Alliant Credit Union

Alliant Credit Union
0

#425

In regards to credit limit increases, I’ve been offered a couple line increases recently without asking for them specifically on cards with regular and occasional heavy usage. Example: I regularly charge 60 to 70% of my credit line on one of my AMEX cards monthly and after consistent monthly payoff, AMEX seems to trust me more with a higher limit and automatically increased my limit about 30%. Another CITI card sees regular minimal (10%) spend but after one month of higher (60%) spend offered me a no-hard-pull 20% line increase. Other cards I rarely use are rare to see a credit line increase offer.

My data points being, you can ask for a line increase and it may be hit or miss and depending on the issuer will often require a hard pull. However, if you have regular mid to occasional heavy usage (try to keep it below 80%) issuers are usually happy to see that you use and are responsible with paying off their cards and are much more likely offer you no-hard-pull increases after 6 to 12 months of opening and using their cards.

Shinobi, your Alliant 2% card question was asked and answered, but issuers certainly do have a mind for total credit you have with them. I’ve regularly seen cases where if you have a high line or two with them already then they may approve you for another card but with a much lower limit. Likewise, cancelling a high line with an issuer then later reapplying for a new card will also likely grant you a higher initial line when approved, because you have less total credit with them. This seems to be common practice among issuers and I have several personal data points to suggest this.


#426

Specifically about Alliant Visa, I was told by them there are absolutely no credit line increases here without going through their credit analysts and another hard pull. No automatic ones, no small ones upon request automatically approved without a hard pull. Want an increase - give them all the info again, let them process it & pull your history, and the increase may get approved. Also, they ask you how much of an increase you want, and what I don’t know is if they can’t approve as much as you ask, if they deny it completely, or grant a smaller one (I went through this once, and got approved for as much as I asked.)


#427

I remember the analyst asked me how much I wanted when I applied for the account. I also wasn’t sure if they’d deny me if I asked for too much, but kept in mind the hassle of a low credit line. So I asked for something in-between (considering my income and what other issuers give me), and they approved me exactly for the amount I asked. We need more data points on this.


#428

I just did a credit increase a month ago. I asked for as much as allowed.

There is nothing mysterious about Alliant. They follow the same practices as most banks and credit unions.


#429

Ask them. Probably not, as they follow common practices.

One area in which Alliant credit cards have differed is on the 0% APR for 12 month offers they have for the Platinum and Platinum Rewards Cards. They have sometimes approved people for the card but not for the 0% APR. Then you have a choice whether to get the card or cancel the application. In other words, the 0% isn’t guaranteed upon acceptance.


#430

I disagree, plenty of things about their credit cards are mysterious and uncommon:

  • The credit analysts (those who deal with credit lines) are in-house, but almost everything else related to credit cards is performed by a third party, which is most likely the reason for all the weirdness.
  • The credit card statement notification emails are messed up. I get two: first from a third party shortly after the statement cycles, but way before the statement can be downloaded, and the second email is from Alliant a few days later, but it still usually arrives before the statement can be downloaded.
  • They put 5 day holds on large credit card payments (supposedly only if total payments during the cycle exceed the credit line).
  • Transfer from bank account to credit card is not instant. Redemption of credit card rewards for statement credit takes way too long (so I redeem to bank account).
  • The transaction notifications come directly from Visa (Purchase Alerts), not from the bank.
  • No real after-hours support for credit cards (the third party can handle some things, but not everything) or for bank accounts.

This may be because I’ve only had cards from major issuers, not from any small local banks or CUs, but still, I find these things weird and annoying…


#431

Alliant cuts costs with fewer employees than most credit unions.

Alliant has 512 employees, Navy Federal over 17,000, JPMorganChase 250,000.

Alliant has about 10% the assets of Navy Federal, and 4/10 of 1% the assets of Chase.


#432

… and with their impending branch closures, expect that number to head further south.

