Alliant CU Installment Loan Hack CliffsNotes®

[pbarnes]

It's right there on the application page:

 

"Alliant will pull a soft credit inquiry as part of the primary applicants background check. When applying online, Alliant will pull a hard credit inquiry specifically for a joint owner. If you have a credit freeze you must temporarily release it in order to apply. If you are opening an account for a minor or have a Fraud Victim Alert with a credit bureau you will have to mail us a paper membership application (PDF)."

 

I confirmed it with a rep. It... makes no sense. I asked if I could do the paper application without a hard pull for the joint member. They said they didn't know what would happen in that case.

 

Maybe I need to ask again.

Edited January 7, 2017 by pbarnes

[IH8SPM]

I read it as... In person soft pull online hard pull.

 

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[pbarnes]

I read it as... In person soft pull online hard pull.

 

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Yeah, so is paper app mailed to them "in person"?

 

I guess so?

[IH8SPM]

I can't say for sure I dont have an account with them.

 

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[ZeRo_C0oL]

I got my welcome packet yesterday. Excited to get the ball rolling with this!

One question.. the extra $10.. is there a minimum balance? I don't even remember making a deposit to open the shared savings account and can't seem to find any trace of where I funded it, but I'm really curious about whether or not there's a minimum daily balance. I had planned for this to basically be a set it and forget it type of account, so hopefully once I get the majority of the balance that I borrow paid back, I can easily transfer it back to another more useful account outside of the credit union?

[mec]

Alliant has a q&a on their site that I believe answers your question. They gift you the $5, your required share in share savings.

[ZeRo_C0oL]

Ooooh! Interesting. Thanks for answering that... I've never seen that before with any other CU's.

I'll check out the FAQ's.

[tireredsquare]

I froze EX and TU. Since this is a softpull, do I need to unfreeze them?

 

I forgot and it is late. Night everyone.

[Jaxo8]

My experience today:

 

CSR called, I guess my transfer hadn't cleared yet when I initiated loan. Transferred me to LO who I spoke with for 5-10 minutes, CSR initially told me they couldn't do $500/60 mo - only 6 or 12 mo. LO said it was fine.

 

HE ASKED ME IF I WANTED MANUAL PAYMENTS OR AUTO PAYMENTS. Said manual, no problem. Got the docs signed, funds showed up. My next payment is July 2021

[LysanderSpooner]

Since this is a secured loan do they immediately pay you back the portion of the loan you paid down?

[Tyra]

Since this is a secured loan do they immediately pay you back the portion of the loan you paid down?

Yes. The secured funds in your savings account are made available to you as you pay down the loan. Your money will be tied up for a week or so.

[LysanderSpooner]

Great thanks

 

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[deadbeavis]

Have an Alliant account since '11. Have no open installment loans anywhere but a Rewards Visa open with them + Savings/Checking.

Question -- is there any reason not to do co-borrower with this?

I'd like to get FICO bump on spouse as well and would assume this will report equally on both our reports.

[Tyra]

Have an Alliant account since '11. Have no open installment loans anywhere but a Rewards Visa open with them + Savings/Checking.

Question -- is there any reason not to do co-borrower with this?

I'd like to get FICO bump on spouse as well and would assume this will report equally on both our reports.

Might be easier to each do one separate. I think someone up thread did one jointly and had to do a paper app and take a hard pull.

[deadbeavis]

 

Posted 20 March 2017 - 11:37 AM

deadbeavis, on 20 Mar 2017 - 11:05 AM, said:

Have an Alliant account since '11. Have no open installment loans anywhere but a Rewards Visa open with them + Savings/Checking.

Question -- is there any reason not to do co-borrower with this?

I'd like to get FICO bump on spouse as well and would assume this will report equally on both our reports.

Might be easier to each do one separate. I think someone up thread did one jointly and had to do a paper app and take a hard pull.

 

Tks. I ended up waiting a few days before I finally called them to find out what was up. They handled quite well and gave prompt on the spot attention to it. I didn't have to do a paper app for co-borrower though (it's yet to be known whether a hard pull was performed). Got the documents via email, signed and submitted. Loan is showing up in my account but not funded yet. It's set to Autopay from Checking. Once there will pay down to $44 remaining of the $500. My understanding is Alliant updates on the 1st correct?

