Alliant CU Installment Loan Hack CliffsNotes®

[Konrad2012]

 

I recieved an e-statement alert for last month, hopefully that means they reported this to the CRA's this round.

As has been previously reported, now that the first auto-transfer has gone through, I was able to go into the Account Management interface, and under Transfers eliminate all future transfers.

 

Kman, mine reported to EX this month today. Still not to EQ or TU. Usually it reports on the 3rd or 4th of the month to EX and the others the next day. Some months they are slow to report.

 

Just FYI.

Sweet. I'll keep my eye out. AMEX already pulled me this month. Hopefully next I'll be able to notice my EX effects.

 

In the meantime, I'll keep searching TU.

[TauntingBull]

Thx for this write up

 

 

Sent from my iPad using Tapatalk

[Konrad2012]

This loan just reported to TU.

 

No longer does "No recent installment loan information" show as a factor.

 

I still have a CC reporting over 50%, and a paid tax lien reporting.

 

I gained 17 points.

[Atl-Marcos]

Good work Konrad!

 

How long did it take from signing the paperwork til it showed up on your credit report?

[C316]

Alliant always reports the loans on the last day of the month. So as long as you get your loan set up by the end of the month, it should report the first month you have it.

[Konrad2012]

Alliant always reports the loans on the last day of the month. So as long as you get your loan set up by the end of the month, it should report the first month you have it.

Tyra made some previous suggestions that if you get it done too late in the month, it doesn't always hit the first month. I obviously don't know where that cut-off period would fall.

[Konrad2012]

Good work Konrad!

 

How long did it take from signing the paperwork til it showed up on your credit report?

I don't remember the exact day I originated the loan. I think it was between 12-Sep to 14-Sep.

 

It can be a 2 week timeframe or so for the complete process. Membership/Verification/Account setup/ACH transfer and clearance/Loan app/Document signing

[Atl-Marcos]

So it turns out my Alliant branch is actually in Dulles next to a gate, so you have to have a plane ticket to get in there. Ridiculous!

 

I joined last night. Then I logged in today, and did an edeposit. They immediately credited my account with $515 available credit. (I haven't even mailed the check in yet). And it allowed me to apply for the shared secured loan. I'll let you know when I get the email with the information to sign, etc.

[Konrad2012]

So it turns out my Alliant branch is actually in Dulles next to a gate, so you have to have a plane ticket to get in there. Ridiculous!

 

I joined last night. Then I logged in today, and did an edeposit. They immediately credited my account with $515 available credit. (I haven't even mailed the check in yet). And it allowed me to apply for the shared secured loan. I'll let you know when I get the email with the information to sign, etc.

You should get a call from a loan officer first. They will go over everything and then send you the secure link to e-sign the docs.

[C316]

This loan just reported to TU.

 

No longer does "No recent installment loan information" show as a factor.

 

I still have a CC reporting over 50%, and a paid tax lien reporting.

 

I gained 17 points.

Reported to TU and EQ today. EX yesterday.

 

Do a $1 CCT trial and cancel right after. It's after hours and automated cancellation at this number 877-284-7942.

 

You'll get a 3B report today and 7 days from now you'll get another 3B report.

Edited October 8, 2016 by C316

[mendelssohn]

^

[Konrad2012]

I joined CCT and got a 3B report.

 

It's not too scientific since I only had a day prior example from TU. Every bureau has a recent new INQ. Every bureau shows a brand new personal revolver (NFCU CLOC). I have a CC reporting at 55%, and I have several other CC's that reported balances (mainly AF's).

 

EQ is at 822. Nothing recent to compare it to.

 

EX rose to 800 from the 783 AMEX shows with a 1-Oct date. And that AMEX score was nearly 20 points higher than 1-Sep's.

 

TU rose 17 points over the day prior. 755 from 738. It's the best indicator I have.

 

So two scores rose, one is unknown, but lots of moving parts.

[Carnut]

Thanks for this thread Konrad and Mendelssohn for pointing it out to me.

 

I just paid off my car loan and took a 15 point hit on Experian, still waiting to see how big of a hit it will be to TU and EQ.

 

I just applied to Alliant and got the Manual Review notice and that somebody would get in touch with me within 2 days.

 

Thanks again!!!

[aroyaljewel]

Will this hack work if you have open student loans?

[aroyaljewel]

Bump

[FixnCred]

Are your student loans fixed payments of a certain dollar amount with a specific end date?

 

If so, then no.

[aroyaljewel]

Are your student loans fixed payments of a certain dollar amount with a specific end date?

 

If so, then no.

Thanks!

[pddy2g5]

 

Alliant always reports the loans on the last day of the month. So as long as you get your loan set up by the end of the month, it should report the first month you have it.

Tyra made some previous suggestions that if you get it done too late in the month, it doesn't always hit the first month. I obviously don't know where that cut-off period would fall.

 

 

 

 

Alliant always reports the loans on the last day of the month. So as long as you get your loan set up by the end of the month, it should report the first month you have it.

Tyra made some previous suggestions that if you get it done too late in the month, it doesn't always hit the first month. I obviously don't know where that cut-off period would fall.

