Alliant CU Installment Loan Hack CliffsNotes®

[Tyra]

Ok. More specific. Will your score DROP if you close the loan? Yes. You will lose all the points as soon as it reports closed.

Edited October 14, 2016 by Tyra

[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

 

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?

 

Yes, it does. I would say unless they changed someething within the past few months, if you apply for the SSL on Monday, it should get approved and funded that day or within a couple of days. I would advise you to make the payment next week, because that is the main thing for the FICO boost. The boost comes from if you don't have an open installment loan reporting, and then the SSL reports which will take care of "No Installment Loan" aas a negative factor with FICO. However, you also want it to report with the low balance to get the maximum benefit..So you should be good to go.

 

Also, as tip (reminder) for anyone applying. If you get a rep that says they don't do 5 years/60 months for a $500 SSL, you can respectfully ask thte rep to verify because you have a friend that told you about it and he has a 5 year SSL. My rep told me that and said why would you want a 5 year loan for only $500. He told me my payments would be like $9/mo. I told him FICO keeps telling me not having an installment loan is a negative factor and is hurting my scores...wanting to apply for a morgage soon. He put me on hold and came back saying they could do the 5 year on $500. Everything was setup and funded that day.

 

Hope everything works out for you.

 

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?

 

Yes, it does. I would say unless they changed someething within the past few months, if you apply for the SSL on Monday, it should get approved and funded that day or within a couple of days. I would advise you to make the payment next week, because that is the main thing for the FICO boost. The boost comes from if you don't have an open installment loan reporting, and then the SSL reports which will take care of "No Installment Loan" aas a negative factor with FICO. However, you also want it to report with the low balance to get the maximum benefit..So you should be good to go.

 

Also, as tip (reminder) for anyone applying. If you get a rep that says they don't do 5 years/60 months for a $500 SSL, you can respectfully ask thte rep to verify because you have a friend that told you about it and he has a 5 year SSL. My rep told me that and said why would you want a 5 year loan for only $500. He told me my payments would be like $9/mo. I told him FICO keeps telling me not having an installment loan is a negative factor and is hurting my scores...wanting to apply for a morgage soon. He put me on hold and came back saying they could do the 5 year on $500. Everything was setup and funded that day.

 

Hope everything works out for you.

 

God bless

 

Awesome, thanks!!!

[Konrad2012]

 

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.

Your score will drop to its previous level if you close the loan and there are no other factors that changed. The loan also loses its signifigance if you open up other installment loans.

 

I said I didn't expect to keep the loan open for the full 60 months because of adding other installment loans which would negate its usefulness.

[moorman]

Thanx for the many responses. I originally had intended to get a secured loan thru Navy Federal and pay it off. Then apply for a higher limit on a new one and pay it off. From what i'm reading, it appears my scores would go up, then down, and up, then down, doing it that way? lol From reading thru this thread, it APPEARS my best way to go would be the Alliant secured loan and leave it open with the small balance. If i want to build a line of credit with Navy Federal also, use the CLOC because its a revolving and not a installment, and thus, should'nt make my scores go down by opening it?

Edited October 14, 2016 by moorman

[jc481]

As far as I know, the benefit of the hack is only as long as the loan is open. Not sure that getting a bigger installment loan would have a greater impact on scores, as I didn't see anything in this thread or the other one that indicated that. This thread's technique is helping my situation due to a lack of other installment account.

Edited October 14, 2016 by jc481

[pokerdave]

i must have fallen through the cracks. i applied on the 3rd and have not heard back. Awaiting a call back from the loan officer within the hour.

[Witz]

When I applied, I heard from someone within an hour. 30 min later, I had the docs to esign and was up and running shortly after. Granted, I was already using Alliant for my banking

[pokerdave]

2.5 hours later no call........ they must not like me. i am calling back.

[pokerdave]

turns out they emailed me the day i did the app, and it was in spam. i am all set now.

[Atl-Marcos]

So my experience has been pretty tough. They wanted more docs, and I'm not able to get to a branch. It took me calling them 4 different times on 3 different days to find out what they needed. They were asking for more documentation:

 

1. Driver's license

2. Social security card

3. Current utility bill

 

Well, I don't have a current copy of my social security card, nor would I be thrilled about forwarding that if I did. They wouldn't substitute a passport or any other document for the social security card. So I said just give me the email address and I'll forward on what I have. And of course they give me an email address that doesn't work and is incorrect. So, I'm not sure where I'm at with it. It hasn't been easy, their customer service is pretty bad, and in the end I may not be able to get in anyway, if a social security card is absolutely necessary.

