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The Quest for an SSL alternative to Alliant

Valued Member

Re: The Quest for an SSL alternative to Alliant

Tons of new info on Ideal CU:

 

To open an account, account rep said they do a HP from EQ and Chexsystems. Loan rep said SP only to a new open. In order to open an account outside of their zip codes, you must submit (fax or mail) a paper form that is notarized with a copy of a current copy of ID or drivers license. The form can be found on their website under account management, account changes. Here is the link, they said this is the correct form even though it says "add a joint account holder". https://www.idealcu.com/images/Forms/Web_Account_Changes_Form_Ideal_CU.pdf

 

After they receive the form it will take 24-48 hours to process.

 

Loan rep spoke to a loan officer and confirmed that as you make payments the funds will be released from savings account. They require that you have a job and take credit into account for SSL loan. Not sure what that means.

 

I am going to be faxing in the notarized form to open the account later today. I will keep everyone updated. 

 

 

 



Starting FICO: 590ish
FICOs: EX 681 TU 670 EQ 682 (Pre App Spree 1/11/18)
FICOs: EX 664 TU 670 EQ 693 (2/16/18)
FICOs: EX 667 TU 682 EQ 712 (5/8/18)
FICOs: EX 660 TU 766 EQ 777 (5/27/18 Charge off removed from TU and EQ)
Goal: 700's all across

Gardening since February 2018
Message 61 of 208
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Very helpful!  Can you tell us what you mean by this?

 

To open an account, account rep said they do a HP from EQ and Chexsystems. Loan rep said SP only to a new open.

 

I'm not sure what that means.

Message 62 of 208
Valued Member

Re: The Quest for an SSL alternative to Alliant


@CreditGuyInDixie wrote:

Very helpful!  Can you tell us what you mean by this?

 

To open an account, account rep said they do a HP from EQ and Chexsystems. Loan rep said SP only to a new open.

 

I'm not sure what that means.


Sorry, that was a typo. The customer service representative told me when I open a checking account they will do a hard pull from Equifax. I called back and talked with someone in the loans department. The person in the loans department said they only do a soft pull when opening a checking account. 



Starting FICO: 590ish
FICOs: EX 681 TU 670 EQ 682 (Pre App Spree 1/11/18)
FICOs: EX 664 TU 670 EQ 693 (2/16/18)
FICOs: EX 667 TU 682 EQ 712 (5/8/18)
FICOs: EX 660 TU 766 EQ 777 (5/27/18 Charge off removed from TU and EQ)
Goal: 700's all across

Gardening since February 2018
Message 63 of 208
Valued Member

Re: The Quest for an SSL alternative to Alliant

I called back to get their fax number and got completely different information this time. They said that form would not work to open up a new account and it would be best to apply for the SSL first. So I took a risk and just applied for their loan. I requested a $1000 SSL for 36 months. Looks like the only did a EQ hard pull. I will keep yall updated on how everything works out. 



Starting FICO: 590ish
FICOs: EX 681 TU 670 EQ 682 (Pre App Spree 1/11/18)
FICOs: EX 664 TU 670 EQ 693 (2/16/18)
FICOs: EX 667 TU 682 EQ 712 (5/8/18)
FICOs: EX 660 TU 766 EQ 777 (5/27/18 Charge off removed from TU and EQ)
Goal: 700's all across

Gardening since February 2018
Message 64 of 208
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@qmbearThey require that you have a job and take credit into account for SSL loan. Not sure what that means.

 


Perhaps with really poor credit they'd actually deny the SSL?

Message 65 of 208
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

As you took notes on your experience, did you write down (for every person you spoke with) their first name, their role (LO vs. general CSR), and the date and time you spoke with them?  That's important to do.  It enables you to circle back with the person when something different happened than what was promised.  E.g. a hard pull rather than a soft.  It's always good to be friendly and polite in every call (including follow ups) but without your ability to tell them when and who you spoke with, it's harder to get issues fixed and help the institution's reps understand their own policies.

 

Also, can you help us understand what you did step by step? 

 

The ideal steps would have been this:

 

(1)  Using their online application process, set up a savings account.  (This also gets you membership in the CU.)