[Tyra]

 

 

Posted 20 March 2017 - 11:37 AM

deadbeavis, on 20 Mar 2017 - 11:05 AM, said:

Have an Alliant account since '11. Have no open installment loans anywhere but a Rewards Visa open with them + Savings/Checking.

Question -- is there any reason not to do co-borrower with this?

I'd like to get FICO bump on spouse as well and would assume this will report equally on both our reports.

Might be easier to each do one separate. I think someone up thread did one jointly and had to do a paper app and take a hard pull.

 

Tks. I ended up waiting a few days before I finally called them to find out what was up. They handled quite well and gave prompt on the spot attention to it. I didn't have to do a paper app for co-borrower though (it's yet to be known whether a hard pull was performed). Got the documents via email, signed and submitted. Loan is showing up in my account but not funded yet. It's set to Autopay from Checking. Once there will pay down to $44 remaining of the $500. My understanding is Alliant updates on the 1st correct?

 

They report the balance as of the last day of the month. It usually shows up by the 10th or so on all three reports, but if you read up thread a bit, this month it didn't show up on all three until the 15th or so for some people.

[IvyMgmt]

I have a few questions.. would this be beneficial to someone purchasing a home in a few months? Once the credit you the money is your to use?

 

I guess I am confused a bit.. you are opening a secured account of with $1,000k then you are paying off all but $80 right away. They then credit you.. so in essence you are really using about $2k of cash..

 

How is the installment used if you need to use it? Via checks? a card?

[Konrad2012]

I have a few questions.. would this be beneficial to someone purchasing a home in a few months? Once the credit you the money is your to use?

 

I guess I am confused a bit.. you are opening a secured account of with $1,000k then you are paying off all but $80 right away. They then credit you.. so in essence you are really using about $2k of cash..

 

How is the installment used if you need to use it? Via checks? a card?

1. You don't want new applications or lines of credit for ~6 months before a mortgage.

 

2. You need to Google the difference between an installment loan and a revolving line of credit.

[deadbeavis]

 

1. You don't want new applications or lines of credit for ~6 months before a mortgage.

What's worse- having a low FICO score or a loan with $40-$80 remaining and a FICO boost of possibly 20 points?

I'm trying to understand which is going to be more beneficial if I have to apply for a mortgage in 2 mos.

 

 

 

 

you are opening a secured account of with $1,000k then you are paying off all but $80 right away. They then credit you.. so in essence you are really using about $2k of cash..

 

They deposited cash into Savings to use as see fit. Collateral is advance deposit to savings account. i don't see my funds tied up as a result even though it's clearly earmarked as a Secured Loan.

Edited March 23, 2017 by deadbeavis

[STC]

I want to start this process Monday but I have a question. I have an auto lease with GM Financial - is that considered an installment loan? I am guessing NO - that technically it's a rental but would like to double check.

[STC]

Guys I have a question. I opened, and funded yesterday. Got the loan today and paid 92% off just now. Here's my thread discussing it:

 

https://creditboards.com/forums/index.php?showtopic=589855]

 

Not trying to go back and forth on threads and as this is the 'master thread' figured I'd ask here.

 

My payment now shows (see attached) Due 06/01/21 $2.00 - So do you guys make small payments every single month or would you just wait years??

[Willis]

Guys I have a question. I opened, and funded yesterday. Got the loan today and paid 92% off just now. Here's my thread discussing it:

 

]https://creditboards.com/forums/index.php?showtopic=589855]

 

Not trying to go back and forth on threads and as this is the 'master thread' figured I'd ask here.

 

My payment now shows (see attached) Due 06/01/21 $2.00 - So do you guys make small payments every single month or would you just wait years??

I think you want to pay a tiny bit monthly like 1 or 2 dollars. That should keep Alliant reporting it to the credit agencies, and also keep you from forgetting to pay it when 2021 arrives.

 

Would be pretty ironic to be late on a credit builder loan...

[Tyra]

So do you guys make small payments every single month or would you just wait years??

I pay a dollar every six months or so.

[STC]

Tyra and Willis - thank you both. I am going to cancel auto pay and just pay a buck a month or something. I know it sounds paranoid but just wanted to be extra cautious with not making a payment. Even though it says 2021 just wanted to be certain. Thank you again

[Konrad2012]

Keep a couple extra bucks in your Alliant share account. Transfer a dollar every couple of months from share account to the loan. That keeps the share account and the loan "active".

 

It might not be necessary, but many institutions don't like to see inactive accounts. If you don't have any other business with Alliant, that should appease their computers.