[Konrad2012]

So my experience has been pretty tough. They wanted more docs, and I'm not able to get to a branch. It took me calling them 4 different times on 3 different days to find out what they needed. They were asking for more documentation:

 

1. Driver's license

2. Social security card

3. Current utility bill

 

Well, I don't have a current copy of my social security card, nor would I be thrilled about forwarding that if I did. They wouldn't substitute a passport or any other document for the social security card. So I said just give me the email address and I'll forward on what I have. And of course they give me an email address that doesn't work and is incorrect. So, I'm not sure where I'm at with it. It hasn't been easy, their customer service is pretty bad, and in the end I may not be able to get in anyway, if a social security card is absolutely necessary.

 

There's been a lot of posts between here and the MF threads, and very few people have had issues.

 

How do you not have a social security card?

[Atl-Marcos]

 

So my experience has been pretty tough. They wanted more docs, and I'm not able to get to a branch. It took me calling them 4 different times on 3 different days to find out what they needed. They were asking for more documentation:

 

1. Driver's license

2. Social security card

3. Current utility bill

 

Well, I don't have a current copy of my social security card, nor would I be thrilled about forwarding that if I did. They wouldn't substitute a passport or any other document for the social security card. So I said just give me the email address and I'll forward on what I have. And of course they give me an email address that doesn't work and is incorrect. So, I'm not sure where I'm at with it. It hasn't been easy, their customer service is pretty bad, and in the end I may not be able to get in anyway, if a social security card is absolutely necessary.

 

There's been a lot of posts between here and the MF threads, and very few people have had issues.

 

How do you not have a social security card?

 

I honestly haven't been asked for a social security card in 20 years. I can't recall the last time. I have my card in my house in Florida I'm pretty sure. But I was traveling for a year and am on a contract away from home. It just wasn't something I was expecting to provide. I have accounts in 6 different lending institutions. I've never had to provide it before. (Multiple businesses). Bank of America, Wells Fargo(Now closed), Multiple credit unions(4 now), Charles Schwab(For foreign withdrawals), Chase. Personally I think it's ridiculous. I can literally get a Passport without my SS card, and I can't get a bank account.

 

When I called, everytime they put me on hold to try to get to the right department. And twice I got the message, can you call back in an hour I can't reach anyone in that department. It's the first time I've ever been given that line. I also got the message that they would call me within the hour, and never got the phone call. I never actually talked to a human in the verification department(or whatever it is) to figure out what they wanted/needed until I got the snail mail message. No one could tell me what they needed.

[Konrad2012]

 

 

So my experience has been pretty tough. They wanted more docs, and I'm not able to get to a branch. It took me calling them 4 different times on 3 different days to find out what they needed. They were asking for more documentation:

 

1. Driver's license

2. Social security card

3. Current utility bill

 

Well, I don't have a current copy of my social security card, nor would I be thrilled about forwarding that if I did. They wouldn't substitute a passport or any other document for the social security card. So I said just give me the email address and I'll forward on what I have. And of course they give me an email address that doesn't work and is incorrect. So, I'm not sure where I'm at with it. It hasn't been easy, their customer service is pretty bad, and in the end I may not be able to get in anyway, if a social security card is absolutely necessary.

 

There's been a lot of posts between here and the MF threads, and very few people have had issues.

 

How do you not have a social security card?

I honestly haven't been asked for a social security card in 20 years. I can't recall the last time. I have my card in my house in Florida I'm pretty sure. But I was traveling for a year and am on a contract away from home. It just wasn't something I was expecting to provide. I have accounts in 6 different lending institutions. I've never had to provide it before. (Multiple businesses). Bank of America, Wells Fargo(Now closed), Multiple credit unions(4 now), Charles Schwab(For foreign withdrawals), Chase. Personally I think it's ridiculous. I can literally get a Passport without my SS card, and I can't get a bank account.

Don't know what to say. Patriot Act/FinCEN stuff. I've had to cough up my social security card several times in the last few years. Your SSN is your financial mark of the beast so to speak.

 

And in all fairness, you did have to provide a certified birth certificate and a photo that is conducive to facial recognition software to get the passport.

[Atl-Marcos]

It's no biggie. If they won't do it. I'll just do it through NFCU and take the hit. Kind of annoying that it's been so hard to get wrapped up.

