@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:I can confirm that Andrews (AFCU) is using the prepay/postpone due date formula outlined earlier in this forum..i.e nothing beyond 3 months. Here's my experience:
12/7/2018 Joined American Consumer Council and received membership number via email same day (required for membership at AFCU)
12/10-12/21 A flurry of emails and secured messages back and forth to set up AFCU membership, gain access to online banking, set up external bank, and fund savings/share account via ACH pull by AFCU from my local bank. (Note: AFCU uses ye old two small deposits method)
12/22 Things settle down and $1000 is reported as balance in AFCU Base Share Savings account.
12/31-1/4/2019 Applied for 36 month, $1000 Share Secured Loan.
1/5 Approved and funds deposited in Base Share Account. Payments... $29.30 per month. First payment due 3/3/2019.
1/6-1/10 Made 6 advance payments of $29.30 Should have extended next due date to 7/3/2019
1/10 NEXT PAYMENT DUE...5/3/2019
But I may have screwed the pooch! When asked by an AFCU rep if I wanted to set up automatic payments for the SSL from my Base Share Savings account...I said Yes...thinking I could go in later and change it...That's a no go.
So, the question remains open for AFCU...If you follow my steps above...but decline autopay...will the due date extend out for more than 3 months? Probably not... is my guess.
At this point, I think all I can do is pay the loan balance down to something =/< $89.00, and see what happens to my score in the next few months.
Keep us updated on what happens.
I want to follow your steps by opening an account.
4/23/2019 The Andrew's SSL process (no hard pulls) worked to increase my Fico 8 score by 26 points in less than two months. I'm retired, and all my installment loans (Mortgages, Autos, lines of credit, etc.) were paid off several years ago. All credit card balances are paid in full every month. But, when I would get a Fico score reading from any one of several credit card companies (Discover, Amex, Chase) there was always a remark that the "Credit Mix/Utilization" part of my score was adversely affected because I didn't have any recent installment loans. Although Andrews would not extend the prepayment option beyond three months, it appears that the desired effect, i.e raise the Fico 8 score, hs worked, for now.
So, the next question is: when the loan is paid off in a few months, will the Fico 8 score go back down? I don't know, but now that all the ornery, time consuming, process oriented stuff needed to open the original loan at Andrews is completed, I can open a new SSL, online, in a matter of minutes with same day approval, and no hard pull. I'll keep you all posted.
Yes your score will go back down.
I would advise you not to keep playing the SSL game. Each time you do it, you reset your newest account date and lower your average age of accounts.
It's only worth doing if you know for sure you can keep it open long term. The only one I know that works that way now is NFCU.
@Anonymous wrote:Haven’t seen Langley FCU mentioned. Anyone tried it yet?
EQ HP to join. Hp can be reused for a period of time. Will verify. I tried to join but had a fraud alert on my report so that nixed it. Will be calling them back Friday since the alert I’ll be gone by then.
Yes I checked it and they don't do it the Alliant way.
I'm not sure, but I think they also said they do a hard pull for the loan, even though it's secured.
Wow, congratulations!
I envy you. 
Neither Alliant nor NFCU let me join - we really need a third alternative now. 