OK this isn't as good as the Alliant SSL was, or as the NFCU SSL is, but it is a vehicle for someone who (a) has no open installment loans, and (b) is not an NFCU member, to play in the "reindeer games" -- i.e. get a long term installment loan and pick up FICO 8 points for credit mix and installment loan utilization percentage.
It's an unsecured installment loan from Lightstream.
They are very flexible about the initial length of the loan, and whenever you make an extra payment they give you the option of reducing the amount of your monthly payment, which I am fairly certain would, if you accept the lowered monthly payment, translate into keeping the duration of the loan constant.
Of course it means a hard pull when you apply, and the interest is higher, but it's a very user friendly company to deal with, and the terms and underwriting standards are very reasonable.
@SouthJamaica wrote:OK this isn't as good as the Alliant SSL was, or as the NFCU SSL is, but it is a vehicle for someone who (a) has no open installment loans, and (b) is not an NFCU member, to play in the "reindeer games" -- i.e. get a long term installment loan and pick up FICO 8 points for credit mix and installment loan utilization percentage.
It's an unsecured installment loan from Lightstream.
They are very flexible about the initial length of the loan, and whenever you make an extra payment they give you the option of reducing the amount of your monthly payment, which I am fairly certain would, if you accept the lowered monthly payment, translate into keeping the duration of the loan constant.
Of course it means a hard pull when you apply, and the interest is higher, but it's a very user friendly company to deal with, and the terms and underwriting standards are very reasonable.
My only concern with doing such a thing: is Lightstream a CFA?
I'd seriously look into doing an unsecured loan with Alliant or a bunch of other CU's (or even USBank given their auto loans absolutely are reindeer gameable) to do this rather than Lightstream or any of the other loan pushers these days... it might not be a major ding but it's listed as a reason code on every single score I have access to on both EQ and EX... and as such, worth avoiding if it's flagged as such, or maybe even if not given these things apparently change over time.
@Revelate wrote:
@SouthJamaica wrote:OK this isn't as good as the Alliant SSL was, or as the NFCU SSL is, but it is a vehicle for someone who (a) has no open installment loans, and (b) is not an NFCU member, to play in the "reindeer games" -- i.e. get a long term installment loan and pick up FICO 8 points for credit mix and installment loan utilization percentage.
It's an unsecured installment loan from Lightstream.
They are very flexible about the initial length of the loan, and whenever you make an extra payment they give you the option of reducing the amount of your monthly payment, which I am fairly certain would, if you accept the lowered monthly payment, translate into keeping the duration of the loan constant.
Of course it means a hard pull when you apply, and the interest is higher, but it's a very user friendly company to deal with, and the terms and underwriting standards are very reasonable.
My only concern with doing such a thing: is Lightstream a CFA?
I'd seriously look into doing an unsecured loan with Alliant or a bunch of other CU's (or even USBank given their auto loans absolutely are reindeer gameable) to do this rather than Lightstream or any of the other loan pushers these days... it might not be a major ding but it's listed as a reason code on every single score I have access to on both EQ and EX... and as such, worth avoiding if it's flagged as such, or maybe even if not given these things apparently change over time.
Honored to be visited by the inventor of the "reindeer games" himself 
I was concerned about the CFA tag myself, and have been looking at my EX FICO 2 to see if any CFA reason code popped up. Haven't seen it so far. I will update if it does pop up anywhere.
The thing about Lightstream -- and the only reason I mentioned it in this thread -- is that it seems to offer that option of extending the loan maturity back to its original maturity every time you prepay. I seriously doubt that the others you mention will offer that.
Extending the loan maturity? I am still of the opinion the majority of lenders don’t cut it short. Out of something like 7 loans I have carried two cut it short.
DCU does not work for reindeer games, First Tech does not either but everyone else I have actually tested does.
The problem with this thread is a lot of it was determined by calling CSR’s which isn’t legit and known to get false information.
Penfed was listed as not working then Pizza went and tried it and hey worked.
I’m halfway paid down on USBank and works and Alliant we know works too historically not sure I mentioned any others by name
.
DCU does not work for reindeer games, First Tech does not either but everyone else I have actually tested does.
The problem with this thread is a lot of it was determined by calling CSR’s which isn’t legit and known to get false information.
Penfed was listed as not working then Pizza went and tried it and hey worked.
I’m halfway paid down on USBank and works and Alliant we know works too historically not sure I mentioned any others by name
.
@Revelate wrote:
Extending the loan maturity? I am still of the opinion the majority of lenders don’t cut it short. Out of something like 7 loans I have carried two cut it short.
DCU does not work for reindeer games, First Tech does not either but everyone else I have actually tested does.
The problem with this thread is a lot of it was determined by calling CSR’s which isn’t legit and known to get false information.
Penfed was listed as not working then Pizza went and tried it and hey worked.
I’m halfway paid down on USBank and works and Alliant we know works too historically not sure I mentioned any others by name
Then I stand corrected.