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Adding an installment loan -- the Share Secure technique

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Anonymous
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Re: Adding an installment loan -- the Share Secure technique

Alliant's main customer base is people involved in the airline industry.  My Alliant branch is literally next door to a huge airline.

 

They do cash transactions (deposits, withdrawals) through their ATMs at the branch but don't want to have to secure cash otherwise.  Makes sense, also reduces risk of miscounts or theft.  Since most of their customers work in the airlines industry and rely on direct deposit and e-pay, they're probably not toting around cash.

Message 1021 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique

Got my Docusign documents in less than 1 hour from when the loan consultant emailed me.  Singing them digitally took less than 3 minutes (including eyeballing all the terms and conditions).

 

30 seconds after signing, the loan showed up on my Alliant web login but doesn't show it's funded just yet.  I expect that'll take a bit longer, but the whole process was seamless and stress-free.

Message 1022 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique

Funds are now available back in my savings account and the loan shows active with a first autopayment date of May 30, 2017 as I requested.

 

Less than 3 hours total from applying (7am) to funds available (9:55am or so).

Message 1023 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique


@Anonymous wrote:

Funds are now available back in my savings account and the loan shows active with a first autopayment date of May 30, 2017 as I requested.

 

Less than 3 hours total from applying (7am) to funds available (9:55am or so).


Lucky you, Ive been waiting 4 days so far. I will have to call them in the morning I guess...

Message 1024 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique

Others in this thread mentioned they did receive the email but it went to their spam folder.  Won't hurt to call and inquire tho!

Message 1025 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique


@Anonymous wrote:

Funds are now available back in my savings account and the loan shows active with a first autopayment date of May 30, 2017 as I requested.

 

Less than 3 hours total from applying (7am) to funds available (9:55am or so).


So did you show your Alliant savings account as an account where they should deposit money from the loan? If so, then you have $500 from your original blocked in your savings and the $500 from loan available?

Message 1026 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique

Correct. My savings account balance basically doubled with half available and half "frozen" from use.
Message 1027 of 1,921
Glen_M
Frequent Contributor

Re: Adding an installment loan -- the Share Secure technique - NFCU - Navy Federal Credit Union


@Glen_M wrote:

There aren't a lot of Navy Federal Credit Union examples for shares secured loans, despite the popularity of NFCU in general, so I thought I'd put mine up.

 

 

...

Scores before (April FICO8s via myFICO):

  • TU - 657
  • EX - 665
  • EQ - 638

 

...

Some movement on the reporting already, but I'm not certain it is being fully reported/integrated into the scoring yet -- considering I'm still more than a month away from the first statement date.  But it has at least partially taken effect.

 

Experian was the first to report something, on the last day of the month after setting the account up:

  • From 665 to 683 (18pt)

TransUnion was a few days later (4th):

  • From 657 to 667 (10pt)

 

Neither of the above had any other installment loans listed.  Equifax has several accounts not listed on the other two, all several years old, including an auto loan.

 

Equifax was in the middle with reporting response time (3rd):

  • From 638 to 655 (17pt)

 

The only other change I can see right now was a CC payment on my only live revolving account, going from reported util of 2% to 4% -- should have minor impact.

 

I get a myFICO 3B report a few days after the monthly statement date for the loan, we'll see if they update anything else before the first one is actually due.  Experian seems quick to respond.

 



Message 1028 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique

Wanted to update to say that my first payment paying off 92% also appears to have cancelled the first autopay and bumped it to 2021. I checked on the website and the app and both moved the payment date to 2021 for the autopay.

Not sure if this is new or if it will still autopay on May 30.
Message 1029 of 1,921
Anonymous
Not applicable

Re: Adding an installment loan -- the Share Secure technique - NFCU - Navy Federal Credit Union

Quick update: loan has been reported to transunion and equifax. It doesn't appear on experian yet. I used the $1 offer to check my scores on creditchecktotal. My transunion score did not change and equifax went down by 10 points. So currently I have:

753 EXP

759 TU

757 EQ

 

So far, it doesn't seem that the installment loan is treated differently from my student loans.

Message 1030 of 1,921
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