 

Just wanted to chime in with my experience. I got approved for my SSL on the 29th.Based upon what I read, I was hoping it would report by the 1st. However, I knew it was tight. So I wanted it to report with the <9% balance to hopefully get the maximimum FICO boost immediately. Therefore, on the same day I was approved, after, I could see the my SSL and my Savings online, I went ahead and made a payment that satisfied 91% of the balalnce.

 

A few days later on the 4th, I got a MF alert showing that the new account was added and as a result my FICO increased by +24 on TU. On the 6th, got MF alert when it hit EQ, and got the biggest jump, +54. Not bad for a week of work. I was excited about it reporting to EX because my score was 775 and I thought it could get me to 800. It took a few more weeks for EX to report, I think on the 24th and (drumroll please) I actually lost -8 points so my score went to 767. Oh well.

 

Moral of the story; if you can get aproved within the last few days of the month, and make a payment (91%),Alliant should report within a few days later by the 1st.

 

God bless

[Carnut]

 

 

Alliant always reports the loans on the last day of the month. So as long as you get your loan set up by the end of the month, it should report the first month you have it.

Tyra made some previous suggestions that if you get it done too late in the month, it doesn't always hit the first month. I obviously don't know where that cut-off period would fall.

 

 

 

 

Alliant always reports the loans on the last day of the month. So as long as you get your loan set up by the end of the month, it should report the first month you have it.

Tyra made some previous suggestions that if you get it done too late in the month, it doesn't always hit the first month. I obviously don't know where that cut-off period would fall.

 

Just wanted to chime in with my experience. I got approved for my SSL on the 29th.Based upon what I read, I was hoping it would report by the 1st. However, I knew it was tight. So I wanted it to report with the <9% balance to hopefully get the maximimum FICO boost immediately. Therefore, on the same day I was approved, after, I could see the my SSL and my Savings online, I went ahead and made a payment that satisfied 91% of the balalnce.

 

A few days later on the 4th, I got a MF alert showing that the new account was added and as a result my FICO increased by +24 on TU. On the 6th, got MF alert when it hit EQ, and got the biggest jump, +54. Not bad for a week of work. I was excited about it reporting to EX because my score was 775 and I thought it could get me to 800. It took a few more weeks for EX to report, I think on the 24th and (drumroll please) I actually lost -8 points so my score went to 767. Oh well.

 

Moral of the story; if you can get aproved within the last few days of the month, and make a payment (91%),Alliant should report within a few days later by the 1st.

 

God bless

 

Good to know how quick it reported for you!

 

I just got the membership and online access done. Just transferred $520 to the savings account and it shows as Current amount: $525 but Available Amount: $0.

 

From what I've read once the it shows in the Available Amount then i can apply for the SSL.

 

According to everyone else's timelines I should be able to apply by maybe Monday for the SSL and get it done within a day or two and then pay it down to 9% utilization by the end of the week which would be the 21st so hopefully that should be plenty of time for it to report the new line at 9% utilization for next months scores? Does this sound right?

[moorman]

This should work with ANY credit union secured loan. Correct?

[moorman]

One more thing. If a installment loan is worthless after the initial credit score boost, then why not just close it out by immediately paying it off instead of continuing to make small payments, UNLESS, closing it out will drop the score back down?

[FixnCred]

The point of this thread is to always have an installment loan without paying too much interest or incurring an HP.

 

Once you close it you lose the benefits.

 

Hence the 60 month term paid down significantly. It's an almost free method of boosting your FICO if you have no need for an installment loan.

[moorman]

The point of this thread is to always have an installment loan without paying too much interest or incurring an HP.

 

Once you close it you lose the benefits.

 

Hence the 60 month term paid down significantly. It's an almost free method of boosting your FICO if you have no need for an installment loan.

 

Ok. More specific. Will your score DROP if you close the loan? The OP stated that he wasn't gonna keep his loan open too long. He said that.

Edited October 14, 2016 by moorman

[Carnut]

 

The point of this thread is to always have an installment loan without paying too much interest or incurring an HP.

 

Once you close it you lose the benefits.

 

Hence the 60 month term paid down significantly. It's an almost free method of boosting your FICO if you have no need for an installment loan.

 

Ok. More specific. Will your score DROP if you close the loan? The OP stated that he wasn't gonna keep his loan open too long. He said that.

 

Yes it will drop if you have no other open installment loan reporting.

 

Bottom line is that you have to have an OPEN installment loan reporting at 9% utilization or less in order to gain the most FICO points possible in relation to installment loans.

 

As soon as you pay off that loan and you have no other installment loans open then you will immediately lose those points like I did. See link below:

 

https://creditboards.com/forums/index.php?showtopic=578117&hl=

Edited October 14, 2016 by Carnut

[Tyra]

This should work with ANY credit union secured loan. Correct?

Nope. It won't work with most. You need a loan that you can almost pay off the first month, yet it will remain open for four or five years. Most institutions do not handle loans this way. The reason it needs to stay open is because you lose all the points when the loan is paid off.