The Quest for an SSL alternative to Alliant

[Anonymous]

I tried to join Alliant, but they didn’t accept my bank statement as proof of residency (which Chase did!).

Are there any other alternatives that anyone can join? Ideally one where you can postpone the payments, so the loan remains paid down to 8-9% for some time.
I can live with a hard pull if necessary. Secured/unsecured loan doesn’t really matter for me. My FICO score is 684 and I have about a year of credit history with one charge and one credit card (the credit card I only opened two months ago though).

Thanks!

[Anonymous]

Forgot to mention, I only have an ITIN and no rental contract or anything as I only live in the US part-time (non-resident alien) and when I’m there, I stay with a friend.

Has anyone tried SelfLender?

[spikeman768]

Thanks, @SouthJamaica for your input about the possible effect or not on mortgage  FICO's.

I just spoke with a rep in the loan dept at NFCU, and I was told the following:

- Membership step:  there is a soft pull (she spent a few minutes researching this)

- Loan application step:  there is a hard pull

(from posts I've read elsewhere, experiences may vary in regards to whether or not they do them or what type and when)

Here is some SSL limit/threshold info for others so it can reduce phone calls:
$250-$500 - max 6 month term
$501-$1000 - max 12 month term
$1001-$1500 - max 18 month term
$1501-$2000 - max 24 month term
$2001-$3000 - max 36 month term
$3001+ - max 60 month term

Before I had even asked asked about the 60 month term, she told me that the 60 month term criteria can vary and final term approval will be left to the discretion of the loan officer on the consumer lending team who is approving the loan and setting the details of the loan.  She said, "For instance, if a person decides to borrow, say, $3,050, the loan officer may choose to set the loan to a 36 month term.  I have seem them do that sometimes.  It is up to their discretion."

I asked if there is a certain amount which would ensure a 60 month term, and she said that could vary and is left to the loan officer to decide.

I was wondering if anyone on this forum has had an NFCU SSL amount of under $3200 or so set to a 36 month term vs 60 month.

I updated these details in the online shared spreadsheet, "Credit Union Share-Secured Loan (SSL) Info":

(the main info is in the "CU list - Good SSL Offers" tab at the bottom of the spreadsheet)
https://docs.google.com/spreadsheets/d/1C86xZUbOlPK1XBSt9cutKQ8rU8ZwRAiVbpqHWA4J-tg

-Spike

[Anonymous]

Has anyone researched Self-Help FCU? They told me they only do hard pulls for unsecured loans, not for secured loans or joining the CU.
It’s open to join for everyone and you can make larger downpayments at any time without paying a fee.
But apparently you can only postpone payments for 2 months. I forgot to ask if there’s a monthly minimum payment.
The representative strongly advised against making a larger payment because “you need to have the loan for at least six months for it to improve your credit. They want to see monthly on-time payments over time.”
I guess that’s not correct?

[SouthJamaica]

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@spikeman768 wrote:

Thanks, @SouthJamaica for your input about the possible effect or not on mortgage  FICO's.

I just spoke with a rep in the loan dept at NFCU, and I was told the following:

- Membership step:  there is a soft pull (she spent a few minutes researching this)

- Loan application step:  there is a hard pull

(from posts I've read elsewhere, experiences may vary in regards to whether or not they do them or what type and when)

Here is some SSL limit/threshold info for others so it can reduce phone calls:
$250-$500 - max 6 month term
$501-$1000 - max 12 month term
$1001-$1500 - max 18 month term
$1501-$2000 - max 24 month term
$2001-$3000 - max 36 month term
$3001+ - max 60 month term

Before I had even asked asked about the 60 month term, she told me that the 60 month term criteria can vary and final term approval will be left to the discretion of the loan officer on the consumer lending team who is approving the loan and setting the details of the loan.  She said, "For instance, if a person decides to borrow, say, $3,050, the loan officer may choose to set the loan to a 36 month term.  I have seem them do that sometimes.  It is up to their discretion."

I asked if there is a certain amount which would ensure a 60 month term, and she said that could vary and is left to the loan officer to decide.

I was wondering if anyone on this forum has had an NFCU SSL amount of under $3200 or so set to a 36 month term vs 60 month.

I updated these details in the online shared spreadsheet, "Credit Union Share-Secured Loan (SSL) Info":

(the main info is in the "CU list - Good SSL Offers" tab at the bottom of the spreadsheet)
https://docs.google.com/spreadsheets/d/1C86xZUbOlPK1XBSt9cutKQ8rU8ZwRAiVbpqHWA4J-tg

-Spike

---

When I did an SSL with NFCU

1. There was no HP

2. It was $3010 over 60 months

[SouthJamaica]

---

@Anonymous wrote:
Has anyone researched Self-Help FCU? They told me they only do hard pulls for unsecured loans, not for secured loans or joining the CU.
It’s open to join for everyone and you can make larger downpayments at any time without paying a fee.
But apparently you can only postpone payments for 2 months. I forgot to ask if there’s a monthly minimum payment.
The representative strongly advised against making a larger payment because “you need to have the loan for at least six months for it to improve your credit. They want to see monthly on-time payments over time.”
I guess that’s not correct?

---

The more you talk to CSR's about this stuff, the more you'll build your collection of wrong information.

The only people who know about the SSL thing are people on this forum, thanks to @Revelate , who pioneered it

[Anonymous]

Hmm... maybe I’ll take advantage of a Disco low APR BT to checking of, say, $2000 and open up an SSL, pay it down to $178 and then pay off the BT offer once NFCU releases the hold on the funds so I can have a longer term than 12 months. Probably cost me $15 in interest on the card at the most for a 20 or so point boost to my credit for a few years. 

[Anonymous]

Hey All,

I haven't been following this thread but when I signup up for the Navy SSL it was no HP to join or for the loan and +$3,001 had a 60-month term.  I paid down and have seen a pop in my Fico.  The Customer Service person I spoke with knew exactly what I wanted to do (no, I did not explain it), and said that it is a great program.

I hope they didn't change it.

[spiritcraft1]

No hard pull for either my Wife or I at NFCU for the SSL.  Our were in October or something.  It was a 10 minute deal for both of us.

[Jetboy]

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@SouthJamaica wrote:

When I did an SSL with NFCU

1. There was no HP

2. It was $3010 over 60 months

---

I have done two SSL's w NFCU. Last one done was about 1.5 years ago.

I can confirm there was no HP for me at either time. I hope they are still SP's.