Alliant CU Installment Loan Hack CliffsNotes®

[STC]

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.

Fair enough. I'll do it just like that. I was gonna leave the money I deposited in there anyways and perhaps in the future i'll use them - not really sure yet. But so far this hack works nice. I may have a shot at reporting this round. Will report back.

[I don't even...]

I paid mine to $59 then set up a recurring payment from my NFCU checking for $1 a month and something like $10 the last month just to be safe with interest.

Edited March 29, 2017 by I don't even...

[CaptainABCD]

Bit of a bump regarding a question I didn't see asked or answered (read through twice) -- just opened my Alliant CU account today and faxed ID stuff. I actually have 3 branches without walking distance of my home and warehouse!

 

Can you make your 91% payoff using the proceeds of the loan? Meaning if I deposit $510, get a SSL for $500, can I pay down $455 using the deposit made by the loan, or should I have $510 for the deposit and have $455 in cash to pay off the loan at a branch?

[Konrad2012]

Bit of a bump regarding a question I didn't see asked or answered (read through twice) -- just opened my Alliant CU account today and faxed ID stuff. I actually have 3 branches without walking distance of my home and warehouse!

 

Can you make your 91% payoff using the proceeds of the loan? Meaning if I deposit $510, get a SSL for $500, can I pay down $455 using the deposit made by the loan, or should I have $510 for the deposit and have $455 in cash to pay off the loan at a branch?

Sure you can use the loan funds. Go to the branch with a $510 or $520 cashiers check. Deposit to savings and ask them to release it instantly. Apply for the loan inbranch.

 

Then go online the next day or so and when the loan is showing transfer funds from savings to the loan.

[CaptainABCD]

 

Sure you can use the loan funds. Go to the branch with a $510 or $520 cashiers check. Deposit to savings and ask them to release it instantly. Apply for the loan inbranch.

 

Then go online the next day or so and when the loan is showing transfer funds from savings to the loan.

 

 

Fantastic, thanks for the fast reply. I leave town tonight but I am 3 blocks from a branch now so I will head over there shortly and take care of it. My FICO 08s are horrid today but I expect at least a 100+ point bump from some derog deletes in the next month and a PFD to OC that should show up in a month or two. I haven't had an IL in probably 8 years or so (maybe longer) so this should help get me out of the FICO 08 gutter at least.

 

Next step is to try to get off Chase's blacklist this year. If that doesn't happen, I'm finally ending my 26 year relationship with them (business and personal). If Alliant CU is a decent bank, maybe I'll look into supporting them -- Chase reporting 16% profits the other day reminded me it might be time to negate my 0.000000000001% of those profits.

[addictedtocreditscore]

This is awesome. Thanks for the info!

[Willis]

Awesome thread, finally have some stats to report.

 

Alliant installment loan hack took my Tu08 Fico score from 769 to 801.

My first installment loan. Took a little less than a month to report and update.

Oldest account 11 years (closed for the past 6 years), oldest open account about 3 years, AAOA about 2 years, total utilization <1% but I have 3/11 cards showing a small balance, and I even opened a new account in the last month.

[CaptainABCD]

Quick update:

 

I finally decided to fund my account so I walked over to Alliant (down the street from my house) with $520 cash and they told me no cash deposits, lol. ATM only and I have no ATM card. Oops. So I went to Chase, redeposited my cash around 10am and went to Alliant's website and did an ACH pull from my Chase account.

 

This morning around 7am I logged in and saw the funds available! So I opened the loan page, filled out the 3-4 pages of questions. Around 8:15am I received an email from a loan consultant offering me the terms and offering to fund it from my SSL deposit pulled from Chase. I emailed back and approved it. Around 10am I received my Docusign in email, took all of 4 clicks to sign it. By 11am I had the SSL showing on my Alliant log-in and funded.

 

Right now it shows my SSL with $500 balance and my savings account shows $1025 so obviously the loan hasn't pulled the $500 out of savings properly to fund it. Will wait for it to show properly and then pay down my 91%.

 

I downloaded the Alliant app and will try to cancel the autopay 2-3 days before it clears at the end of May. Looking forward to reporting any FICO08 changes on my dirty profile and see if it helps at all.

[Konrad2012]

It's a Share Secured loan. So you don't really make a deposit for the loan rather they lock the funds. So your savings is showing your $525 plus the $500 they loaned you for a $1025 total.

 

You can go ahead and make the pay down at any time.

[CaptainABCD]

Ohhh, that makes a lot more sense. I figured it would just show $525 in my SSL and $500 balance on the loan.

[Konrad2012]

Ohhh, that makes a lot more sense. I figured it would just show $525 in my SSL and $500 balance on the loan.

 

The $500 balance on the loan is a debt.

