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The Quest for an SSL alternative to Alliant

Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@paupovicwrote:

Hello everyone.

I am brand new to the forum but ready to contribute.

I have a long relationship at wells fargo and have $3000+ to fork for loan experiment.

I only needed you to tell me what exactly to do at WELLS FARGO.

I have asked one officer that said that secured loan is  a hard inquiry.

I have read thru the SSL technique but wells fargo ,NOT been a Credit Union ;I need some input as to what product to ask there and steps if any ;other than SSL technique is needed?

I am Ready and able to do it Tuesday and report here.

My profile:I have currently FICO 8  score 710 ;   with 2 credit cards; 8 months old  both are  "unsecured" that graduated 2months ago from secured at both Wells fargo and Capital one.(Yes,even Wells fargo secured do graduate sometimes)

I am middle age ,brand New to credit no other loan!

Cheers


I just did a little WF research (limited on a Sunday) and came up with this link:

 

https://www.wellsfargo.com/personal-credit/products/

 

You will see that the third column is the one we want.  Every bank uses slightly different language to name its product, but at WF it is their "CD/Savings Secured Loan".

 

WF is not ideal because you can see that the loan minimum is $3000 and there is a $75 origination fee.  Better would be their unsecured loan (which has no fee) but we already have a good option there and that is Alliant.  And then, on top of that, we don't know how WF handles it when a person makes the big payment early in the life of the loan.  As mentioned in post #1, that is the thing everything turns on.  Given the high origination fee, however, I am not sure it makes sense to explore WF further, even if they did end up permitting prepayment.

 

Thanks for the news about Arrowhead.  The link you give is to its secured credit cards.  A better link would be this:

 

https://www.arrowheadcu.org/Share-Secured_Loan_83.html

 

I will follow up with them this week to see how they handle prepayment.  They look pretty good otherwise.

Message 11 of 244
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

I have added an important postscript to post #1 in this thread.

Message 12 of 244
New Member

Re: The Quest for an SSL alternative to Alliant

Thanks for the input.

Will look further from tomorrow and report.

Message 13 of 244
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

PNC

 

If you pay off most of the loan early on, does that postpone the due date of the next payment by a few years? NO 

Or does the bank still make you continue with monthly payments? YES

Didn’t go further but limit is stated at $100K.

 

Y

Current FICO 8 Scores:
EQ 789 (05/06/18), TU 797 (05/06/18), EX 809 (05/06/18)
EQ 797 (05/28/18), TU 806 (05/28/18), EX 814 (05/28/18)
EQ 758 (08/22/18), TU 731 (08/22/18), EX 759 (08/23/18)
EQ 772 (09/29/18), TU 768 (09/29/18), EX 788 (09.29/18)
Message 14 of 244
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

SCCU – Space Coast Credit Union (99.9% positive if you qualify)

 

If you pay off most of the loan early on, does that postpone the due date of the next payment by a few years?  It does postpone the due date, but not more than 1 year on a 120-month loan. It depends on the loan length of service, but you can always do it for at least 3-4 months. At the end of the bulk payment term you can ask to do it again, OR you can always just pay one month normally (auto deduction) and then go for another 3-4 months. They will work with you at any time, but you must have the exact number of months not one penny more or less. They have SSL CDs as well as standard SSL accounts.

 

Does the bank still make you continue with monthly payments? No. See above about possible limitations.

 

What is the minimum loan amount for a long loan term?  No limit, but the CS was unable to verify 100% (boss was not in). Other loans they don't really go below $1,000 except for juniors/college students (kids’ accounts) which have $100.

 

What is the maximum loan amount? Limit is up to amount in SS account. Unsecured is twice your gross monthly income.

 

What is the maximum loan length? UP to 120-months.

 

Hard pull to join the CU or open the savings account?  NO, just cash or direct deposit.

 

Hard pull to apply for the loan? YES, but not in all cases. Mainly the longer you’ve been a customer the better chance you have of getting a Soft Pull. She seemed to imply that you must go into a branch to get this - online seems like it will always be a HP.

 

Is it difficult to join the CU? Depends. It is open to most people in certain states (FL, TX, etc), all people in certain counties (Brevard for example) their family members, relatives or anyone that can use the snail mail address of an existing account holder. It is also open to most members and their families of certain industries (NASA, NOAA, Patrick AFB) or parts of corporations (i.e. Lockheed Martin Space Systems, Hughes Satellites, etc.). You really need to call for this even before you do anything else.

 

Contact Number: 800-447-7228

 

Contact Person: Yes, but she asked for me not to publish it on a public forum.

