Adding an installment loan -- the Share Secure technique

[Anonymous]

My funds are now available.  I am thinking of waiting until May to begin the loan process so the $80 balance doesn't report.  Big deal or no?  I'm not apping for anything until the SSL reports @ 8.9% or lower, so I guess it doesn't matter?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Signed my $500 online loan docs 4/11 and docs say first payment of $9.24 due on 5/26, does this length of time between signing and first payment sound normal?  

I made a transfer of $420 already and guess I need to wait till after 5/26 to log in and cancel auto payments. 

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The signing of online documents typically happens after the LO has a 1-on-1 telephone conversation with you.  Did that conversation happen?

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Yes, the LO did contact me via telephone but did not ask for a requested payment date.  I recieved the online docs shortly after the call on 4/11 and signed online. those docs list 5/26 as the first due date.  I made my lump sum payment around the 14th of April so figure they will still pull a payment on 5/26/17 based on what I have read on here? 

[Anonymous]

So once I pay the $420 off I can safely transfer $420 to my external checking, correct?

[Anonymous]

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@Anonymous wrote:

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Yes, the LO did contact me via telephone but did not ask for a requested payment date.  I recieved the online docs shortly after the call on 4/11 and signed online. those docs list 5/26 as the first due date.  I made my lump sum payment around the 14th of April so figure they will still pull a payment on 5/26/17 based on what I have read on here? 

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Yep, if your first due date is May 26 then they will still pull a payment, as indicated in the guidance.

But as the guidance also mentions, many people have had success doing the manual deletion of the autopay either 1 or 2 days before it is scheduled to go through.

[Anonymous]

Always double check to see whether the amount you wish to transfer is available, as in Available Balance.  Myself I would not transfer out the entire available balance, but that's just me.  I'd leave a few dollars available just in case Alliant wanted me to do that. And remember if your balance goes up a tiny bit due to interest you need to have a corresponding amount there to secure it.

But yes, shortly after you make a payment of X dollars on the principle, X more dollars (roughly) should become available.

Alliant has one of the best interest rates in the nation for online savings accounts, so any money you leave in there is being reasonably productive.  Thus there's less incentive to withdraw every available penny.

[Subexistence]

Ugh still no email nor phone call. I would call today but I got Stat exam tommorrow. I have Calc quiz the day after so I'll have to wait until my quiz is over with before I call. I never recieved any call for opening my savings account and it took ridiculously long for my $510 to appear so I must be very low on the priority list. Anyone else had to deal with neglect before?

[steelholder]

Stats? That reminds me of nightmares with standard deviations and...uhh nvm that..when did you apply? They put a 10 day hold on my new transfer. Mobile check deposits take about a day.

[Anonymous]

I started this process on 4/21/17. I was not able to set up the account online and had to wait to get a welcome email. The email stated a welcome packet would come in the mail and that I could set it up online then. Might have just my lucky turn or a change in their procedures.

[Anonymous]

Oh man this thread just saved me a lot of headache.

So I am getting this on my credit report.

1. Proportion of balances to credit limits is too high on bank revolving or other revolving accounts

And all I have are 2 installment loans which are secured but I made them so that it will increase my credit. Little did I know that it is because of this and the decrease it has caused on my credit to go right below the conventional loan requirement from my lender.

Tomorrow morning I am going to make a 95% payment and hope that next month or two when they report that my score will jump a bit!

[Anonymous]

Welcome to the forums!

The mortgage scoring models are different from FICO 8.  The EQ and TU mortgage models rarely benefit from paying your loans down, but the EX mortgage score should.  Let us know what happens.