[CaptainABCD]

Yep I dig it now. Once I make my initial $456 payment (transfer $456 from savings to SSL), it will "pay off" that loan balance down to $44 and return the $456 directly back into savings and just "hold" $44 of the savings balance but the rest will be available to me to transfer elsewhere. So after all is said and done I'll have my $5 membership deposit, plus $44 "locked" to the loan, plus my extra $20 overhead I deposited, and a $44 balance on the loan with a payment date way in the future, plus the autopay which I have to delete.

 

Confusing for sure but I'm digging the details better.

[Konrad2012]

 

Confusing for sure but I'm digging the details better.

 

How could it get any easier?

[CaptainABCD]

 

How could it get any easier?

 

 

Maybe they could force Internet Explorer as the only browser option to make it simpler to understand? That would be great.

[darkhorseCA]

Would the Alliant hack benefit me? I have active credit cards and student loans (defaulted).

 

 

Sent from my iPhone using Tapatalk

[CaptainABCD]

Student Loan = Installment Loan so this hack won't work for you.

[darkhorseCA]

Student Loan = Installment Loan so this hack won't work for you.

Is it at least worth doing to increase my available credit?

 

 

Sent from my iPhone using Tapatalk

[themanwhocan]

 

Student Loan = Installment Loan so this hack won't work for you.

Is it at least worth doing to increase my available credit?

 

 

Sent from my iPhone using Tapatalk

 

No, since you are loaning your own money to yourself.

[chrishillson]

I just got a copy of my Innovis credit report and the Alliant share secured loan is on there.

[crtt]

is it possible to do a secure loan first then use that money for the secured credit card and get a 2 for 1 out of it?

[Konrad2012]

is it possible to do a secure loan first then use that money for the secured credit card and get a 2 for 1 out of it?

Yes it is possible. Deposit money to Alliant, originate the share secured loan, pay down the loan, take the freed up funds and apply towards a secured CC.

Edited June 17, 2017 by Konrad2012

[GroundZero]

Hello all! Long time lurker, first time poster.

 

I'm repair/rebuild with a VERY thin file. Slowly chugging along.

 

I currently do no have any installment loans on my credit profile, and this seems to be a perfect and EASY solution.

 

I have a few questions that hopefully some of you will be kind enough to help me out with.

 

Q#1 Does this loan report to all 3 CRAs?

 

Q#2 Is there a specific time frame for this method to show results?

 

I'm looking to purchase a car in approx 6 months and would love to bump up my auto specific FICO.

 

Q3# If I begin the Alliant process this week but decide to purchase a car in 2 or 3 months will it have a great enough impact in such a short time?

 

Q#4 Also is it confirmed that they DEFINITELY DO NOT HP? I want to save that score hit for when I actually do start auto loan shopping. (I am desperately hanging on to every point I possibly can)

 

Any and all advise is greatly appreciated.

 

Thanks!

[Konrad2012]

 

Q#1 Does this loan report to all 3 CRAs?

 

Q#2 Is there a specific time frame for this method to show results?

 

Q3# If I begin the Alliant process this week but decide to purchase a car in 2 or 3 months will it have a great enough impact in such a short time?

 

Q#4 Also is it confirmed that they DEFINITELY DO NOT HP? I want to save that score hit for when I actually do start auto loan shopping. (I am desperately hanging on to every point I possibly can)

 

1. Yes, reports to all 3 big CRAs

2. Most people see it report within 15 to 30 days. Some have had it take 60.

3. The second it reports it will increase your score if you have it paid down to the sweet spot. BUT, I have no idea how it effects FICO Auto versions.

4. I haven't seen anyone get an HP, but as with everything in credit, there are no guarantees when it comes to HP vs SP.

 

Kongrats on your first post.

[GroundZero]

 

 

Q#1 Does this loan report to all 3 CRAs?

 

Q#2 Is there a specific time frame for this method to show results?

 

Q3# If I begin the Alliant process this week but decide to purchase a car in 2 or 3 months will it have a great enough impact in such a short time?

 

Q#4 Also is it confirmed that they DEFINITELY DO NOT HP? I want to save that score hit for when I actually do start auto loan shopping. (I am desperately hanging on to every point I possibly can)

1. Yes, reports to all 3 big CRAs

2. Most people see it report within 15 to 30 days. Some have had it take 60.

3. The second it reports it will increase your score if you have it paid down to the sweet spot. BUT, I have no idea how it effects FICO Auto versions.

4. I haven't seen anyone get an HP, but as with everything in credit, there are no guarantees when it comes to HP vs SP.

 

Kongrats on your first post.

 

Thank you for your swift response!

 

I hate to bug.... but I have another question...

 

After the initial payment, and the loan is paid down to the sweet spot, can I then ACH the available funds back to my primary bank account?

 

Basically can I do a quick shuffle of funds minus the $10 and the loan balance?

 

I plan to set up subsequent payments from my primary account and initially only use Alliant's services for this one purpose.

 

Thanks again!

[Kat58]

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