Adding an installment loan -- the Share Secure technique

[Anonymous]

Okay, that worked. Did $1 about every 6 months. Can't set up any payments beyond March 2018 though.

[joltdude]

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@newhis wrote:

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@Anonymous wrote:

I am unable to add like a $1 payment each x months so the thing doesn't go dormant. I can only select the minimum payment which is due in 2021 and is abot 18 bucks.. how do I do this?

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No you can't set a recurring payment, but you can do several future payments (up to a year in the future).

Go to 'Transfer Money' tab, 'My Accounts', select 'Future', fill the from/to accounts, amount and date, repeat if you want to set a few payments. Just remember to login again in the future to set other future payments.

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I love this...

The future transfers is a great solution... Id still would occasionally login to your Alliant account, and possibly throw a small deposit into it periodically for activity.. 

The savings account has a decent APR for a small liquid stash of funds.... and its better than sitting in a checking account...

As an aside I monitor the Alliant account with Mint... So theres some activity that way and you can keep tabs on it.. 

-J

[Anonymous]

So Alliant doesn't pull future-dated due dates back to a "reasonable" due date? For instance, if I were to pay a current loan with my local credit union to push the due date out to November of 2019, their system would catch it and pull the due date back to June of 2016 (3 months ahead of most recent payment date). Thus, I'd have to make the minimum payment continuously to keep the loan from closing too quickly, which means I couldn't hold a $50 balance for more than 2-3 months.

Alliant doesn't do something similar? They let their loans post-date that far out without "reeling them back in"?

[manyquestions]

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@Anonymous wrote:

So Alliant doesn't pull future-dated due dates back to a "reasonable" due date? For instance, if I were to pay a current loan with my local credit union to push the due date out to November of 2019, their system would catch it and pull the due date back to June of 2016 (3 months ahead of most recent payment date). Thus, I'd have to make the minimum payment continuously to keep the loan from closing too quickly, which means I couldn't hold a $50 balance for more than 2-3 months.

Alliant doesn't do something similar? They let their loans post-date that far out without "reeling them back in"?

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Correct.  It's explained in the first couple posts of this thread.

[newhis]

That's why we use Alliant.

[Anonymous]

I tried to do a similar thing with my local credit union. It failed. 

[Anonymous]

You guys... I did a 3B pull today. In the last 3 months, my EX FICO 2 went up 52 POINTS! In that 3 months, I also added a third CC very early on but I'm positive that the bulk of it came from the Alliant loan. That's nuts! EX was my low score. Now it's my high. I wish I had a similar way to spike the other 2 mortgage scores.

[Anonymous]

Congrats!! That's awesome news!

[Anonymous]

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@Anonymous wrote:

You guys... I did a 3B pull today. In the last 3 months, my EX FICO 2 went up 52 POINTS! In that 3 months, I also added a third CC very early on but I'm positive that the bulk of it came from the Alliant loan. That's nuts! EX was my low score. Now it's my high. I wish I had a similar way to spike the other 2 mortgage scores.

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This is a crucial datapoint, Driver.  Just to remind everyone EX FICO 2 is Experan's "mortgage" score.  I had no idea that the boost could be so profound.  The official line I take when people ask is that the Experian mortgage score will get "some" benefit, but I typically suggest that the benefit will be lower than the usual 30 points, e.g. 20 points.

You are right that adding the third card might also have helped, if that that caused an additional $0 CC balance to appear on your reports.  That model also real likes seeing multiple $0 CC balances. Also, can you clarify what that new CC did to your total utilization?  For example, did it bring your total util from (say) 11% to 8%?  That would also give you a score boost.  But if your utilization was already very low (1-8%) then lowering it further wouldn't be part of the 52 points.

Can you confirm for us that your other mortgage scores were given no boost at all?  That's what we typically tell people to expect.  The mortgage model used by TU and EQ does not use installment util as a scoring factor, and hence the SSLT typically gives no benefit.

[Anonymous]

The third CC is the NFCU cashRewards card. It added $1k to available funds and I always keep it at $0 balance. Only one card reports a balance every month and total utilization for my cards is always under 3%.

My other 2 mortgage scores did increase since my last 3B pull but not as dramatically. TU FICO 4 increased 10 points and EQ FICO 5 increased 3 points.

In reviewing both credit reports, I think my accounts aging had something to do with the increases as well. My first 2 CCs were about a month old at the time of my first 3B pull but did report.