 

I've ordered a new card as I agree I should have one. It just takes forever and they'll have me closed down way before then.

[Atl-Marcos]

Ok, so I FINALLY got to talk to someone in the verification department. I'm good now(I think). So they don't specifically require the SS card, just two forms of ID, and my passport was good enough.

 

The email address to forward on documents to them is: finops@alliantcreditunion.com (yes, it's a .com not a .org) Hopefully that helps for anyone who needs to get their proof documents in quickly.

 

The moral of the story like always is, don't always count on what the front line people say. I don't know why it took me 5 calls to get into the right person. That was kind of a pain in the rump.

Edited October 25, 2016 by Atl-Marcos

[noturbizniss]

Gonna sign up for this shortly. 2 questions.Can i get a joint acount/loan with DW or do we need to each do it seperately? Also, will this only impact Fico 08 or will it help the other FICO scores, specifically the ones that banks use for mortgage lending? While I am asking, can someone point me to any thread discussing improvements of those scores? Will be in the market for a mortgage in the next year or or so.

 

Thanks!

[Kat58]

Gonna sign up for this shortly. 2 questions.Can i get a joint acount/loan with DW or do we need to each do it seperately? Also, will this only impact Fico 08 or will it help the other FICO scores, specifically the ones that banks use for mortgage lending? While I am asking, can someone point me to any thread discussing improvements of those scores? Will be in the market for a mortgage in the next year or or so.

 

Thanks!

 

https://creditboards.com/forums/index.php?showtopic=563698

 

https://creditboards.com/forums/index.php?showtopic=558126

[pabloisaac100]

Hi guys,

 

I am trying to start with building my credit. I have nothing on my report, just one inquiry (that was before I discovered CB).

 

Would you advice starting with this secured loan, with the exact method described by OP?

 

Thank you!

[Konrad2012]

Hi guys,

 

I am trying to start with building my credit. I have nothing on my report, just one inquiry (that was before I discovered CB).

 

Would you advice starting with this secured loan, with the exact method described by OP?

 

I really have no idea if they would approve you with a blank file. Try and let us know

 

I would try and join NFCU with a blank file as well, they might offer you a secured card.

 

Are you a student?

[pabloisaac100]

No, I am not a student, unfortunately. I am almost 30 now, but never realized I need credit history...

 

The reason I am asking is, when you say they do not pull credit data, I get it as they do not care, since it is a secured loan. I am very new to this, so excuse me my ignorance please.

 

Can I harm my report by doing this? What are the worst consequences of being denied for this loan?

 

Thank you very much!

 

 

 

Hi guys,

I am trying to start with building my credit. I have nothing on my report, just one inquiry (that was before I discovered CB).

Would you advice starting with this secured loan, with the exact method described by OP?

I really have no idea if they would approve you with a blank file. Try and let us know

I would try and join NFCU with a blank file as well, they might offer you a secured card.

Are you a student?

 

[Konrad2012]

No, I am not a student, unfortunately. I am almost 30 now, but never realized I need credit history...

 

The reason I am asking is, when you say they do not pull credit data, I get it as they do not care, since it is a secured loan. I am very new to this, so excuse me my ignorance please.

 

Can I harm my report by doing this? What are the worst consequences of being denied for this loan?

 

Thank you very much!

They dont hard pull your credit. They do a soft inquiry.

 

The worst that can happen is they say No and it hurts your feelings

 

Join NFCU as well. I have it all laid out in the first post of NFCU Is Open To Anybody.

[pabloisaac100]

Thank you!

 

Will give it a try and will keep you posted!

 

 

They dont hard pull your credit. They do a soft inquiry.

The worst that can happen is they say No and it hurts your feelings

Join NFCU as well. I have it all laid out in the first post of NFCU Is Open To Anybody.

 

[Konrad2012]

 

Thank you!

 

Will give it a try and will keep you posted

 

 

 

 

Sweet. You should start a new thread for yourself and call it Pablo's credit establishment or something. Lots of people came chime in ideas for you. Mendel and I have foreign spouses we've built credit for from ground zero, others have helped their kids do the same etc

[Atl-Marcos]

Once I got through to the right person, and got everything taken care of, it was all relatively painless. I have the loan, and it's paid down to $44.11 from $500. And now I'm just waiting for it to report to the CRA's. Hopefully the email above can help if anyone needs it.