 

(2)  Once approved, transfer funds into the savings account, typically from an external bank account.  You'd transfer the full amount that you plan to borrow, plus maybe $20.

 

(3)  After the funds appear and are marked as "available", apply online for the SSL.

 

(4)  Once approved for the SSL, pay the loan down to 8.9%.

 

We expected that you might get hung up at step #1 (if the online application for savings was unable to detect your donation to the non-profit) and therefore you might need to call a rep at that point.

 

Did you in fact attempt try to do it online first?

 

It sounds like part of the problem may be that you have attempted to open a checking account.  Checking accounts can involve a hard pull whereas savings accounts do not -- at some CUs/banks.

 

Did you ever fax in the document that one rep requested?

 

Do I understand that the latest rep instructed you to attempt to open a Share Secured Loan (SSL) without yet having a savings account?  And that you have done that?  As far as I can imagine, this should be impossible.  For one thing you wouldn't be a member of the CU yet -- first step in anyone getting any CU product should be first becoming a member, which I think always involves first opening a savings account.  Secondly, the very definition of a Share Secured Loan is that the loan is secured by the money you have deposited in your savings account.

 

You say that it looks like they did a hard pull with Equifax after you applied for this loan.  Do you based that on seeing a hard pull on an actual Equifax credit report in the last 24 hours?

 

I am a little concerned that you have actually applied for an unsecured loan (whether you know it or not).  I am basing this on the fact that they took a loan application without you having a savings account with the full loan amount in the account and available.

 

Can you circle back and answer all the questions I am asking, at your convenience?  Many thanks for your help.

Message 66 of 208
Valued Member

Re: The Quest for an SSL alternative to Alliant


@CreditGuyInDixie wrote:

As you took notes on your experience, did you write down (for every person you spoke with) their first name, their role (LO vs. general CSR), and the date and time you spoke with them?  That's important to do.  It enables you to circle back with the person when something different happened than what was promised.  E.g. a hard pull rather than a soft.  It's always good to be friendly and polite in every call (including follow ups) but without your ability to tell them when and who you spoke with, it's harder to get issues fixed and help the institution's reps understand their own policies.

 

I am always polite and friendly in every call I make. I think there is absolutely no reason to get upset with any CSR you speak to because they are just doing their job. I did not get names but will do so in the future. The last time I called the LO told me to go ahead and apply for the SSL loan without a membership. I would be able to open a membership and fund my account after I am approved. 

 

Also, can you help us understand what you did step by step? 

 

The ideal steps would have been this:

 

(1)  Using their online application process, set up a savings account.  (This also gets you membership in the CU.)

 

(2)  Once approved, transfer funds into the savings account, typically from an external bank account.  You'd transfer the full amount that you plan to borrow, plus maybe $20.

 

(3)  After the funds appear and are marked as "available", apply online for the SSL.

 

(4)  Once approved for the SSL, pay the loan down to 8.9%.

 

We expected that you might get hung up at step #1 (if the online application for savings was unable to detect your donation to the non-profit) and therefore you might need to call a rep at that point.

 

Did you in fact attempt try to do it online first?

Yes, I tried to "become a member" online first. I wasn't able to get past the first page because of my zip code.

It sounds like part of the problem may be that you have attempted to open a checking account.  Checking accounts can involve a hard pull whereas savings accounts do not -- at some CUs/banks.

I was assured by 2 loan officers that they only do soft pulls to open an account. They do hard pulls only when applying for a loan (including SSL loan). 

 

Did you ever fax in the document that one rep requested?

No because I was instructed that that form would not work from a CSR. 

 

Do I understand that the latest rep instructed you to attempt to open a Share Secured Loan (SSL) without yet having a savings account?  And that you have done that?  As far as I can imagine, this should be impossible.  For one thing you wouldn't be a member of the CU yet -- first step in anyone getting any CU product should be first becoming a member, which I think always involves first opening a savings account.  Secondly, the very definition of a Share Secured Loan is that the loan is secured by the money you have deposited in your savings account.

Yes I applyed for the SSL loan without a membership or funded savings account. No, I did not apply for a regular personal loan. This CU allows you to apply to the SSL first and open up and fund account after.

