Adding an installment loan -- the Share Secure technique

[Anonymous]

I followed instructions of OP. My step that I added is not part of his plan. I'm going to wait until the auto date passes to ensure that my payment doesn't come out. Once it doesn't I'll pay down to 9%. Otherwise if I pay now and auto still hits, I'll be below 9%.

[Anonymous]

(Or her...)

[manyquestions]

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@Anonymous wrote:

So, it looks like you can in fact have your first payment removed manually. I will report back after the date it was set to auto pay. I'll keep you guys posted.

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A while back, some posters were calling in and having that done. I believe the instructions were written the way they are to not call attention to it, and to be less of a strain on the CUs resources.

"The approach as outlined above should enable you to do this painlessly and without involving a customer service rep at Alliant.  (The exception being when you talk to the loan ofice for one minute a few days after you apply online.)

Avoiding bothering the CSRs is good policy when you can, especially when you are doing something clever like this.  It's absolutely fully legal and fully within Alliant's loan terms, but it's probably also a good idea to minimize the extent to which you are pushing it onto the CSR's radar." 

[Anonymous]

That is what I get for selective reading... Oh well... What have I done, again...

[Anonymous]

Hello OMWHID!  Glad the technique is being helpful to you.

ManyQ is right.  There's never been a doubt that a CSR could in principle make any number of changes to your account.  The question is whether it is a good idea for lots of people to be bringing it to Alliant's attention (via calls or messages to the CSRs) that it is losing money on these little loans.  The guidance was written as it was to enable users to use the Technique with almost no involvement from Alliant's CSRs.

Here is a good article from DoC that explains why "Don't Call The Bank" is generally good policy:

http://www.doctorofcredit.com/dont-call-the-bank/

You also write:

"I followed instructions of OP. My step that I added is not part of his plan. I'm going to wait until the auto date passes to ensure that my payment doesn't come out. Once it doesn't I'll pay down to 9%. Otherwise if I pay now and auto still hits, I'll be below 9%."

Good idea.  That is in fact exacttly what the guidance recomends.  Step 4 ("Pay It Down") suggests that you first pay off a big chunk of (e.g. $420), then wait till the first autopay goes through, then delete the autopay yourself (without a CSR), then pay the remaining balance down to $44.

[Anonymous]

Uncle... Uncle... I give. I absolutely wasn't thinking when I messaged them. Complete party foul. Those who read this shall learn from my wicked mistakes. Slowly exiting stage left...

[Anonymous]

Hey, it's nothing to feel bad about, pal! In truth, that DoC article was something I had never thought through myself either, and it's a pretty recent piece. 

Again, very happy you are on this site and that this SSL approach is being a help to you.  Best wishes for Memorial Day.

[Anonymous]

Ok so my alliant loan finally reported under 9%. I have had quite a bit of movement upward in the last two weeks. First I had an experian bump from 723 to 735, my guess is I passed some kind of a revolving account age threshold because the "short revolving history" note disappeared from the "what is hurting your score" section.

Yesterday the alliant loan reported under 9%. Experian jumped from 735 to 763! 

The secured loan trick works great. Thank you creditguyindixie for writing up the guide! It is appreciated! 

[Anonymous]

You are very welcome, buddy!  So glad the technique and the writeup was a help.

BTW, on a completely separate note (not related to the share secure loan technique), I'm curious to hear more about the "Short revolving history" note.

From what credit monitoring service did that note disappear?  myFICO?  Credit Check Total?  Credit Karma?

Do you remember the exact wording of the note you had been seeing?

At the time that the note fell off, would you mind telling me...

      the age of your oldest account?

      the age of your oldest revolving account?  (This may be the key item)

      the age of your youngest account?

      the age of your youngest revolving account?

I am just mildly curious about that reason code and what it meant.  Not that big of a deal though.