Adding an installment loan -- the Share Secure technique

[Anonymous]

Hiu SubEx.  I can't remember to be honest.  I can imagine all kinds of things that could be going on.  It could be an artifact of Alliant and EX together.  (Indeed it appears to be.)  It well could be that no extra CSR help is really needed as long as the borrower gives it an extra month.  It could be that the CSR activity doesn't actually fix the problem, because it would have gotten fixed anyway via time.  All that is possible.

Thus my first advice is to assess in your own head do I actually need for this problem to get fixed before Sept 10?  As in: I am trying to get an auto loan in the next six weeks and they may pull Experian and my EX score might be too low to get me the best rates?  If all that is true, then call Alliant today.  Otherwise, I'd just give them till Aug 15 and if you get a fresh EX report with the account not reporting, then give Alliant a shout then.

[Total80sKid]

Well, I just completed the process and got the account down to owing $80.

This is probably a stupid question, but can I now take some $$ out of the savings acct, say $400?

I used a portion of my CLOC to fund the acct and would love to put as much back as I possibly can.

Any info regarding this would be greatly appreciated!

And thank you again everyone for your experiences and DP's.

[Anonymous]

Sure, feel free to pull money back out, assuming it is now listed as "available" in your savings account.  The one thing I would not do is cut it so close that it is down to 1-2 dollars of your available balance.  Remember that your loan balance may slowly creep up (due to interest) and Alliant may well want you to have the full amount of the current loan balance plus a couple bucks to secure it.

Aside from that little caveat, sure pull your money out if you like. 

[Total80sKid]

Well then that makes me nervous lol

Would it be best to wait an extended period of time to be on the safe side?

Thank you again for all of your help, CreditGuyInDixie!

[Subexistence]

---

@Anonymous wrote:

Hiu SubEx.  I can't remember to be honest.  I can imagine all kinds of things that could be going on.  It could be an artifact of Alliant and EX together.  (Indeed it appears to be.)  It well could be that no extra CSR help is really needed as long as the borrower gives it an extra month.  It could be that the CSR activity doesn't actually fix the problem, because it would have gotten fixed anyway via time.  All that is possible.

Thus my first advice is to assess in your own head do I actually need for this problem to get fixed before Sept 10?  As in: I am trying to get an auto loan in the next six weeks and they may pull Experian and my EX score might be too low to get me the best rates?  If all that is true, then call Alliant today.  Otherwise, I'd just give them till Aug 15 and if you get a fresh EX report with the account not reporting, then give Alliant a shout then.

---

What do you mean by artifact of alliant and ex?

I want to apply before the AARP promotional sign-up goes away. I also want cap1 quicksilver promotional sign-up but they don't require EX pulled.

[Subexistence]

---

@Total80sKid wrote:
Well then that makes me nervous lol

Would it be best to wait an extended period of time to be on the safe side?

Thank you again for all of your help, CreditGuyInDixie!

---

Don't wait an extended period of time. Just keep $10 there until loan is finished.

[Anonymous]

---

@Total80sKid wrote:
Well then that makes me nervous lol

Would it be best to wait an extended period of time to be on the safe side?

Thank you again for all of your help, CreditGuyInDixie!

---

I don't think there any grounds for being nervous.  Just look at the Available Balance in your savings account.  The AB probably says something like $420 right now.  Plus or minus a couple dollars.

Supppose it reads $419.  Then subtract $2 of interest that Alliant might charge you for the first month.  (It will be less.)  Then subtract another $2 for the extra interest that might get generated in the first year.  Then subtract another $10 if you think your autopay may not yet be cancelled.  Then maybe another $2 so that the absolute lowest your balance could ever go.

That's $419 - 2 - 2 - 10 - 2 = $413.  You can withdraw $413 in that scenario and still be total safe.

And if you still want some extra funds so that you can make one more paydown, then factor that is too.  E.g. maybe you want an additional $36 to make one more paydown.  That would be $413 - $36 = $377.

