentially an SSL. On many of the landing pages for these types of loans, you won't even find the term 'secured'.

 

This is just another anecdotal data point, but this SSL technique has worked much better  than any advice/strategy/trick I have ever read online about rebuilding credit.

 

I went from a 'fair' credit score to (FICO 8) 748 EX, 750 EQ, 728 TU in 1 year and 13 days, just by making 11 on-time monthly payments on a $500 secured loan. When utilization got down to 8.47% ($42.35 left on loan), my score skyrocketed. I now have 2 credit cards with an $8500 credit limit, and one of those is, apparently, not an easy card to get (Costco Anywhere Visa by Citi). I was denied approval on a lowly Target Red card about 11 months ago, on January 23rd, 2018.

 

I will also be following @CreditGuyInDixie 's excellent advice about staying under 8.99% utilization: both cards will be reporting a maximum 8% utilization every month before I pay them in full and start spending back to 8%. Rinse, repeat.

 

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

All scores down this month due to moving from 1 of 2 cards with a balance (AZEO) to 100% with a balance. -22 on EQ 8, -15 on TU 8, -3 on EX 8.

Click here to see how each score is affected, with score factor changes listed.

Message 248 of 374
New Contributor

Re: The Quest for an SSL alternative to Alliant

Hi All,

 

I'm thinking of opting in for the 144 month secured loan through Andrews CU, instead of the 60 month loan. This would set me up for 12 years which is quite a long time if things go smoothly.

 

What I wanted to ask you all is if any of you know if there is a drawback to having a loan this long, or if there are any products/services that would prevent me from getting approved if I had a 144 month loan. I'm basically being paranoid and thinking of hypothetical products/services that would not approve someone if they have outstanding loans.

 

Thank you.

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Message 249 of 374
Moderator Emeritus

Re: The Quest for an SSL alternative to Alliant


@wdkwang wrote:

Hi All,

 

I'm thinking of opting in for the 144 month secured loan through Andrews CU, instead of the 60 month loan. This would set me up for 12 years which is quite a long time if things go smoothly.

 

What I wanted to ask you all is if any of you know if there is a drawback to having a loan this long, or if there are any products/services that would prevent me from getting approved if I had a 144 month loan. I'm basically being paranoid and thinking of hypothetical products/services that would not approve someone if they have outstanding loans.

 

Thank you.


Go for as long of a loan as possible when talking SSL tricks: there's literally no downside and the fewer times you have to fuss over your credit report the better.  

 

Banks don't care on term, they do care on DTI, and actually longer loans typically come with slightly higher APR's but lower payments, and from the DTI perspective that's actually a good thing.

 

For reindeer games (SSL trick) we don't care about the APR because done properly the interest is pennies anyway.




        
Message 250 of 374
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