Adding an installment loan -- the Share Secure technique

[Anonymous]

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@Anonymous wrote:

Hey folks!

I applied for the loan on bright and early in the morning of August 8th. While there's no huge rush on my end, I would obviously like to get this up and running sooner rather than later. I know some people reported that they received a call just a couple of hours after submitting their application. Would you suggest that I give them a call to see if I can be transferred to a loan officer? I can see the submitted application on the website. Oddly enough, I did not receive a call about my savings account in general--not too sure if that call is made to everyone?

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Welcome and thanks for the update!  Personally I would wait.  Give them a full week.  Many people have told me it took that long.  Given that you are not in a rush, you should be fine.  If by Tues AM there is still no word, I'd give them a shout by phone.

I had a similar experience a week ago with BOA and two cards I had applied for -- an unexplained delay.  I was like, why the delay, no reason for it, etc.  Some people who were more experienced in CC applications told me to chill out and give them a week.  Sure enough on day 7 I got the call from the CSR with the happy news.

But if by day 8 there's still no word, sure give them a friendly shout and ask if you are indeed in their hopper.

[Imperfectfuture]

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@Anonymous wrote:

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@Anonymous wrote:

Are there any other options out there besides Alliant that are only a soft inquiry?

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I do not know of any, but feel sure that there must be some.  I would love to hear about any that you might find.

You are looking for two things:

(1) No hard pull to join the CU itself

(2) No hard pull for members when they apply for the SS loan

Do you have any CUs in mind in particular?

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My local one did, but need to open account.  Interest rate is lower (I think).  You might want to google some locals, and look for secured loan products.  

[Anonymous]

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@Imperfectfuture wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Are there any other options out there besides Alliant that are only a soft inquiry?

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I do not know of any, but feel sure that there must be some.  I would love to hear about any that you might find.

You are looking for two things:

(1) No hard pull to join the CU itself

(2) No hard pull for members when they apply for the SS loan

Do you have any CUs in mind in particular?

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My local one did, but need to open account.  Interest rate is lower (I think).  You might want to google some locals, and look for secured loan products.  

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Thank you, will check around.  Only hesitant to start with alliant because they are well aware of all the churning activities going on and are denying account openings for folks sometimes even.  Largely due to lots of MO deposits , etc.

I think I will still give alliant a try since I dont plan on doing any such activities with them.  And since I do have one 90 day late payment errror on one out of the student loans that I have, I am thinking that this installment might help boost things a bit.  Most of my profile is credit cards and I could definitely benefit from diveristy illustrated in OP.

EDIT: Applied and app went pending.  Something to do with personal information....

[Anonymous]

Hi Jfriend!  Good luck with your experience with Alliant.  A couple questions for you:

(1)  You mention that "most" of your accounts are credit cards.  Does that mean that you have at least one installment account?  And if so, is it open?  I just want to be clear about what to expect from this technique.  It typically gives no benefit of any kind to someone who already has an open installment account.

(2) It sounds like you just applied and it went pending.  Do you mean "applied for membership in the credit union"?  Or did that go through and you are pending after an application for the SS loan?

Really looking forward to hearing how your experience works out. 

[Anonymous]

Hello Everyone!

I completed the whole process in the beginning of July. Everything has gone smooth.

However, now that my loan has reported to the credit bureaus, it has reported twice (one loan as active & the other as closed with no balance).

It did take them a little over a month to report, so I'm assuming Alliant may have made a mistake on their end first and then re-reported it accurately.

This is my first loan, so I wasn't sure if this is normal or not. I was planning on just disputing the closed one as a duplicate. What do you guys think I should do? They shouldn't close the active one if I dispute the closed one and mention the situation right?

Thanks in advance. ☺️

[Anonymous]

Hi GoBeach.

For sure I wouldn't dispute it right away.  Give it a couple months so that you see that Alliant is regularly reporting the new account the way it should be.

While you wait you can decide whether you even want to dispute it.  Remember, there's nothing negative on it.  It's just an extra account on your report, which makes your report just a little bit thicker (that's a good thing).  It will continue to age.  Nine years from now it will be contributing to your AAoA (Average Age of Accounts) as if it were an account that is nine years old.

