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The Quest for an SSL alternative to Alliant

New Member

Re: The Quest for an SSL alternative to Alliant

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.

Message 251 of 256

Re: The Quest for an SSL alternative to Alliant

I was just approved for the SPG Luxury Amex with a credit limit of 10,000$ despite my score of 683, so I hope I will seen an improvement in my score soon (as I only had a charge card before, so utilization wasn’t reported).

Would it still make sense to do this?
I would probably just try to get the Alliance unsecured loan.
Message 252 of 256
New Member

Re: The Quest for an SSL alternative to Alliant


@shak01 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.

Message 253 of 256
New Member

Re: The Quest for an SSL alternative to Alliant


@shak01 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. 3.310% interest rate. 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.

UPDATE 1/12/2019 SSL paid down to $87.97...schedule of payments still shows next payment due as 5/3/2019.

Total cost to date for this little experiment?  56¢ ☺


 

Message 254 of 256
New Member

Re: The Quest for an SSL alternative to Alliant

RE Andrews Federal Credit Union (AFCU)

Be sure to decline autopay when the rep calls you to finalize the loan.  Tell them you'll transfer the payments for the loan into you share savings account from an external bank...and make the payments from the share savings account.  Why?  Because you don't want to decrease the amount in your share savings account for now.  That might open up a function/service they offer called "Skip-A-Payment" , which in turn could be used down the road to extend the term of the loan beyond the current, limited 3 month pre-pay...which is hardcoded into their auto-pay option.

Message 255 of 256
New Contributor

Re: The Quest for an SSL alternative to Alliant


@shak01 wrote:

RE Andrews Federal Credit Union (AFCU)

Be sure to decline autopay when the rep calls you to finalize the loan.  Tell them you'll transfer the payments for the loan into you share savings account from an external bank...and make the payments from the share savings account.  Why?  Because you don't want to decrease the amount in your share savings account for now.  That might open up a function/service they offer called "Skip-A-Payment" , which in turn could be used down the road to extend the term of the loan beyond the current, limited 3 month pre-pay...which is hardcoded into their auto-pay option.


Thanks for all of your insights into AndrewsFCU.

 

So far, I've been approved for a secured loan. Based on your $1000 loan getting approved for 36 months, I figured my $1900 loan request would get 48 or 60 months, so I requested 60 months. I have $2000 sitting in the savings account. The loan officer countered me for 24 months and would not budge. Oh well. As of right now, I'm waiting for documents to be sent by the loan officer via email in the next 24-48 hours. I'll update this thread on what happens after I pay it down to 8.9%. I'm thinking I'll pay it down after 2 weeks into the loan timeline.

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08/18: TCL 246.95K | AoOA: 18Y | AAoA: 5.0Y || TU: 820 | EQ: 823 | EX: 815 || INQ - TU: 3 | EQ: 3 | EX: 7
09/18: TCL 316.57K | AoOA: 18Y | AAoA: 3.4Y || TU: 808 | EQ: 812 | EX: 786 || INQ - TU: 6 | EQ: 5 | EX: 10
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12/18: TCL 384.95K | AoOA: 18Y | AAoA: 3.1Y || TU: 805 | EQ: 813 | EX: 769 || INQ - TU: 5 | EQ: 4 | EX: 10
Message 256 of 256