Should I do a 2nd secured personal loan?

[Revelate]

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@Anonymous wrote:
Not a membership fee per se but they make you make a donation to an organization.

1 year equals 11 years of positive history. Also I've read thru the Alliant plan I'm not sure if you've done it yourself but I made a large payment on my $600 secured loan (term 2 years) with another CU making it down to $100 but it only pushed the next payment due to May but by my calculations it should've been til next December or January is this the same as what happens with Alliant when you make the large initial payment as described in the plan?

My derogs are what's dragging me down I don't have enough money to PFD for three collections and I have an account with a 120 day late which is still hurting me

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Heh, I was the one that found Alliant and the original technique though it's been slightly refined since then by CGID and others.

Some lenders will only credit next payment, some will push it out a bit further (DCU is 3 months for example) others like Alliant, Penfed, Wells Fargo Dealer Services incidentally, as long as you make a normal payment (not a principal payment as it's called) will pish it out well in the future.

Likely over 100 people on this forum may have done the Alliant trick.

Your math for how long it stays on the account is only part of the equation: for both FICO 8 and apparently FICO 9, the algorithm wants you to have open installment loans, at a pretty balance ratio to max out that portion of the scorecard.  Closed loans apparently don't help at all on that front.

[Anonymous]

And that's why my student loans showing as closed (even though they're only in deferment) isn't giving me those points. I was shocked to see a 15 point jump as a result of a share secured loan but that's the way it works.

I'll look into Alliant again tbh I like having physical branches where I can walk in to talk to someone about my finances doing it online or over the phone just feels like things get lost in translation.

In about 18-24 months I'll have plenty of open installment loans though when my student loans come out of deferment which is why I didn't want to set such a long term commitment though it may be good for someone with no installment loans or student loans in their file I'm just using it in the interim to boost my scores and pull myself out of the gutter. Financial advisors still look at my 635 score with disgust and it breaks my heart because it took a lot of work to pull myself from the 490's to 635 I essentially had to go underground not using credit at all for about 4 years to recoup, doing a couple PFD's and starting from scratch with secured cards with toy limits.

[manyquestions]

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@Anonymous wrote:
 Also I've read thru the Alliant plan I'm not sure if you've done it yourself but I made a large payment on my $600 secured loan (term 2 years) with another CU making it down to $100 but it only pushed the next payment due to May but by my calculations it should've been til next December or January is this the same as what happens with Alliant when you make the large initial payment as described in the plan?

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Posters have been recommending Alliant because Alliant's loans work as described in that big thread. As you have experienced with your current loan, many other credit unions and banks don't handle the prepayment of their loans in the same way as Alliant.  At this point, rather than experimenting with another unknown credit union that only reports to Experian, I'd recommend going for the sure thing and getting the 5 year Alliant secured loan for your second loan.  Good luck, whatever you chose to do.