Adding an installment loan -- the Share Secure technique

[Asilomar]

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@Subexistence wrote:

It's been a month and my EX hasn't changed yet. I keep checking creditscore.com and they are reporting that alliant still has $80 balance. For some frustrating reason EX isn't being updated.

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Since you want to watch Experian have you tried FreeCreditReport?  You can sign up for 5 bucks the first month (just cancel it before they bill you the full price) and have access to a refreshed report every 24 hours.  Since I'm into watching my FICO score like a tweaker I do the sign up/cancel shuffle every month.  

ETA:  CreditCheckTotal does the exact same thing but for 4 bucks cheaper.  You get the other two just once per purchase but the EX report refreshes every 24 hours.

[Subexistence]

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@Anonymous wrote:

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@Subexistence wrote:

Update

EQ:722-->770!

TU:717-->754

EX719-->?

It's been a month and my EX hasn't changed yet. I keep checking creditscore.com and they are reporting that alliant still has $80 balance. For some frustrating reason EX isn't being updated.

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So yours reported to EX back in June but didn't update in July? Mine was opened in late June and was supposed to report to EX this month but it never appeared. (It did appear on EQ and TU.) Looks like Alliant's old problem with EX might have reared its ugly head again.

I would suggest sending a private message to Alliant to make sure they know there's an issue. They were supposed to be looking into it, but I haven't heard back in about a week.

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yeah that's what happened. Tell me some history about alliant's old problem with EX>

Anyways, I hear it isn't good to contact banks like when churning for fico points.

[Subexistence]

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@WhiteCleats wrote:

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@Subexistence wrote:

It's been a month and my EX hasn't changed yet. I keep checking creditscore.com and they are reporting that alliant still has $80 balance. For some frustrating reason EX isn't being updated.

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Since you want to watch Experian have you tried FreeCreditReport?  You can sign up for 5 bucks the first month (just cancel it before they bill you the full price) and have access to a refreshed report every 24 hours.  Since I'm into watching my FICO score like a tweaker I do the sign up/cancel shuffle every month.  

ETA:  CreditCheckTotal does the exact same thing but for 4 bucks cheaper.  You get the other two just once per purchase but the EX report refreshes every 24 hours.

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creditreport.com usually updates my EX score 3 times a month. I also fall back on scorecard,credit.com, and amex for ex. 

I don't pay $$ to know my scores. Not even $1

[Anonymous]

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@WhiteCleats wrote:

CreditGuyInDixie,

Perhaps some of the confusion occures when you say "...Thus your account will have a little over $1000 in it, of which $500 is inaccessible".  

Strictly speaking that's not quite true.  The summary page shows both accounts separately.  The savings account with the original 510/520 and the loan account with 500.  So if someone is looking for a 1000 dollar total from a single account they might get confused.

Maybe the wording would be clearer to some folks if it said something like "now your two accounts will total a little over 1000, only 500 of which, from the original savings account, will be accessible."

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At the end of step 3, Alliant does indeed deposit the $500 from the loan into your savings account.  Thus, at that point, you really do have a little over $1000 in your savings account.  Here is the text from the end of Step 3 in the guidance:

An hour later you will have the $500 loan deposited in your account.  Thus your account will have a little over $1000 in it, of which $500 is frozen and inaccessible.  As you pay down the principle on the loan, a corresponding amount will get unlocked and become "available."

Throughout steps 1-3 the only "account" that has been discussed is the savings account.

In Step 4 the guidance explains that there are now two accounts, a savings and a loan account, and explains how to transfer money from the savings to the loan. -- which is how one pays down the loan.

[Asilomar]

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@Anonymous wrote:

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At the end of step 3, Alliant does indeed deposit the $500 from the loan into your savings account.  Thus, at that point, you really do have a little over $1000 in your savings account. 

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Well now I'm confused.  If Alliant deposits the loan amount into the savings account did I miss a step?  Because that did not happen.  Did I pay the 420 too soon?

[Anonymous]

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@WhiteCleats wrote:

Since you want to watch Experian have you tried FreeCreditReport?  You can sign up for 5 bucks the first month (just cancel it before they bill you the full price) and have access to a refreshed report every 24 hours.  Since I'm into watching my FICO score like a tweaker I do the sign up/cancel shuffle every month.  

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Not to go off-topic, but does your credit score really change that month from day to day? I guess everyone has their own hobby, but I always cringe when I see people spending so much of their daily lives on this stuff. If you change all of your CC closing dates to the same day, you would only need to check your scores once per month.

[Anonymous]

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@Subexistence wrote:

yeah that's what happened. Tell me some history about alliant's old problem with EX>

Anyways, I hear it isn't good to contact banks like when churning for fico points.

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Somewhere in the past 30 pages or so, someone mentioned that Alliant wasn't reporting to EX, and it required intervention to get it fixed.

I agree that it's best not to pester banks too much, but Alliant assuredly knows people are using these loans for this reason, and "building/rebuilding credit" is explicitly listed as a reason for wanting the SSL. Beyond that, if accounts aren't updating properly, one assumes Alliant, or any other bank, would want to know about it.

[Anonymous]

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@WhiteCleats wrote:

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@Anonymous wrote:

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At the end of step 3, Alliant does indeed deposit the $500 from the loan into your savings account.  Thus, at that point, you really do have a little over $1000 in your savings account. 

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Well now I'm confused.  If Alliant deposits the loan amount into the savings account did I miss a step?  Because that did not happen.  Did I pay the 420 too soon?

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No. Look at your own screenshot: It says Current Balance: $605. If you add the $520 available plus the $80 SSL remaining balance plus the required $5 savings deposit, you get to $605. When you first opened the SSL, it assuredly had a $1,025 Current Balance ($500 SSL + your $520 deposit + the $5 required deposit).

[newhis]

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@WhiteCleats wrote:

Well now I'm confused.  If Alliant deposits the loan amount into the savings account did I miss a step?  Because that did not happen.  Did I pay the 420 too soon?

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 It did happen, maybe you didn't see it. You had $1,025 on your savings account before paying $420 to your loan. Now you have $605 on your savings account ($1,025-$420).

[Subexistence]

Did the people 30 pages ago need to each contact Alliant individually or did only 1 person need to ask, then the issue is resolved.