Adding an installment loan -- the Share Secure technique

[Anonymous]

CGID

I understand the hassle of doing a lot of loans. I'm going to do an SSL anyway in the next couple of days and the money is sitting there. I'll let you know if they will do a $10,000 SSL.

Thanks

[newhis]

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@Anonymous wrote:

I am pretty sure Alliant doesn't do 100k SSL's.  If a person did take out an SSL of that size, however, he shouldn't pay it down to 10%.  As you say that's just choosing to paying Alliant interest on 10k.  I would pay pretty much any big SSL down to < $70, whether it was an SSL for 1k, 10k, or 100k. 

Huge SSLs (or laddered SSLs) are a bad idea in my opinion because they draw the attention of the LOs to the games you are playing.

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They say they do up to 500k SSL's:

https://www.alliantcreditunion.org/borrow/get-a-credit-union-personal-loan#compare

[Anonymous]

Fascinating!  Thanks Newhis.

[Anonymous]

Wow.  If I ever need to do a mortgage or anything, I would absolutely take advantage of that loan option to reduce overall installment utilization and see if it made a FICO difference.  Amazing.

[stinastina]

To do this, do I need a certain score and what do they pull ? Do they care if you have a bankruptcy ?

[Anonymous]

The do not do a hard inquiry if you apply alone, they may do a hard inquiry if you do a joint account loan.

[Anonymous]

ABCD is exactly right in what he said about hard vs. soft.

That said, a soft inquiry still involves them seeing your entire EQ report and (if they like) running a FICO score on it.  They pull your report for a reason -- which must be if it looks bad enough to them, they will reject you.

We have very few case studies of people requesting CU membership (or a loan) who also have serious derogs or other things that could make Alliant look twice at them.  Would you be willing to apply for membership, see how that goes, and then report back on what happened?  Whether Alliant says Yes or No, it will be useful at that time to hear more about your current EQ FICO 8 and EQ report. 

And then, should that all work out, you could apply for the SSL and tell us again whether Alliant says Yes or No.

[Anonymous]

If it matters, my EQ is my dirtiest profile due a CO reporting that isn't reporting elsewhere.

When I applied to Alliant I had the following:

• EQ around 570 -- maybe as low as 568 or as high as 577.
• One charge-off reporting from 2015 with a balance showing.
• One collection reporting from 2017, unpaid.
• One tax lien reporting, unpaid.
• A few inquiries from the past 12 months.
• Only one open credit report account reporting, with lates as bad as 90D within 2 years.

They didn't deny me for the loan.  In fact, it was one of the more pleasurable apps because it was so easy and fast.  Once approved I just did a transfer from my Chase account, money showed the next day or so, applied for the loan and had it approved a few days later, all transacted over email, no phone calls.

In the time frame since I got the loan and paid it down to under 9%, I also acquired a bunch of other credit cards and thanks to all the rebuilding work I'm already up to 610 on EQ and believe that one chargeoff will fall off this month after a CPFB dispute CCing the OC on the letter, certified mail to both.  That loan helped for about 19 points on my very dirty EQ -- the rest of the FICO boost was from opening my 2nd and 3rd CCs.

[Anonymous]

On a related note, has anyone here been rejected by Alliant because of too many Chex inquiries? My credit reports and Chex are clean, but I do have quite a few Chex inquiries from last year. Thanks.

[Anonymous]

I have been rejected from a CU before due to too many CS inquiries.  I am a bank bonus chaser so I had quite a few.

PS.  Just as an FYI... CS is not the only CRA that monitors bank accounts.  EWS (Early Warning Services) is the other one.