Basically this is no different then how you handle your own checking account.  You need a big enough balance to handle charges that might be coming through.  Aside from that, pull the remainder out.

[Anonymous]

---

@Subexistence wrote:

---

@Anonymous wrote:

Hiu SubEx.  I can't remember to be honest.  I can imagine all kinds of things that could be going on.  It could be an artifact of Alliant and EX together.  (Indeed it appears to be.)  It well could be that no extra CSR help is really needed as long as the borrower gives it an extra month.  It could be that the CSR activity doesn't actually fix the problem, because it would have gotten fixed anyway via time.  All that is possible.

Thus my first advice is to assess in your own head do I actually need for this problem to get fixed before Sept 10?  As in: I am trying to get an auto loan in the next six weeks and they may pull Experian and my EX score might be too low to get me the best rates?  If all that is true, then call Alliant today.  Otherwise, I'd just give them till Aug 15 and if you get a fresh EX report with the account not reporting, then give Alliant a shout then.

---

What do you mean by artifact of alliant and ex?

I want to apply before the AARP promotional sign-up goes away. I also want cap1 quicksilver promotional sign-up but they don't require EX pulled.

---

I mean that the problem may not Alliant by itself, since EQ and TU seem to get updated promptly.  Therefore some peculiarity of the EX database may be involved.  On the other hand, it may not be EX by itself, since this behaviour doesn't seem to happen with other lenders that report a loan to all three bureaus.  Thus the problem appears to be generated by some issue of how Alliant and EX connect on a new loan in the first two months.  (And for many people they do not experience a problem at all.)

I'd suggest we are likely spending a bit more time talking about this then we need to.  As I said, if you have some important credit need coming up very soon and you think that the creditor may pull EX, then feel free to give them a shout today.  Otherwise I wouldn't myself.

If you do call them today, I'd be sure that you have an EX report in your hand dated in the last week that shows that the account has not been updated in the way EQ or TU have been.  Also be certain that the change you made to your SSL account (e.g. a paydown) was made before June 27.

[Anonymous]

---

@Anonymous wrote:I'd suggest we are likely spending a bit more time talking about this then we need to.  As I said, if you have some important credit need coming up very soon and you think that the creditor may pull EX, then feel free to give them a shout today.  Otherwise I wouldn't myself.

If you do call them today, I'd be sure that you have an EX report in your hand dated in the last week that shows that the account has not been updated in the way EQ or TU have been.  Also be certain that the change you made to your SSL account (e.g. a paydown) was made before June 27.

---

I probably should have been more specific, but when I mentioned contacting Alliant above, all I did was send a brief private message mentioning that my Alliant SSL appears on my EQ and TU reports but not my EX report. Given that there were prior Alliant/EX issues reported in this thread, it didn't seem to make sense to just wait another month or two to see if the issue was resolved by itself.

As for the "June 27" part, it's unclear how that's relevant. I literally opened and paid down my SSL on June 30th, and it reported as such to EQ and TU by July 10. I know the guidance on page 1 says something about trying to get things done at least 3 business days before the last day of the month, but that doesn't seem to be necessary. (I suppose there could be a quirk that makes it necessary for EX but not for EQ and TU, but, if so, that quirk remains unexplained.)

[Total80sKid]

My savings account currently says:

Accounts Current Balance Available Balance Rate Dividend (YTD)  

Savings Account	$605.00	$520.00	1.104 %	$0.00	Options »
Total:	$605.00	$520.00		$0.00

The SSL currently shows:

Accounts Due Date - Payment

mm/dd/yy

Current
Balance Available
Balance Rate Interest
(YTD)  

Share Secured Loan	05/10/21 - $4.12	$80.00	--	4.110 %	$0.00	Options »
	Total:	$80.00	$0.00		$0.00

Did I mess up somewhere?