I really like the fact that they are a lean operation but I do have to wonder with $9.5B in assets whether they are being penny-wise, pound foolish in terms of their staffing, particularly on the lending side. If you read any of the reviews on Alliant, they’re almost all awesome for deposit accounts. The lending department, on the other hand, seems to generate a ton of complaints, almost all of which are related to their staff.

As someone who has a sizeable amount of cash parked at Alliant, I think it might be wise for them to beef up the lending department with the hopes of generating more revenue. Hopefully it would eventually make its way back to depositors in the form of rate increases.


#433

What are the complaints generally?

I had an auto loan and a credit card with them. No issues doing either. I recall auto was really fast actually. I did find it odd that the CC was treated like a loan application but that is their process.


#434

Yes, it’s Yelp, but a 2.5 star rating is pretty low for what many consider here to be one of the elite credit unions you can join. Most complaints seem to be around miscommunications or staff just failing to live up to promises made.


#435

The number has been growing. A couple years ago they had about 350 employees.

The new hires just will not be working in face-to-face bank branches.

Alliant needs more people in IT as it increases in size and business. Closing the few branches has nothing to do with reducing employees. It’s part of the natural evolution to online and over the phone banking, which most people do nowadays. Why spend money maintaining and staffing a building when they don’t need to and most customers don’t use it?


#436

Every bank and credit union does this. They treat a credit card application as a loan application because that’s what it is. I’ve had cards from 8 different credit unions, Amex, Chase, and Barclays.


#437

I usually agree with you but not on this one. I also have many cards from many banks and CUs. Alliant’s process, while fairly quick and easy in my experience, is different. As you mentioned, perhaps IT advancement would help in this area too. They don’t seem to have the automated application process that large banks and CUs have. That’s not particularly a problem in my opinion but it is a little odd given their size.


#438

I wouldn’t know about the current application process. I’ve had my card over ten years. I didn’t use it, but when the 3% Signature offer came along, they switched my card to it with no application or credit check and it became my main card.

Alliant is very convenient as their card is my main one and I only have to go to one site to see my deposit and credit card accounts. I can keep most funds in the higher rate savings account and pay credit cards from that account.


#439

I have no evidence to support any issuer declining you for asking too much for a reasonable credit line. When asked, I have never seen getting more than what I asked for. Some like to be conservative in this regard. In my experience asking for a $25k credit line but only getting approved for a $20k or $5k line does not increase my likelihood for a denial, they just approve within the limits of their comfort.

However, in some cases asking for a higher line gets me more than I expected. I usually shoot for the moon in cases of 0% apr on no fee BT fees or % on purchases and am sometimes pleasantly surprised. My Alliant CU 0% on BT and purchases for 12 mo was one of these. I asked for a $20k line and got it.


#440

When I was young my boss told me I was entitled to make any mistake one time. More than that: curtains.

Darn it, it’s only been a month and I very nearly forgot my own post here back at the end of June. I only just barely remembered because this is such nonsense. And it’s going to cost me money!! :anguished: To reiterate:

Alliant insanely imposes a $30,000/day limit on bill payments. This month it’s gonna take me THREE days to pay my CC bills!! This sucks so bad, but at least I have remembered in time . . . . thank goodness. This senior moment on my part very nearly cost me a violation of Argyll’s Rule.:grimacing:


#441

What limits would you place on bill payments?

On another note, I have never used BillPay and I don’t see there is any advantage. ACH transfers are only one day;and incoming ones are same day if done before 1:45 pm CT.

Perhaps the biggest advantage is I can make transfers from savings, so I can keep most of my funds earning a higher rate.


#442

I may have missed this… can you elaborate? is this incoming or outgoing?


#443

Incoming same day.

One day otherwise.

Scroll down to Transfer Money:

https://www.alliantcreditunion.org/credit-union-benefits/credit-union-online-banking/#Expert_budgeting_and_planning_tools


#444

What other institutions out there offer free same day ACH’s that this would pair with? The same day feature only works when initiating from an institution that has same day service. I’m unaware of any that offer it for free but would love to be enlightened!!