Adding an installment loan -- the Share Secure technique

[Anonymous]

Welcome to the Forum, ElectricS!  Feel free to let us know what kind of benefit you get, after you have paid the loan down.

[Anonymous]

Hello all.  Alliant sent me an email this morning letting me know that their Account Agreement And Disclosures had changed with respect to section 20 "Dormant Accounts."  Here is the link to the new agreement:

http://www.alliantcreditunion.org/images/uploads/files/AccountAgreementAndDisclosures.pdf?utm_source...

I also read the latest wording in section 19 which deals with the related concept of Inactive Accounts.  The wording for this implies that "inactivity" only applies to savings and checking accounts, and not loans.  (It defines it explicitly for savings and checking but conspicuously omits anything about inactivity for loans.)

As far as "inactivity" could apply to savings accounts, it explicitly rules out any penalty as long as you have an open loan:

      "Inactive savings account status does not apply to members who have open Alliant loans, or who have other active Alliant accounts such as checking, an IRA or a certificate."

As far as Dormancy (section 20) it states that dormancy only kicks in after five years.  NOTE: California residents get dormancy fees after three years.

All of which is to say that it appears to me that (if I am reading this right) there are no real risks for inactivity and dormancy fees for anyone using the SS loan technique with Alliant -- unless they live in CA.

Could other folks please read sections 19 and 20 and see if you agree?  I am inclined to leave the inactivity part of the guidance still the way it is, since Alliant does periodically change its Agreement (including section 19-20) and they could make it more restrictive later.  Setting up a periodic payment every 3 or 6 months can't be a bad thing, so my gut impulse is to leave the guidance alone.

Stilll I'd be grateful to hear feedback about how others are reading those two sections.

[message_from_god]

Just pulled this.  No phone call.  Got the whole $500/5 yrs =) 

They did not ask me to chose a due date 0 due date is at the end of the calendar month.  <3

[message_from_god]

PS I joined Alluant a week prior to taking out the loan though...

[CreditMagic7]

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@Anonymous wrote:

Hello all.  Alliant sent me an email this morning letting me know that their Account Agreement And Disclosures had changed with respect to section 20 "Dormant Accounts."  Here is the link to the new agreement:

http://www.alliantcreditunion.org/images/uploads/files/AccountAgreementAndDisclosures.pdf?utm_source=SIM&utm_medium=email&utm_campaign=P105&utm_content=&utm_term=link-disclosures_

I also read the latest wording in section 19 which deals with the related concept of Inactive Accounts.  The wording for this implies that "inactivity" only applies to savings and checking accounts, and not loans.  (It defines it explicitly for savings and checking but conspicuously omits anything about inactivity for loans.)

As far as "inactivity" could apply to savings accounts, it explicitly rules out any penalty as long as you have an open loan:

      "Inactive savings account status does not apply to members who have open Alliant loans, or who have other active Alliant accounts such as checking, an IRA or a certificate."

As far as Dormancy (section 20) it states that dormancy only kicks in after five years.  NOTE: California residents get dormancy fees after three years.

All of which is to say that it appears to me that (if I am reading this right) there are no real risks for inactivity and dormancy fees for anyone using the SS loan technique with Alliant -- unless they live in CA.

Could other folks please read sections 19 and 20 and see if you agree?  I am inclined to leave the inactivity part of the guidance still the way it is, since Alliant does periodically change its Agreement (including section 19-20) and they could make it more restrictive later.  Setting up a periodic payment every 3 or 6 months can't be a bad thing, so my gut impulse is to leave the guidance alone.

Stilll I'd be grateful to hear feedback about how others are reading those two sections.

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Nice heads up.

And what is described pretty much as i see it is precisely in sync with your determination when and/where applied as well as the "Nice" exclusion part as has to do with the technique.

Although as suggested, perodically terms can be adjusted, this in it's current updated form is ideal!

[Anonymous]

Thanks! Signed up on a Sunday and receive package the Friday. I applied for the loan at night where I received an email asking to call them, after which I received the amount two hours after signing.

[noobody]

made $10 donation

Joined the CU, got member ID

setup saving account with $5.00 already in it

can NOT find the option to "Fund the account" 

Do they just change the website design?

Maybe i should just send them a check?

EDIT found under accounts/new member's guide

[Anonymous]

You have to add accounts under transfer...

[Vegas4Play]

I told a friend about this technique, he opened the account mid september, funded it 530.00, applied for the loan 500.00 on 9/22 signed docs 9/23, paid down to $80 on 9/26, it reported to his credit as sec loan on credit karma showing $80.00 balance due....scores on CK went up 60 points. He will check discover and amex later this month to see what the fico point jump is.

No open installs currently, 2 closed installs in the last year for equipment.

Just sharing their exp.

[Anonymous]

Thanks, Credit Guy, I did just as you said, except that I can't buy a house for a year plus dt Chpt 7, so I will wait until two months before the credit report is pulled for underwriting to get the current amount below 10$.

The minimum payment is pretty high so I have to be careful not to pay it down too soon or it can show as paid off before the report numbers are considered.

There is another step that you may want to consider adding - for those that need an installment loan and the credit is good enough. I took a $1K loan from them, then opened a savings account, put the money there, and had them do automatic money payments from the savings account. That way I don't forget.

Another thing: it did show up on my credit report as an enquiry on my 3B myfico report (used Alliant as suggested).