Adding an installment loan -- the Share Secure technique

[Poppa]

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@Anonymous wrote:

Well, my auto-pay due date was 1/29. I was able to delete the auto-pay today(1/26). I don't know if the weekend has anything to do with it but that's 3 whole days!

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My due date is next Sunday the 5th. I'll try to delete auto-pay starting Thursday to Saturday and see what happens. Was approved today. $500 for 60 months. Paid down to $44 instead of $80 and scheduled transfer of $400 back into my external checking account.  

[Anonymous]

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@Poppa wrote:

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@Anonymous wrote:

Well, my auto-pay due date was 1/29. I was able to delete the auto-pay today(1/26). I don't know if the weekend has anything to do with it but that's 3 whole days!

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My due date is next Sunday the 5th. I'll try to delete auto-pay starting Thursday to Saturday and see what happens. Was approved today. $500 for 60 months. Paid down to $44 instead of $80 and scheduled transfer of $400 back into my external checking account.  

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Well, if your experience is anything like my experience, Thurday is your day! I had to hit my pay-down 2 times. I made too much in interest and was $.33 over 

[Anonymous]

I paid down my crappy CU installment loan to 8.9%. That one will be done in April. I also paid down my Alliant installment loan to 8.9% and added a couple of $.10 future payments at 6 month intervals. I beat the statement cutoff date with both of these payments so they were included on both statements that cut yesterday. If I did this right, I believe I should see a small FICO 8 score increase across the board by mid-month.

I should also have a new middle score for mortgage when I do a new pull in a month. I anticipate EX jumping from my lowest score to my highest score. If that happens, it will shift my middle score from EQ to TU.

Let's see how this goes... 

[Poppa]

Scheduled Transfer

Your Pending Transfer has been deleted

You do not have any scheduled transfers at this time.

[Poppa]

Prompted on main page of account now to set up auto pay

Set up an automatic loan payment
You can easily set up your monthly loan automatic payments. Electronic payments
ensure that money is automatically transferred from your bank account to Alliant each
month to cover your predetermined vehicle payment.
Set up automatic payment >>

[Anonymous]

My calendar is too slow! 

[Anonymous]

Was approved for the $500/60.

@CreditGuyInDixie

Thanks so much for giving your time to make this thread a reality ! 

[Anonymous]

I was able to succesfully delete the automatic transfer (that was pushed way ahead, to 02.10.2021) 3 days before the planned first transfer (02.10.2017). I am now going to see if there will be an automatic payment in 3 days, and after that, see if I can transfer a small sum every 6 months to keep the account active. Right now it doesn't allow for small transfers to the loan, it defaults to the automatic payment in 2021 that is 18 bucks.

[Anonymous]

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@Anonymous wrote:

I was able to succesfully delete the automatic transfer (that was pushed way ahead, to 02.10.2021) 3 days before the planned first transfer (02.10.2017). I am now going to see if there will be an automatic payment in 3 days, and after that, see if I can transfer a small sum every 6 months to keep the account active. Right now it doesn't allow for small transfers to the loan, it defaults to the automatic payment in 2021 that is 18 bucks.

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Are you trying to set up a Recurring Transfer or several Future Transfers? I don't think you can mess with the Recurring Transfer button for about 4 years. You don't really need to anyway. Set up a single Future Transfer for whatever amount, then do it again. I went every 6 months for $.10 each through 2018. After that, I'll have a mortgage so I won't really need this loan. I'll decide what to do with it then.

[Anonymous]

Thanks, Driver, for that helpful advice!  And congrats on your plans to buy a house in a year.  I may be doing the same this fall.  If I do I will try to watch what happens to my scores when my total installment utilization (TIU) goes up.  Most people in our shoes go from a TIU of 8% (Alliant SSL) to 99% (SSL + mortgage).  Mine will be 1% to 85% (or thereabouts).  Revelate was our first datapoint on this -- there should be a sizable score drop. 

Plwtcred, my own personal preference is to set up your periodic payments from a checking account using its Billpay feature.  The checking account could be with Alliant or an external bank.  You can set up all the payments you need in one go.

But that's just me.  Setting up a couple transfers now from the Alliant savings and then coming back in once a year to set up a couple more is fine too.  Both options are detailed in the guidance.