 

Website: https://www.sccu.com/Personal/Personal-Lines-Loans/Share-CD-Secured-Loans

 

Good Luck

Y

Current FICO 8 Scores:
EQ 789 (05/06/18), TU 797 (05/06/18), EX 809 (05/06/18)
EQ 797 (05/28/18), TU 806 (05/28/18), EX 814 (05/28/18)
EQ 758 (08/22/18), TU 731 (08/22/18), EX 759 (08/23/18)
EQ 772 (09/29/18), TU 768 (09/29/18), EX 788 (09.29/18)
Message 15 of 244
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Thanks, Y!  I thought initially that this might be the Space Ghost credit union, which I would just have to join regardless because of the intensely cool name.

 

Suppose for a second that I got a $1000 SS loan with them, and then in the first month I paid it down to $89.  If I understand it right, that would extend the next payment date by 12 months.  Then at month 13 autopayments could kick in, but that would still I imagine result in the loan paying off (I imagine) by month 21 or so.  Am I misunderstanding this?

 

Thus, I am thinking this is not a good fit for the primary SSL technique, which is to have a loan that gets paid down to under 8.9% (necessary for the scoring benefit) but still stays open for a solid 59 months.

 

On the other hand it is also not an ideal fit for the person who is trying to buy a car in the next six months (see the PS in post #1 for that scenario).  That's because the loan has a hard pull.

 

Let me know your thoughts.

Message 16 of 244
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

     Your right CGID, this is not a true SSL for the full 60 months (SCCU will go 120 months). For the folks wanting the car loan; well this is perfect as is. Unfortunately it is not a the true SSL. Now I did talk with the loan officer (went into the branch) and they (at least this one) appear willing to work with a client. In fact, they advertise “Build and re-establish credit using your own money.” What I got from them was keeping a low balance on your account costs them money. As you pay down your loan they release your funds. If you get a $1,000 loan and after 1 month only have 90 bucks remaining, it costs them money. But they seem willing to work with people. I think (ONLY MY OPINION AND NO FACTS TO BACK IT UP) if the borrower offered to keep their funds wrapped up in the loan; then there would be no problem with them. Unfortunately, I didn’t ask this (didn’t think of it since I never used SSL) but I’ll try to call my contact tomorrow and ask. Most she can say is no – TBC.

 

Y

Current FICO 8 Scores:
EQ 789 (05/06/18), TU 797 (05/06/18), EX 809 (05/06/18)
EQ 797 (05/28/18), TU 806 (05/28/18), EX 814 (05/28/18)
EQ 758 (08/22/18), TU 731 (08/22/18), EX 759 (08/23/18)
EQ 772 (09/29/18), TU 768 (09/29/18), EX 788 (09.29/18)
Message 17 of 244
Community Leader
Senior Contributor

Re: The Quest for an SSL alternative to Alliant

Is there a consensus that the NFCU SSL is the best one out there if you're already a member currently right now? Trying to get my two younger sisters' credit started by having a loan reporting and other than the deposit requirement which I can live with I want to get the ball rolling.

FICO 08 Scores (Nov-18): TU 783, EQ 791, EX 771

Message 18 of 244
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@simplynoirwrote:

Is there a consensus that the NFCU SSL is the best one out there if you're already a member currently right now? Trying to get my two younger sisters' credit started by having a loan reporting and other than the deposit requirement which I can live with I want to get the ball rolling.


I don't think so.

 

I think this quest is showing that it won't be so easy after all to find a replacement for Alliant.


FICO8 EQ 755 TU 776 EX 746 Total revolving limits 643900 (533900 reporting)
Message 19 of 244
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@SouthJamaicawrote:

@simplynoirwrote:

Is there a consensus that the NFCU SSL is the best one out there if you're already a member currently right now? Trying to get my two younger sisters' credit started by having a loan reporting and other than the deposit requirement which I can live with I want to get the ball rolling.


I don't think so.

 

I think this quest is showing that it won't be so easy after all to find a replacement for Alliant.



Hi SouthJ!  I think the answer may be yes, given that SimplyNoir has qualified the question with if you're already a member [of Navy] currently right now .

 

If a person is already a member of Navy, then they have alreday cleared the hurdle of getting into Navy and the possible hard pull for joining (both drawbacks for a non-Navy member).  I think what people seem to be saying is that Navy's SS loans work just fine (including early paydown and then keeping them open for the full term).  Bear in mind that there does appear to be a minimum loan size of 3k.

 

I cannot confirm any of this myself from experience.  The more people who take Navy out for a true SS loan spin, the better. 

Message 20 of 244