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Alliant CU Installment Loan Hack CliffsNotes®

Konrad2012

By Konrad2012
in Credit Forum

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The last post in this topic was posted 3036 days ago. 

 

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Konrad2012

Konrad2012

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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.

Just wait for the first autopay, and then don't forget to cancel.


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Konrad2012
Konrad2012

There has been several threads on CB about the installment loan hack to gain points on the FICO 08 scale (commonly used for credit cards). This guide is intended to give an easy, step-by-step framewo

Konrad2012
Konrad2012

Apparently the TheManWhoCan didn't agree. It appears he likes to drive traffic to a site that refuses to allow links to CB. Weak sauce.

Konrad2012
Konrad2012

The fact is your actions show a basic lack of respect to the CB board owners.

Atl-Marcos

Atl-Marcos

Posted
Posted (edited)

Did I screw up by paying prior to the autopay? Because at this point it's saying the next payment is due on 12/25. I didn't pay any attention before but I have to assume the first payment was due 11/25 and then when I transferred into it the $456 it reset to the next month. The $44.11 is 8.8%. Should I pay a little more a buck or two so it doesn't round up to 9%?

Edited by Atl-Marcos
Konrad2012

Konrad2012

Posted
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Posted (edited)

Did I screw up by paying prior to the autopay? Because at this point it's saying the next payment is due on 12/25. I didn't pay any attention before but I have to assume the first payment was due 11/25 and then when I transferred into it the $456 it reset to the next month. The $44.11 is 8.8%. Should I pay a little more a buck or two so it doesn't round up to 9%?

You can't cancel the autopay until the first one is pulled. If the first payment was due 25-NOV, they should still pull it 25-NOV evwn though you paid it already. Just keep an eye on it.

 

I paid mine to 8% just to make life easier.

Edited by Konrad2012
Atl-Marcos

Atl-Marcos

Posted
Posted

Just double-checked. It's showing Next payment due date 12/25 and payment amount $2.50. If they are just going to take out $2.50 I probably won't even bother cancelling it. If I get a year of use out of it. Good enough. I can revisit in a year or so.

Konrad2012

Konrad2012

Posted
  • Author
Posted

Just double-checked. It's showing Next payment due date 12/25 and payment amount $2.50. If they are just going to take out $2.50 I probably won't even bother cancelling it. If I get a year of use out of it. Good enough. I can revisit in a year or so.

I'll say it again. If your first payment was due 25-NOV, they will probably still pull that autopay regardless of what the computer is showing you.
Tyra

Tyra

Posted
Posted (edited)

 

Just double-checked. It's showing Next payment due date 12/25 and payment amount $2.50. If they are just going to take out $2.50 I probably won't even bother cancelling it. If I get a year of use out of it. Good enough. I can revisit in a year or so.

I'll say it again. If your first payment was due 25-NOV, they will probably still pull that autopay regardless of what the computer is showing you.

 

This is correct. The auto payment was probably set up for something like $9 or $11 depending on the terms of your loan when the loan was created. That original scheduled payment is not connected to the $2.50 that it is showing as due on 12/25/2020. You'll still want to delete the autopay after the first one goes through.

Edited by Tyra
C316

C316

Posted
Posted

 

 

Just double-checked. It's showing Next payment due date 12/25 and payment amount $2.50. If they are just going to take out $2.50 I probably won't even bother cancelling it. If I get a year of use out of it. Good enough. I can revisit in a year or so.

I'll say it again. If your first payment was due 25-NOV, they will probably still pull that autopay regardless of what the computer is showing you.

 

This is correct. The auto payment was probably set up for something like $9 or $11 depending on the terms of your loan when the loan was created. That original scheduled payment is not connected to the $2.50 that it is showing as due on 12/25/2020. You'll still want to delete the autopay after the first one goes through.

 

+1

pokerdave

pokerdave

Posted
Posted

when i was on hold with Alliant I heard somethings I haven't seen mentioned. Free carfaxes from alliant and they have a buying service which is supposed to get you the best price. I am not in the market for a vehicle so i haven't explored it farther then the hold announcement.

pabloisaac100

pabloisaac100

Posted
Posted

I have just applied, they will get in touch via email in two days.

 

Will keep you guys posted.

 

P.S. Is there a limit on the secured loan amount? Can I ask for $5000 instead of $500 or $1000? Is it better to start with more?

Carnut

Carnut

Posted
Posted

Okay so I think I am all set!

 

I paid down the loan as of this past Monday so I'm hoping this will report to the CRA's as 8-9% utilization at the end of this month so I can see the score improvement the first or second week of November.

 

One question, my "available balance" says $520 in my Savings, does that mean I can transfer that amount back to my BofA checking account? I think this is right but I just want to make sure because I don't want to mess anything up.

 

This is how my accounts look as of right now:

 

Capture123_zpsjvkjmyxl.png

Tyra

Tyra

Posted
Posted (edited)

Is there a limit on the secured loan amount? Can I ask for $5000 instead of $500 or $1000? Is it better to start with more?

Loan amounts range from $500-$500,000

 

$500 is adequate for FICO scoring purposes.

Edited by Tyra
Konrad2012

Konrad2012

Posted
  • Author
Posted

Okay so I think I am all set!

 

I paid down the loan as of this past Monday so I'm hoping this will report to the CRA's as 8-9% utilization at the end of this month so I can see the score improvement the first or second week of November.

 

One question, my "available balance" says $520 in my Savings, does that mean I can transfer that amount back to my BofA checking account? I think this is right but I just want to make sure because I don't want to mess anything up.

 

This is how my accounts look as of right now:

I personally left the balance of the loan and $20. In reality, it's paying you better interest than your BofA checking if you don't need the funds immediately (not that that mattered to me though)

pabloisaac100

pabloisaac100

Posted
Posted

Thank you, much appreciated!

 

Will I benefit from a greater amount in any way, now or in future?

 

 

Is there a limit on the secured loan amount? Can I ask for $5000 instead of $500 or $1000? Is it better to start with more?

Loan amounts range from $500-$500,000

 

$500 is adequate for FICO scoring purposes.

 

pabloisaac100

pabloisaac100

Posted
Posted

I am not aware of any benefits of doing a larger amount.

 

 

 

 

Thank you!

 

So, nobody has contacted me and I have received this letter today:

 

"Congratulations on your new Alliant Credit Union membership!

Watch for your Alliant Welcome Packet in the mail. It includes your member account number, initial deposit receipt, and information regarding your membership including special new member offers. Please make note of your member account number as you will need it to access your account."

 

Will keep you updated.

  • 2 weeks later...
moorman

moorman

Posted
Posted

It finally reported to TU. Not yet to EX or EQ. I got 3 points. From 708 to 711. Not quite what i was hoping for. TU is clear except for a 120 day late back in 2012.

Wow. All that hustling you did for 3 points... Let us know what the others give you...

Carnut

Carnut

Posted
Posted

Question:

 

My wife also does not have an open installment loan on her file. Could I just add her to my account with Alliant and can she take out a SSL with them too with our joint account?

Konrad2012

Konrad2012

Posted
  • Author
Posted

It's not all flowers and sunshine, this caused my VantageScore to drop 5 points! :cry2:

 

Be sure to let me know what creditor uses VantageScore as a determiner for the extension of credit. Until then, VantageScore is completely irrelevant to anything.

The last post in this topic was posted 3036 days ago. 

 

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