Now if you think that, nine years from now, you expect your average age of accounts to be more than 9.0, then it makes sense to request its removal.  Or if the extra (erroneous) account has resulted in a sharp lowering of your AAoA now.  Both reasons to request its removal.  But its quite possible that neither is true.

Other folks may have a different and better take on it.  If anyone else chimes in, certainly take what they have to say into account.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hey folks!

I applied for the loan on bright and early in the morning of August 8th. While there's no huge rush on my end, I would obviously like to get this up and running sooner rather than later. I know some people reported that they received a call just a couple of hours after submitting their application. Would you suggest that I give them a call to see if I can be transferred to a loan officer? I can see the submitted application on the website. Oddly enough, I did not receive a call about my savings account in general--not too sure if that call is made to everyone?

---

Welcome and thanks for the update!  Personally I would wait.  Give them a full week.  Many people have told me it took that long.  Given that you are not in a rush, you should be fine.  If by Tues AM there is still no word, I'd give them a shout by phone.

I had a similar experience a week ago with BOA and two cards I had applied for -- an unexplained delay.  I was like, why the delay, no reason for it, etc.  Some people who were more experienced in CC applications told me to chill out and give them a week.  Sure enough on day 7 I got the call from the CSR with the happy news.

But if by day 8 there's still no word, sure give them a friendly shout and ask if you are indeed in their hopper.

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Keep me posted on how this works out.  If if anyone else has applied for his/her loan after Aug 7, please consider giving us a timeline update on how it is going on.

Be aware that friendly people at Reddit and at Doctor of Credit posted about this SS loan technique in the days before you applied for your loan.  It's possible and even likely this this has resulted in far greater awareness of the technique and therefore a sharp intake in applications to Alliant for $500 SS loans.  Alliant may need extra time to begin processing them.  I am hoping that Alliant ultimately views this in a positive light, i.e. lots of people are spreading a very positive image of them and they may end up down the road with a lot of customers for other products.

I’d give Alliant 7 business days (roughly 10 calendar days) before anyone gets concerned about not hearing back from an LO.

[Anonymous]

Thanks for the advice!

I'll probably wait for it to report for two months and make sure everything is correct first as you suggested, but after that, I will probably dispute! And yes, I just got approved, for 5 store cards via SCT, and already have about 12 revolvers, all being less than a year to reaching one year old. My oldest card is just a secured CapOne for four years that I'm planning to never close. Howver I have no balances, no late payment, & PIF each month! It seems like the only issues I have with my credit score is too many inquiries (I know they'll fall off in two years, so I'm okay with that), & I have a HORRIBLE AAOA now & number of new accounts! So removing that extra account may not make a difference, but I still don't want it contributing to it.

Also, I just realized, I forgot to mention that the account is already reported as CLOSED! In other words, I have one Open, (the active one) & one closed with no balance. Should I just begin dispute or wait a few months? Thanks again!

[manyquestions]

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@Anonymous wrote:

Hi GoBeach.

For sure I wouldn't dispute it right away.  Give it a couple months so that you see that Alliant is regularly reporting the new account the way it should be.

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I too, would wait a few months to see how it all shakes out.  When you log into your Alliant account do you see two accounts? An open loan and a closed one? Or is it only on your credit report?  If you ask for a deletion they may delete the wrong one and then you will have to mess around for another month or two trying to get it reporting again.

[Anonymous]

You are right, they just screwed up on their end.  It simply looks (to someone reading your report) as though you opened two installment loans at roughly the same time and paid off one of them completely right away.  My perspective is that this isn't a bad thing at all.  Just another installment loan on your profile that was paid in full.

But sure, dispute it in a couple months if you really want to.  By the way "dispute" is a formal term that refers to a process initiated through each credit bureau.  If you go with the "dispute" process you will have to do it with TransUnion, and with Experian, and with Equifax.

My advice in contrast is to give it a few months.  Establish with Alliant that you are their good customer.  Then, if you really want it off your profile, give Alliant a shout, explain what you see on your report, and ask them if they can see that they made a mistake.  They'll then delete it (once you get them on board) with all three CRAs.  The dispute process can result in them just replying to the CRA that the account is correct -- it is a closed account, etc.

EDIT: Or even worse, as our friend ManyQ observes, this whole process could result in the inadvertent deletion of the active account!  I'd continue to get advice from MQ about this.  A very reliable person on this site.