Adding an installment loan -- the Share Secure technique

[Subexistence]

I just wanted to add that the $10 donation isn't necessary if you join https://www.freelancersunion.org/. I have joined that organization and voided the donation. 

[joltdude]

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@Subexistence wrote:

I just wanted to add that the $10 donation isn't necessary if you join https://www.freelancersunion.org/. I have joined that organization and voided the donation. 

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Really? It isn't necessary? 

If you did donate the 10$ via the other org (Foster Keys to Success) or what it is called.. and you go through alliant on signup to join when creating the account.. You donate your 10$.. and alliant pays for the membership share (5$) and deposits it into your savings account instead of you....

Joining an org and voiding the donation.... Just to be eligible? I'm sorry.. theres being frugal and being cheap... Thats really tacky... 

Its one thing if you cancelled a reoccuring but seriously? 

Would be completely different if you joined through freelancers union to begin with, but I dont think you get 5$ autocredit to your share account on opening...Was it really worth saving the 5$ for the reindeer game when you voided the donation. Esp since what your doing at alliant is a reindeer game... 

Sorry for my rant. But voiding a donation is shady esp when its the price of a nice coffee.... .. To me its like going out to eat and leaving NO tip....

(Disclosure: I used to deal with donations for an org... )

-J

[Subexistence]

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@joltdude wrote:

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@Subexistence wrote:

I just wanted to add that the $10 donation isn't necessary if you join https://www.freelancersunion.org/. I have joined that organization and voided the donation. 

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Really? It isn't necessary? 

If you did donate the 10$ via the other org (Foster Keys to Success) or what it is called.. and you go through alliant on signup to join when creating the account.. You donate your 10$.. and alliant pays for the membership share (5$) and deposits it into your savings account instead of you....

Joining an org and voiding the donation.... Just to be eligible? I'm sorry.. theres being frugal and being cheap... Thats really tacky... 

Its one thing if you cancelled a reoccuring but seriously? 

Would be completely different if you joined through freelancers union to begin with, but I dont think you get 5$ autocredit to your share account on opening...

Was it really worth saving the 5$ for the reindeer game when you voided the donation. Esp since what your doing at alliant is a reindeer game... 

-J

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I actually still ended up getting $5 for alliant membership share. By reoccuring are you referring to CCT? I don't see how this is a reindeer game. I'm a first year college student making $15 an hour tutoring. When I come out of college I have a load of meal costs, dorming costs, and other fee costs to cover up. I currently only have an unpaid internship over the summer once my job is no longer active over the summer. I'm struggling to find a paid internship over the summer to cover my costs. On top of that SSL will be making interest off of me. I think it's a justifiable action of mine.

[Anonymous]

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@Anonymous wrote:

CreditGuyInDixie wrote: 

I am preparing to buy a house soon,  Will this technique help my mortgage scores?

The technique is really intended to help a person with his FICO 8 scores, not his mortgage scores.  But... if you have no installment loans of any kind, including closed ones, then it's worth doing.  Also, if getting a 20 point boost to your EX mortgage score would change the value of your "middle" score, then again it is worth doing.  Otherwise it does not appear to help a person's EQ or TU mortgage scores.

Firstly, CGID, thanks for publicizing this knowledge in the clear and helpful way that you have done so.

I had a few questions about results people have had with use of the SSL technique for mortgage FICO purposes.

Just to make sure I understand, is what you are saying that an EX mortgage score boost of approximately 20 points has been observed even on files that have closed installment loans?

And in your experience, would these potential 20 points be showing up in a particular "reason code" accompanying the EX mortgage score for a file with no open installment loans (i.e., prior to utilizing the technique)? If so, which code would you look for?

Lastly, do you have some gauge of how many points on EQ and TU mortgage scores might (in the short to medium term) potentially be jeoparized as a result of the technique? (I would guess that it would depend on the number and age of other accounts on the file, and in particular whether the average age of accounts will drop below a full number....  Has anyone reported their experiences?)

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Here's my experience with mortgage scores. I gained a HUGE amount of EX because I combined the benefit of credit mix with the benefit of optimizing utilization. Since they happened at the same time, I can't really give exact numbers of what came from what. I can tell you that my EX score went up 52 points, TU went up 10 points and EQ went up 3 points all within 3 months. My EX was formerly my low mortgage score and now it's my high. Basically, my mid mortgage score was 681 prior to optimizing utilization and getting that SSL loan. After, my mid mortgage score was 699. 

[Anonymous]

I'll try to bring some data points in here to add to the collection

Scores before the SS loan: TU 735 EQ 738 EX 704 (don't have a reliable score for EX)

Mid 20s

CC: 6 cards w/ limits of 500, 500, 5000, 11000, 11000, and a AMEX. 

Utilization is always <9%. 5 cards show $0 balance with 1 showing monthly bal <9% 

AAOA is <1 year. Two accounts are about 2 years old, and the remaining 4 were opened within the last 3 months.

Graduate student loan in deferrment showing current, paid. Balance is 60k, age of these is <1 year

Never had a auto loan or any other type of loan ever

No delinquinces or late payments

7 hard pulls in the last 12 months (went a little crazy applying for cards)

To be honest I'm hoping to bump my score up with the SS loan to better qualify for an auto loan. The higher your credit score is, the less questions they ask typically. When you're a medical student and your income is in the form of student loans ... less questions about "verifiable income" the better. 

Will report back the results soon. 

[Anonymous]

Hi all,

I just started building credit history this year (completely clean file), and was recommended this technique from another poster. I decided to try it out last month, and followed through all the steps precisely. Knowing that Alliant reports at the end of each month, I have been checking my score daily on WalletHub and today Alliant's report finally showed up.

My score dropped 54 points from 716 to 662 (this is a TU VantageScore).

Just wondering if this is normal. My reported balance is $44, opened on the 21st of March, 60 month term, $500 highest balance. Besides this loan, I also have a Discover it secured and a Chase Amazon Prime Visa that has been reporting for 3 months now with under 9% utilization. Also have an Amex BCE just approved but not showing on reports yet.

Can someone explain to me why this huge score drop occured? I doubt that its AAoA since all of my accounts are so new. I will check my credit score again tomorrow with CreditJourney, and again on Monday with Credit Karma to see if anything is different.

[Anonymous]

You should definitely be getting your Fico scores. Credit karma isn't true fico scores.

[Anonymous]

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@Anonymous wrote:
You should definitely be getting your Fico scores. Credit karma isn't true fico scores.

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With only 3 months of credit history on file, I don't think I can get a real FICO score just yet. I guess I will report back in 3 more months when I actually get one.

[manyquestions]

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@Anonymous wrote:

Hi all,

Can someone explain to me why this huge score drop occured? I doubt that its AAoA since all of my accounts are so new. I will check my credit score again tomorrow with CreditJourney, and again on Monday with Credit Karma to see if anything is different.

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That may be normal for Vantage score. Where people see good gains with this technique is on FICO 08. If you have 1$ you can get all three FICO 08 scores from CreditCheckTotal.com.  

Edit: Yeah, you need a 6 month credit history for FICO.

[Subexistence]

When secumd reported 3 new accounts for me, my VS dropped from 709 to 642. Three months later it rebounded from 659 to 725. I think VS is really harsh on new accounts but it's temporary. Three montsh from now, everything will be resolved.