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The Quest for an SSL alternative to Alliant

Regular Contributor

Re: The Quest for an SSL alternative to Alliant

 

No idea. Some negative reviews about DCU say they do HP, but I haven't seen anything on my Credit Karma, Nerdwallet, or Wallethub accounts yet. Maybe they pull Experian, or there's a delay. Who knows. Smiley Frustrated 

 


Starting Score: No Score (03/2018)
Current Score: About 710 across the board (12/2018)
Goal Score: 780

Take the myFICO Fitness Challenge
Message 41 of 244
Established Member

Re: The Quest for an SSL alternative to Alliant

I didn't receive an HP when I opened my DCU account.

 

SDFCU did (only on EX) and it's been 10 days and they still have not opened the account so I sent them a message requesting to cancel my application.

Bizz408's Credit Cleansing 2018
Starting Score: 568-570 12/2017
As of 10/2018: TU: FICO8: 685 (CK: 645) | EQ: FICO8: 674 (CK: 635) | EX: FICO8: 686 (Vantage 3.0: 625 (what?!))
Zero lates or Derogs!
2018 Goal: 700 reached 7/18, dropped since then but working to get it back.
Current TLs:


DCU Personal Loan $500 9/18: 2 of 6 payments complete.
AAoA: 13 months ; HPs: Way too many (21 on EX) ; Gardening until Sept 2019
Message 42 of 244
Regular Contributor

Re: The Quest for an SSL alternative to Alliant


Pfffffftttttt.... SSL trick won't work in DCU. Old wisdom was correct, my loan is going to close in 5-6 months.

======

A recent payment you made to your Loan Account XXX was in excess of your required monthly payment. As a result, your next payment due date has been pushed out months in advance. In accordance with the payment schedule that you agreed to, due dates are not permitted to advance further than two months into the future. We have reset your next payment due date to 07/24/2018.

Starting Score: No Score (03/2018)
Current Score: About 710 across the board (12/2018)
Goal Score: 780

Take the myFICO Fitness Challenge
Message 43 of 244
Established Member

Re: The Quest for an SSL alternative to Alliant

bummer, would've been nice to use DCU since I already have an account with them. Oh well.

Bizz408's Credit Cleansing 2018
Starting Score: 568-570 12/2017
As of 10/2018: TU: FICO8: 685 (CK: 645) | EQ: FICO8: 674 (CK: 635) | EX: FICO8: 686 (Vantage 3.0: 625 (what?!))
Zero lates or Derogs!
2018 Goal: 700 reached 7/18, dropped since then but working to get it back.
Current TLs:


DCU Personal Loan $500 9/18: 2 of 6 payments complete.
AAoA: 13 months ; HPs: Way too many (21 on EX) ; Gardening until Sept 2019
Message 44 of 244
Super Contributor

Re: The Quest for an SSL alternative to Alliant

I had a personal loan with a restricted membership credit union, which was mostly paid off and had shoved the next payment date out to 2021.  It was appearing that way for more than a year.

 

So I figured I no longer needed my little Alliant SSL and closed it.

 

The other day the restricted credit membership credit union all of a sudden advanced the last payment date from 2021 to July 2018. So in July my goose is cooked, unless we find that Alliant substitute by then Smiley Happy

 

I tried to join Ideal Credit Union but apparently it's geographically restricted; they said my zip code was outside their service area.


FICO8 EQ 755 TU 776 EX 753 Total revolving limits 643900 (533900 reporting)
Message 45 of 244
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@CreditGuyInDixie wrote:

CUs/Banks that work for sure (though they may not be perfect)

 

Navy Federal Credit Union
Score: 99% chance this will work
Advantages:
*  Offers a true SS loan, early paydown while keeping it open, etc.
Disadvantages:
* Navy may require a hard pull to join (mixed reports on this)
* Navy has more challenging criteria to join, but some people have found a way to circumvent this.  (E.g. a dead grandfather who was in the army)
* A 60 month loan has a large minimum loan amount ($3000)

Alliant Credit Union (unsecured loan option)
Score: 99% chance this will work
Advantages:
*  Works basically just like a Share Secure loan as far as early paydown

*  The early paydown essentially negates any problem with the interest rate
Disadvantages:
*  Hard pull (we expect on Equifax)
*  People with low scores may be rejected

 

Ideal Credit Union

Score: 85% chance this will work (no one has proven it yet by opening an SSL at this CU and seeing what happens, but the customer service reps have confirmed all the key features)

Advantages:
*  Offers a true SS loan

*  Early paydown while keeping it open

*  Soft pull only

*  Basically anyone can join (involves a one-time $5 donation to a non-profit).

Disadvantage

* A 60-month loan requires a huge initial loan size ($5000).  The much smaller $500 loan is possible but has a 12-month term.

 

Reminder: If a person is preparing to buy a car in the next 10 months (to take one example) the 60 month term has no real benefit.  His needs will be fully met with a small $500 loan and a 12 month term.   Such a borrower should still execute the full SSL Technique as described by folks here on the forums, which means paying the loan to under 8.9% in month 1.


@CreditGuyInDixie, do we know for sure that NFCU will not advance the next payment date in the event of substantial prepayment?


FICO8 EQ 755 TU 776 EX 753 Total revolving limits 643900 (533900 reporting)
Message 46 of 244
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@SouthJamaica wrote:


@CreditGuyInDixie, do we know for sure that NFCU will not advance the next payment date in the event of substantial prepayment?


 

On the contrary, there is strong evidence that Navy behaves just the way we want them to.  I.e. you can pay off almost the entire balance at month 1 and they will then push the due date of the next payment out at least 4 years (assuming a 5-year loan).

 

This is why I wrote, under the advantages of the Navy loan....


Advantages:
*  Offers a true SS loan, early paydown while keeping it open, etc.

Message 47 of 244
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

 

Anyone want to adopt me so I can join NFCU? Smiley Tongue

 


Starting Score: No Score (03/2018)
Current Score: About 710 across the board (12/2018)
Goal Score: 780

Take the myFICO Fitness Challenge
Message 48 of 244
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@SouthJamaica wrote:
 

I tried to join Ideal Credit Union but apparently it's geographically restricted; they said my zip code was outside their service area.


Two other people reported the same problem, when they applied over the weekend.  See posts 31-33 on this thread.  In my response (#33) I wrote the following:

 

The URL I gave earlier....

 

https://www.idealcu.com/join?highlight=WyJqb2huIiwibWlsbGVyIiwiam9obiBtaWxsZXIiXQ==

 

does appear to state clearly that you can join via that $5 donation.  I encourage you to give Ideal a call Monday, explain that you'd like to join the CU and open a savings account, but that the online process is not recognizing the $5 donation option.

 

I hope someone gives Ideal a call and asks them for help.  Ideally (cymbal crash) it should be someone who is actually trying to open an account there.  (E.g. SouthJ,  Procharged392, or Bizz408)

 

Please let us know what they say.  The CSR I spoke with was very clear that you can join Ideal via that $5 donation and can reside in any state if you do that.  This is also confirmed in writing on the Ideal website (if you go to that link).

 

I'd be sure to make that call during normal business hours (9-3 pm Eastern time).

Message 49 of 244
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Has anyone called Ideal yet to sort out the issue of joining via the $5 nonprofit?

 

PS.  One more recent confirmation on Navy.

Message 50 of 244