Adding an installment loan -- the Share Secure technique

[Poppa]

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@steelholder wrote:
I know this may have already been answered but how long does it take to unfreeze funds after you make your initial payment of 420? Would you see that amount unfreeze and be available immediately after? Thanks.

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Mine was instant I believe. You paid it down to $80 though and I believe I heard that you have to leave double what you owe. That would mean you could remove $ $340. I paid mine down to $44 so I only had to leave $88 (presumably) and was able to pull out $400 immediately. 

[steelholder]

Poppa, how much was your initial payment? 456?

Transfered in funds from wells fargo and the funds are on hold for 9 days. I could provide a signed letter with a wells fargo logo to prove the funds have been released for immediate release, they almost laughed when I asked them for this at the branch.

[Anonymous]

Just got off the phone with the loan officer. Shared secured loan $500 for 60 months.

I originally applied to join Alliant on April 3rd, but they needed me to mail 2 forms of ID to confirm my new address. Got the welcome packet in the mail on April 14th. Transferred $510 on 4/14 and finally was available today 4/18. Applied for the loan online and listed my email address for contact. Was emailed instantly to call the loan officer. 

Waiting on getting the documents to finalize and to make my first payment and get it down before the end of the month.

Hoping to get a nice bump to my credit score. Currently at 753 Experian. I only have credit cards and student loans (all in deferment/in school).

[Anonymous]

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@Anonymous wrote:

Just got off the phone with the loan officer. Shared secured loan $500 for 60 months.

I originally applied to join Alliant on April 3rd, but they needed me to mail 2 forms of ID to confirm my new address. Got the welcome packet in the mail on April 14th. Transferred $510 on 4/14 and finally was available today 4/18. Applied for the loan online and listed my email address for contact. Was emailed instantly to call the loan officer. 

Waiting on getting the documents to finalize and to make my first payment and get it down before the end of the month.

Hoping to get a nice bump to my credit score. Currently at 753 Experian. I only have credit cards and student loans (all in deferment/in school).

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Outstanding!  I have been interested in someone with pure student loans only testing this out.  The caution is that you are mostly likely to get no benefit (since you have open installment loans already) but there was a case last year that suggested that SL-debt only might be scored seperately.  If you can show a benefit that will be a huge help.

(Quick note to others: aw60615 and I have been talking about this off-thread for a while via private messages.)

To recap your profile:

(1)  All your SLs are in deferment (except one which you paid to $0). 

(2)  Your installment utilization is approx 94%.

(3)  Your CC utilization is very low: < 3%.  You have two cards, with one reporting $0 and the other is reporting a small balance.

(4)  You currently get a FICO 8 score each month from Experian via freeCreditScore.com.

Is all that correct?

#4 is fine.  Can you remind us when FCS will send you your FICO 8 for both April and again in May?  It's important for the May FCS score to be pulled after your Alliant loan appears on the report.  That might not be until May 12.

If you really want to take a swing for the sake of science (and for your own self-interest) it would be best if you could sign up for the $1 trial at Credit Check Total, sometime before April 29.  That will give you a FICO 8 pulled on all three bureaus.  Then you could do the trial again in mid-May, after you have confirmed that the loan is appearing on your reports.

Credit Karma is a nice free tool you can use to pull your EQ and TU reports once a week to see whether the loan has appeared yet.  (You can ignore their scores, however.)

PS.  Be sure to pay your loan all the way down to $44 in the first big payment (before April 25).  The guidance suggests paying down in two steps, but in your case we want a sharp clear test of whether the < 8.99% SS loan is helping.  So we want the loan to report $44 on April 30.

[Subexistence]

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@Anonymous wrote:

Just got off the phone with the loan officer. Shared secured loan $500 for 60 months.

I originally applied to join Alliant on April 3rd, but they needed me to mail 2 forms of ID to confirm my new address. Got the welcome packet in the mail on April 14th. Transferred $510 on 4/14 and finally was available today 4/18. Applied for the loan online and listed my email address for contact. Was emailed instantly to call the loan officer. 

Waiting on getting the documents to finalize and to make my first payment and get it down before the end of the month.

Hoping to get a nice bump to my credit score. Currently at 753 Experian. I only have credit cards and student loans (all in deferment/in school).

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I still haven't been emailed back yet. I applied yesterday morning.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Just got off the phone with the loan officer. Shared secured loan $500 for 60 months.

I originally applied to join Alliant on April 3rd, but they needed me to mail 2 forms of ID to confirm my new address. Got the welcome packet in the mail on April 14th. Transferred $510 on 4/14 and finally was available today 4/18. Applied for the loan online and listed my email address for contact. Was emailed instantly to call the loan officer. 