 

You say that it looks like they did a hard pull with Equifax after you applied for this loan.  Do you based that on seeing a hard pull on an actual Equifax credit report in the last 24 hours?

Yes, I double checked this morning on Credit Check Total. They only did a hard pull on Equifax. Data point: my Equifax score is 712 and did not drop when I went from 3 inquiries to 4!

 

I am a little concerned that you have actually applied for an unsecured loan (whether you know it or not).  I am basing this on the fact that they took a loan application without you having a savings account with the full loan amount in the account and available.

No need for concern, I know what I am doing. 

 

Update:

I receive an email this morning stating "You have been approved for a share secured loan. The rate is 3.05% for 12 months." 

 

Again, I applied for a SSL loan of $1000 for 36 months.  I was hoping to at least get 24 months but 12 months will work to try out the technique. 

 

 

 



Starting FICO: 590ish
FICOs: EX 681 TU 670 EQ 682 (Pre App Spree 1/11/18)
FICOs: EX 664 TU 670 EQ 693 (2/16/18)
FICOs: EX 667 TU 682 EQ 712 (5/8/18)
FICOs: EX 660 TU 766 EQ 777 (5/27/18 Charge off removed from TU and EQ)
Goal: 700's all across

Gardening since February 2018
Message 67 of 208
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

Has anyone tried PenFed's SSL yet? I asked about it (not about the 8.9% thing, though) and this was the reply below.

They have a max term of 142 months at $25+/mo. Not sure if they're using the monthly minimum only to set the initial term, or whether they'll hold you to it even if you prepay, and forcefully reduce your term like DCU does.


  • Secured Share Loans:

    A Share Loan is a secured loan, which uses your regular share account as collateral for the loan. The funds are placed on hold at loan inception and are released incrementally each time you make a payment on the loan.

    Loan Limits: Amount of unencumbered (available) shares, no maximum (Minimum loan amount is $250)

    Repayment Terms:  142 months as long as monthly payment does not fall below $25 & 2% above current dividend rate.


    Other Important Notes:

    •No credit report is pulled for Share loans. Loans are guaranteed to be approved.

    •Share loans ARE reported to the credit bureaus and will appear on the member's credit report.

    •Shares in another member's account may be used as long as the owner of the other account signs a Pledge of Shares form (Form 572).

    •Funds must have been on deposit for 30 days or more before loan will be approved.

 


Starting Score: None
Current Score: Dunno FICO / FAKO: 670-674
Goal Score: 780

Take the myFICO Fitness Challenge
Message 68 of 208
Super Contributor

Re: The Quest for an SSL alternative to Alliant


@Cookiegrabber wrote:

Has anyone tried PenFed's SSL yet? I asked about it (not about the 8.9% thing, though) and this was the reply below.

They have a max term of 142 months at $25+/mo. Not sure if they're using the monthly minimum only to set the initial term, or whether they'll hold you to it even if you prepay, and forcefully reduce your term like DCU does.


  • Secured Share Loans:

    A Share Loan is a secured loan, which uses your regular share account as collateral for the loan. The funds are placed on hold at loan inception and are released incrementally each time you make a payment on the loan.

    Loan Limits: Amount of unencumbered (available) shares, no maximum (Minimum loan amount is $250)

    Repayment Terms:  142 months as long as monthly payment does not fall below $25 & 2% above current dividend rate.


    Other Important Notes:

    •No credit report is pulled for Share loans. Loans are guaranteed to be approved.

    •Share loans ARE reported to the credit bureaus and will appear on the member's credit report.

    •Shares in another member's account may be used as long as the owner of the other account signs a Pledge of Shares form (Form 572).

    •Funds must have been on deposit for 30 days or more before loan will be approved.

 


According to PenFed rep, if you partially prepay the SSL the payment dates get advanced. So no, PenFed doesn't work.


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 69 of 208
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

There are so many great-looking little CUs out there, some even with "no minimum loan amount" plastered on their loan page. I'd bet there's a higher chance they have looser requirements... Too bad they're all restricted membership.


Starting Score: None
Current Score: Dunno FICO / FAKO: 670-674
Goal Score: 780

Take the myFICO Fitness Challenge
Message 70 of 208