@Anonymous wrote:Hi SJ. Even if they are changing it to require a higher loan amount (e.g. $1000 rather than $500) that won't be a problem for many people. You just need to be able to put $1000 into a savings account -- and just for 3-4 weeks. If someone can't do that, then he's got more serious problems to worry about then tweaking his FICO score.
Well, even us poor people want to join in the "reindeer games" 
In any event, I'm guessing the policy hasn't really changed, someone just tripped up against the only bad-natured person working at Alliant, or someone who was having a bad day
@SouthJamaica wrote:
@Anonymous wrote:Hi SJ. Even if they are changing it to require a higher loan amount (e.g. $1000 rather than $500) that won't be a problem for many people. You just need to be able to put $1000 into a savings account -- and just for 3-4 weeks. If someone can't do that, then he's got more serious problems to worry about then tweaking his FICO score.
Well, even us poor people want to join in the "reindeer games"
In any event, I'm guessing the policy hasn't really changed, someone just tripped up against the only bad-natured person working at Alliant, or someone who was having a bad day
It is even more important for people of limited means to have at least $1000 in savings. Life has too many bumps that become emergencies if you don't. The bumps end up on your credit report undoing all of the good and more you can do with the FICO reindeer games.
Note, $1000 isn't enough for most people's emergency fund. But it is enough for a minor car repair, etc.
@CreditDunce wrote:
@SouthJamaica wrote:
@Anonymous wrote:Hi SJ. Even if they are changing it to require a higher loan amount (e.g. $1000 rather than $500) that won't be a problem for many people. You just need to be able to put $1000 into a savings account -- and just for 3-4 weeks. If someone can't do that, then he's got more serious problems to worry about then tweaking his FICO score.
Well, even us poor people want to join in the "reindeer games"
In any event, I'm guessing the policy hasn't really changed, someone just tripped up against the only bad-natured person working at Alliant, or someone who was having a bad day
It is even more important for people of limited means to have at least $1000 in savings. Life has too many bumps that become emergencies if you don't. The bumps end up on your credit report undoing all of the good and more you can do with the FICO reindeer games.
Note, $1000 isn't enough for most people's emergency fund. But it is enough for a minor car repair, etc.
Under this scenario one doesn't need $1k in savings. One could borrow the money from a credit card since it only needs to stay in the savings account for a matter of days.
@SouthJamaica wrote:
@CreditDunce wrote:
@SouthJamaica wrote:
@Anonymous wrote:Hi SJ. Even if they are changing it to require a higher loan amount (e.g. $1000 rather than $500) that won't be a problem for many people. You just need to be able to put $1000 into a savings account -- and just for 3-4 weeks. If someone can't do that, then he's got more serious problems to worry about then tweaking his FICO score.
Well, even us poor people want to join in the "reindeer games"
In any event, I'm guessing the policy hasn't really changed, someone just tripped up against the only bad-natured person working at Alliant, or someone who was having a bad day
It is even more important for people of limited means to have at least $1000 in savings. Life has too many bumps that become emergencies if you don't. The bumps end up on your credit report undoing all of the good and more you can do with the FICO reindeer games.
Note, $1000 isn't enough for most people's emergency fund. But it is enough for a minor car repair, etc.
Under this scenario one doesn't need $1k in savings. One could borrow the money from a credit card since it only needs to stay in the savings account for a matter of days.
Sure for the float on a credit card to fund Shared Secure loan (assuming you PIF). What I am thinking about is someone who doesn't have enough savings to smooth out unexpected bills. They end up carrying a balance on their credit cards. The interest doesn't seem that bad at first. But over time it will eat them alive.
I should have highlighted CGiD's line that I agree with in the first post.
@Anonymous wrote:I don't believe there has been any change in policy, I just opened a secured loan on 6/13/16 through their website and spoke to a loan officer on 6/16/16. The loan officer never mentioned anything about the term of the loan other than to confirm that I had requested a 500.00 loan for 60 months. The next day signed the docs online and loan was funded the following day.
@Anonymous wrote:Hi SJ. Even if they are changing it to require a higher loan amount (e.g. $1000 rather than $500) that won't be a problem for many people. You just need to be able to put $1000 into a savings account -- and just for 3-4 weeks. If someone can't do that, then he's got more serious problems to worry about then tweaking his FICO score.
Thanks tel12.
I was a little skeptical of the report being anything other than an awkward LO (and to be fair at least once on the former thread someone ran into something similar where the individual they talked to wouldn't let them open up a loan for 5 years) as the published information on Alliant's site clearly states 5 years, minimum of $500 which hadn't changed; however, some lenders do have minimum amounts for given time periods.
In truth it probably doesn't matter that much since don't think anyone has ever found any credible seasoning boundary for tradelines, and as such whether it's 3 or 5 or 10 years, just means more frequent reindeer game playing... not the end of the world.
