Adding an installment loan -- the Share Secure technique

[Anonymous]

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@Anonymous wrote:

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.

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This is immensely helpful.  This kind of hard description of a really bad EQ report along with its FICO 8 score is exactly what I wanted.  Great to see a recent clear case study that seems to show that Aliant's bar is very low (as touches the EQ report).

It may be that they pull the EQ report chiefly for identity proofing purposes -- not to evaluate the derogs and accounts and score.  Identity proofing is a crucial issue for banks and CUs to prevent fraud and money laundering.

[Subexistence]

Alliant gave me an email with a link to win $5000 in survey. I have the link in my post if you click on survey.

[Anonymous]

what is that survey link doing int his thread

[Anonymous]

Sorry to ask questions that were probably answered earlier, but this thread is at 115 pages now ...

Are there any other good options for this other than Alliant? I've heard Alliant is sensitive to recent Chex inquiries, and I wracked up several back in the winter during failed attempts to open accounts at PNC and Santander (due to screwy identification questions that didn't seem to apply to me).

On a related note, did anyone here get rejected for Alliant membership for one reason or another? If so, any successes with reconsideration, or is a rejection a rejection?

Thanks for all feedback.

[Anonymous]

The survey links are affiliate links, if someone fills it out and they win the $5000, the affiliate gets $500 or something, I believe.

[Anonymous]

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@Anonymous wrote:

Sorry to ask questions that were probably answered earlier, but this thread is at 115 pages now ...

Are there any other good options for this other than Alliant? I've heard Alliant is sensitive to recent Chex inquiries, and I wracked up several back in the winter during failed attempts to open accounts at PNC and Santander (due to screwy identification questions that didn't seem to apply to me).

On a related note, did anyone here get rejected for Alliant membership for one reason or another? If so, any successes with reconsideration, or is a rejection a rejection?

Thanks for all feedback.

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Sure.  There are doubtless other banks and CUs that would work.

Your situation, as I understand it, is this.  You'd be happy to use Alliant, but you think you will be rejected due to too many inquiries at CS and possibly ID issues withj your CS report.

The steps I would take then are the following are these:

(1)  Pull your CS report and review it carefully.  Find out how many inquiries you have and work with CS at figuring out what happened at PNC and Santander with the failed ID proofing.  It's important IMO to spend the time to get your CS issues cleaned up  You may even find that there is a willingness to by PNC and Santander to delete the inquiries if you can document with CS the problems that occured.

(2)  While you work on #1, start investigating on your own what banks and CUs have products like an SS loan.  You'd start with banks/CUs you are already a member of, since there will be no CS issue there.  You could also look for banks/CUs that use Early Warning Services rather than ChexSystems.   This link may help too:

http://echeck.org/a-guide-to-legit-no-chexsystems-banks/

You may find that you will just spend a lot of time on the phone with various CUs, asking them questions:

(1)  When I apply for membership, do you use CS?

(2)  I am looking for a Share Secure loan.  (You may need to explain what that is to the rep.)  Do you offer anything like that?

A minority of CUs will give an encouraging answer to both questions.

Then you need to find out....

Is there a hard pull (to EQ, TU, or EX) for membership?

Is there a hard pull (to EQ, TU, or EX) for when I apply for the loan?

If down the road I pay off a big chunk of the loan, does that result in the due date being pushed back?  Or does it force the loan to get paid off earlier?

What is the longest term SS loan I can open?  For that term, what is the smallest loan I could open?

Obviously this involves lots of work on your part.  But I don't see a good way around that.

[Glen_M]

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@Glen_M wrote:

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@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

 ...

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... 

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)

 ...

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

• From 638 to 655 (17pt)

 ...

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Well, another month passed and no change or additional bonus was observed.  A bit dissapointed with the increases I saw, especially TU which had no other installment loan listed at all getting 10pt.

It still rounds things out, and I'll let it continue along with $10/month payments to fluff age of accounts in the long run.  I'd still do it knowing the results.  I got a couple new accounts, and the Penfed might not have happened without the boost:

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/NFCU-Platinum-amp-PENFED-PowerCash-Approvals/t...

[Anonymous]

Thanks for the reply. My Chex and Equifax reports are clean and my Lexis report seems to include only my info., so the ID problems I've encountered are odd.

I'll probably fire off letters to PNC and Santander to see about deleting the Chex inquiries from the failed account-opening attempts, but I don't have time to be investigating a lot of other CUs. From a little Googling, it appears I should be OK for an Alliant savings account (but not a checking account) even with a lot of Chex inquiries, but we'll see.

If anyone here knows of other CUs that offer Alliant-style shared-secure loans, please post them. Thanks again.

[stinastina]

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@Glen_M wrote:

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@Glen_M wrote:

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@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

 ...

---

... 

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)

 ...

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

• From 638 to 655 (17pt)

 ...

---

Well, another month passed and no change or additional bonus was observed.  A bit dissapointed with the increases I saw, especially TU which had no other installment loan listed at all getting 10pt.

It still rounds things out, and I'll let it continue along with $10/month payments to fluff age of accounts in the long run.  I'd still do it knowing the results.  I got a couple new accounts, and the Penfed might not have happened without the boost:

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/NFCU-Platinum-amp-PENFED-PowerCash-Approvals/t...

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Tell me about this NFCU secured loan !!! How little can one put down ? Please and thank you !

[Glen_M]

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@stinastina wrote:

Tell me about this NFCU secured loan !!! How little can one put down ? Please and thank you !

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For as little as $250, and with higher amounts for as long as 15 years.

I did $5k for 60months.  A bunch of other details back in my first couple posts on it:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...