Waiting on getting the documents to finalize and to make my first payment and get it down before the end of the month.

Hoping to get a nice bump to my credit score. Currently at 753 Experian. I only have credit cards and student loans (all in deferment/in school).

---

Outstanding!  I have been interested in someone with pure student loans only testing this out.  The caution is that you are mostly likely to get no benefit (since you have open installment loans already) but there was a case last year that suggested that SL-debt only might be scored seperately.  If you can show a benefit that will be a huge help.

(Quick note to others: aw60615 and I have been talking about this off-thread for a while via private messages.)

To recap your profile:

(1)  All your SLs are in deferment (except one which you paid to $0). 

(2)  Your installment utilization is approx 94%.

(3)  Your CC utilization is very low: < 3%.  You have two cards, with one reporting $0 and the other is reporting a small balance.

(4)  You currently get a FICO 8 score each month from Experian via freeCreditScore.com.

Is all that correct?

#4 is fine.  Can you remind us when FCS will send you your FICO 8 for both April and again in May?  It's important for the May FCS score to be pulled after your Alliant loan appears on the report.  That might not be until May 12.

If you really want to take a swing for the sake of science (and for your own self-interest) it would be best if you could sign up for the $1 trial at Credit Check Total, sometime before April 29.  That will give you a FICO 8 pulled on all three bureaus.  Then you could do the trial again in mid-May, after you have confirmed that the loan is appearing on your reports.

Credit Karma is a nice free tool you can use to pull your EQ and TU reports once a week to see whether the loan has appeared yet.  (You can ignore their scores, however.)

PS.  Be sure to pay your loan all the way down to $44 in the first big payment (before April 25).  The guidance suggests paying down in two steps, but in your case we want a sharp clear test of whether the < 8.99% SS loan is helping.  So we want the loan to report $44 on April 30.

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Yes, all of the information is correct. I get my scores on April 13 and May 13. 

I did credit check total. According to them my FICO 8 scores are: 

Experian 753

Transunion 759

Equifax 767

I'll check again later next month once the loan is reporting. I made a payment today to get the balance to 53.20. I have automatic payment set for April 25 for 9.20. However, I just checked and it seems that the automatic payment is now set for April 25, 2021. I'll just pay 9.20 now to get the balance to 44.

[Anonymous]

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@Subexistence wrote:

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@Anonymous wrote:

Just got off the phone with the loan officer. Shared secured loan $500 for 60 months.

I originally applied to join Alliant on April 3rd, but they needed me to mail 2 forms of ID to confirm my new address. Got the welcome packet in the mail on April 14th. Transferred $510 on 4/14 and finally was available today 4/18. Applied for the loan online and listed my email address for contact. Was emailed instantly to call the loan officer. 

Waiting on getting the documents to finalize and to make my first payment and get it down before the end of the month.

Hoping to get a nice bump to my credit score. Currently at 753 Experian. I only have credit cards and student loans (all in deferment/in school).

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I still haven't been emailed back yet. I applied yesterday morning.

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That's frustrating. Not sure why. That part was very fast. Just waiting for the funds to be available took a while for me.

[newhis]

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@Anonymous wrote:

Yes, all of the information is correct. I get my scores on April 13 and May 13. 

I did credit check total. According to them my FICO 8 scores are: 

Experian 753

Transunion 759

Equifax 767

I'll check again later next month once the loan is reporting. I made a payment today to get the balance to 53.20. I have automatic payment set for April 25 for 9.20. However, I just checked and it seems that the automatic payment is now set for April 25, 2021. I'll just pay 9.20 now to get the balance to 44.

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 Just remember to cancel the automatic payment on April 23 or 24, if you don't they may charge you the first automatic payment on the 25th.

[Anonymous]

Great reminder from Newhis.  Indeed, that first payment WILL go through, despite the fact that it claims it is being delayed until 2021, if you don't delete the autopay 1-2 days before the 25th.

Instructions for deleting the autopay are given in the step-by-step guidance (post 3 of this thread).

[Anonymous]

I took out a $500 Alliant loan recently and made a $420 transfer from the savings to the loan to bring down the balance. It now shows the originally scheduled first payment the loan officer setup for next month date changed to 2/2021 after I made the large payment.  From reading it seems they will still pull the $9.xx payment that was scheuduled for the first original due date, should I leave this go thru to drop the balance more or call in and ask them to cancel it and future auto payments?