Alliant CU Installment Loan Hack CliffsNotes®

[Konrad2012]

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.

[Atl-Marcos]

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 October 27, 2016 by Atl-Marcos

[Konrad2012]

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 October 27, 2016 by Konrad2012

[Atl-Marcos]

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]

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]

 

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 October 27, 2016 by Tyra

[C316]

 

 

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]

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]

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]

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:

 

[Tyra]

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 October 28, 2016 by Tyra

[Konrad2012]

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]

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.

 

[Tyra]

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

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

[pabloisaac100]

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.

[Atl-Marcos]

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.

[moorman]

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]

All my scores have updated and below is the points added:

 

EQ: +10

 

TU: +12

 

EX: +9

 

That was worth the trouble for me, thanks!

[Carnut]

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?

[chrishillson]

Showed up on Experian today and gained 30 points on FICO 8 (754 to 784)

[Konrad2012]

Showed up on Experian today and gained 30 points on FICO 8 (754 to 784)

[chrishillson]

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

[Konrad2012]

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

 

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.

[Atl-Marcos]

Experian just updated +14 Points. So +3 to TU, and +14 to EX. I don't have an easy way to pull EQ at the moment, so I probably won't be able to update what my EQ score is.

[chrishillson]

I just got updates on TU and EQ. Both are +21.